Other Schools of Thought

It is interesting to see the psychology at play here: give the banks more money or else the massive stimulus will fail due to "instability."

I am suggesting here that a far-reaching cost of the war was the degradation of the autonomy of individuals and families in relation to their property.

The economic power of private business organizations, even the so-called "private tyrannies," is justified by the fact that the use of economic power involves no initiation of force against any other person or their property.

"The government doesn't create any real wealth, so how can an increase in government outlays revive the economy?"

The costs of the persecution of bingo operators are not limited to the financial burden on taxpayers but also include loss of individual liberty and the unintended consequences, which are difficult to quantify. Citizens, no matter how rich or poor, have the right to make bad decisions.

In order to bring our economy back on track, government needs to get out of the way of entrepreneurs and capitalists. We need to leave holes undug and paper unprinted.

"As Mises again and again pointed out, capitalism is a system of mass production for the masses. But of course our great philosopher cannot be bothered to read Mises."

In conclusion, Paul Krugman reverses cause and effect in his analysis, and he also fails to note the difference between private and government expenditures.

All of these things deny the true desires of people — as revealed in market prices — and substitute the opinions of the elite and politically-powerful for the true desires of people.

Sponsored by the Mises Institute and held in Atlanta, Georgia; 26-27 September 1997.