Econ 101

They tell us how much better off economically we all are in war than in peace.

Under capitalism, the common man was no longer a drudge who had to be satisfied with the crumbs that fell from the tables of the rich.

The concept of economic cost seems to confuse people. It is not the price you pay for a good, but the reason you pay it.

Murray Rothbard defines the phrase free market: "a summary term for an array of exchanges that take place in society. Each exchange is undertaken as a voluntary agreement between two people or between groups of people represented by agents."

The fundamental dogma of all brands of socialism and communism is that the market economy or capitalism is a system that hurts the vital interests of the immense majority of people for the sole benefit of a small minority of rugged individualists.

Even a degenerate capitalism produces more prosperity than the best socialism. Therefore, the task ahead cannot be to remove capitalism in favor of socialism but to make capitalism better.

Mises's fundamental accomplishment was to take the theory of marginal utility and apply it to the demand for and the value, or the price, of money. 

The Soviet Union in 1991 was dissolved. Murray Rothbard explains how socialism and central planning led to the economic collapse.

No such thing as a "natural" monopoly has ever existed. In real life, so-called "public utilities" faced frequent competition, so they secured government monopolies to destroy the competition and invented the myths to rationalize their monopoly power.

The word "efficiency" in modern economics and politics has been abused to the point of having no useful meaning.

Although they never actually accomplished it, one of the worst things the Keynesians did was convince some people that they had refuted Say's law of markets.

The financial crisis and the events leading up to it have sparked a remarkable renewal of interest in Austrian Business Cycle Theory (ABCT).