Murray Rothbard’s theory of punishment has often been misunderstood. Economists who have written on punishment and mentioned Rothbard find his “double restitution” idea puzzling, because they think about it only in terms of economic efficiency. This isn’t what he has in mind. He is combining economics and moral philosophy. Many economists reason
Ludwig von Mises rejects the standard arguments for democracy. Not for him are the alleged virtues of public deliberation. For him, there is only one argument for democracy that is convincing. He says that only democracy allows for a peaceful change of power. Every government, he thinks, rests on popular consent. If a sufficient number of people
The Conservative Sensibility by George F. Will Hachette Books, 2019 xxxix + 600 pp. The well-known Washington columnist George Will was long ago a libertarian, but he soon changed his mind, adopting instead a statist variety of conservatism. In The Conservative Sensibility , he returns to his libertarian roots, but the return is incomplete, and he
I’d like to discuss what is sometimes claimed to be a major problem for theories of rights like that of Murray Rothbard, which start from the principle of self-ownership and incorporate a Lockean principle of initial appropriation of resources. In brief, you own yourself; you “mix your labor” with unowned land or resources, and in this way you
Today would have been the ninety-second birthday of Burt Blumert, one of the greatest personalities of the modern libertarian movement. Burt was the indispensable man behind the scenes and was a key figure in the Mises Institute, the Center for Libertarian Studies, and LewRockwell.com. He was one of Murray Rothbard’s closest friends; and when you
Raghuram Rajan has written a surprising book. Now teaching finance at the University of Chicago, he is an international bureaucrat in good standing, and not a minor one at that; he was chief economist of the International Monetary Fund. Yet far from calling for an increase in “global governance,” as one might expect from someone with his
I’d like to discuss today an argument that is popular among some contemporary political philosophers. If this argument is correct, it undermines the sort of natural rights found in Murray Rothbard’s The Ethics of Liberty. I hope that I am not spoiling the surprise by telling you immediately that I think the argument is wrong. Natural rights of the
It’s often claimed that support for the free market rests on the ideology of social Darwinism. According to this nefarious doctrine, Charles Darwin showed that evolution is a process of struggle. In it, the strong, meaning those best able to reproduce, supplant the weak. Social Darwinists like Herbert Spencer and William Graham Sumner, it is
Luke Burgis’s Wanting: The Power of Mimetic Desire in Everyday Life (St. Martin’s Press, 2021) is a popular exposition of the theories of the great French thinker René Girard. The book includes a passage that is of great value in understanding contemporary politics. “Obviously, the defense of victims is a good thing. At the same time, it brings
In the past few weeks, I have been discussing a number of points in Human Action , and today I propose to concentrate on a fundamental insight that is a main theme of the book. There are, Mises says, only two ways to organize production in a complex modern economy that produces a great many goods and services. One is by centralized decision-making
What is the Mises Institute?
The Mises Institute is a non-profit organization that exists to promote teaching and research in the Austrian School of economics, individual freedom, honest history, and international peace, in the tradition of Ludwig von Mises and Murray N. Rothbard.
Non-political, non-partisan, and non-PC, we advocate a radical shift in the intellectual climate, away from statism and toward a private property order. We believe that our foundational ideas are of permanent value, and oppose all efforts at compromise, sellout, and amalgamation of these ideas with fashionable political, cultural, and social doctrines inimical to their spirit.