Finally, this view, based only on the doctrines of one obscure and heterodox scholastic, was enshrined in conventional histories of economic thought, where it was seconded by the free market but fanatically anti-Catholic economist Frank Knight and his followers in the now highly influential Chicago School.
Ayn Rand's books sell between eight hundred thousand and a million copies a year. Her first novel We the Living was admired by Mencken. Night of January 16th opened on Broadway. Her major novel The Fountainhead (1943) was "masterful". Atlas Shrugged (1957) was Rand's magnus opus.
As champions of liberty, Paine and Bastiat threw the covers off the fallacies and institutions that stood in the way of its realization. Both writers bequeathed to us arsenals of intellectual ammunition that will always be deadly to statism.
"Menger's work provided the foundation for all of the Austrian School and the bedrock for monetary theory, laying the groundwork for Mises, Hayek, and Rothbard."
Money then, for Buridan, is a market commodity, and the value of that money, just as in the case of other market commodities, "must be measured by human need."
The students' interest in the current economic crisis has served as a source of motivation for them to learn the subject well.
"Bastiat knew what most educated people never learn, that the source of all injustice in society stems from violations of freedom."
"The Aquinas–John of Paris–Locke view is the 'labor theory' (defining 'labor' as the expenditure of human energy rather than working for a wage) of the origin of property, not a labor theory of value."
The unseen effect that is missing in his "Broken Window" analysis is the diversion of time and energy from a community-enhancing endeavor (the unseen) to one of restoration (the seen).
I think of Ayn’s happiness and expectation, I think of the pain and bitter disillusion that scarred the rest of her life — and something insi
