Fifty years ago today, December 11, 1974, F.A. Hayek gave his Nobel Lecture in Sweden. The conflict between what the public expects science to achieve in satisfaction of popular hopes, and what is really in its power, is a serious matter.
Originally published in the Mises Institute’s Studies in Classical Liberalism series in 1999.
Mark Thornton reviews Philip Duffy's book about the mysterious Irish banker Richard Cantillon.
If one looks at the catastrophic consequences of the great paper-money inflations, one must admit that the cost of making and holding gold is the minor evil. It would be futile to retort that these catastrophes were brought about because the regime merely used fiat money improperly.
While upholding the radical ideal, Rothbard happily cooperated with anyone who wanted to limit government power, no matter how gradually. The perfect was never the enemy of the good in his mind; the good was always an improvement. He combined idealism with realism, scholarship with accessibility, and boundless curiosity with commitment to truth.
Murray Sabrin has a long history with the Austrian movement and is one of two people who had Murray Rothbard on his PhD committee. He talks with Bob about his memoir, From Immigrant to Public Intellectual: An American Story.
Professor Salerno tells his personal story of how he discovered Austrian economics.
Bentham began as a devoted Smithian, but over time he became more and more statist.
According to Galiani, interest equalizes present and future money. It is a means to compensate for the palpitations of the heart that a creditor must endure until the money is returned.
