His classic critique of socialism, published in 1922, anticipated the fall of the Berlin Wall by almost 70 years.
Although Ludwig von Mises was part of the Austrian School's third generation, studying under Eugen von Boehm-Bawerk, he was also the first of the greats to study with Carl Menger himself. His groundbreaking work on money and credit helped Austria avoid the inflation in the 1920s that Germany suffered. He showed that supply and demand dictated not only the price of goods, but also purchasing power, or the "price" of money.
In 1927, Mises and his student, Friedrich A. von Hayek, founded the Austrian Institute for Business Cycle Research, an institution devoted to fostering entrepreneurial activity throughout Austria.