The word liberal has clear and pertinent etymological roots grounded in the ideal of individual liberty.
Louis M. Spadaro
Louis M. Spadaro (October 11, 1913 – May 3, 2008) was a friend and colleague of Ludwig von Mises, under whom he earned his PhD in economics. President of the Institute for Humane Studies and the founding dean of the Fordham University Graduate School of Business Administration, he taught economics at Fordham University since 1938. He was the author of the textbook Economics: An Introductory View (1969) and the editor of New Directions in Austrian Economics.
Latest work
Any serious doubt concerning the validity of aggregates and averages is a dagger aimed straight at the heart of current empirical research and statistical analysis.
If the part played by profits in the economy is found to be misrepresented for purposes of analytical tidiness, the need for correction is all the more urgent in an age of increasing recourse to government action. Inasmuch as realism in our economics points to the same need, it would be unwise to cling to any theory — no matter what its other attributes — which sacrifices this need for reasons of arbitrary neatness; more, it would be scientifically indefensible.
