“If Chairman Wu were in power when Henry Ford was ruining the blacksmith, horse training and saddle making industries, she would have taxed the latter and subsidized the former. How about when computers took out the typewriter, carbon paper, and correction fluid (Wite-Out) industries?” Madame Chairman Michelle Wu, Mayor of Boston, Massachusetts,
It is now the year 2525. Equality has finally been attained. Yes, it took quite a while to attain this goal. Why? This is because as we approached it, as we became closer and closer to this ideal, as people became more and more identical, there were fewer and fewer people of genius to do the heavy lifting. And those few who still remained were not
Libertarian Autobiographies , edited by Jo Ann Cavallo and Walter Block, delves into the trials, tribulations, intellectual formation, and accomplishments of 80 libertarians from around the world—in their own words! The following is an amended excerpt from the introduction written by the co-editors: It is our fervent belief that libertarianism is
Airbnbs and VRBOs are out. What’s that you say? What are they? They are short term rentals. Residential occupants rent out their domiciles for anything from a day or two or three up to several weeks and maybe as long as a month or so. Perhaps the vendors go out of town for that stretch of time, and want to add a bit of spending money to their
[This article originally appeared in International Journal of Value-Based Management 12: 195-207, 1999.] Besides national defense, no government-provided service enjoys as much exemption from scrutiny as the provision and subsidization of primary public education. Even presumed champions of the free market, such as Milton Friedman, support the
Professor Paul Krugman asked a very important question in his January 10 New York Times essay “Trump’s Big Libertarian Experiment; Does contaminated food smell like freedom?”. In his opinion piece, Krugman maintained that the recently concluded governmental shutdown demonstrated the hypocrisy of Republicans. The Nobel Prize winning economist also
In addition to being a libertarian in political philosophy, I am also a member of the Austrian school of economics. Austrian economics has nothing to do with the economy of that European country. It is so named because its founding fathers all emanated from that part of the world. They include such European scholars as Carl Menger, Eugen von
I am a professor (I teach economics at Loyola University New Orleans). In my view, this means I should profess something. I would be bland and uninteresting to my students if all I did was offer them all sides of every controversial issue in an even-handed way, so that none of them even had a clue as to where I stood on any topic. Of course, I
ABSTRACT: According to Austrian business cycle theory (ABCT), there is no macroeconomic market failure. Under laissez faire capitalism, with extremely limited or no government, there will be no credit-induced business cycles. However, suppose one part of the world engages in credit expansion, which, according to ABCT creates the business cycle,
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.
