The Free Market 15, no. 10 (October 1997) As recently as 50 years ago, economists regarded the vitality of the economy as consonant with its ability to produce things people want (and would pay for). Today, the economy has been redefined into something called the Gross Domestic Product, or GDP. It measures all goods and services brought to
The Free Market 15, no. 10 (October 1997) Free trade and peace go together; protectionism is the handmaiden of war. These were key teachings of the early classical economists, as well as the Austrians. Consistent libertarians have never doubted it. But recently the theory has come under fire from all sides—and led to dangerous coalitions pushing
The Free Market 15, no. 11 (November 1997) For ages, man’s right to exploit the living world—to use it for his purposes—went unquestioned. Trees were for lumber, crops for harvesting, animals for eating and skinning as well, of course, as for companionship. When not consumed directly, the products into which human labor transformed living things
The Free Market 15, no. 11 (November 1997) Making lots of money is evil say the politically correct. It’s sleazy, socially destructive, and almost always immoral, unless profits are given away to left-wing lobbying groups. Typical of this trendy disgust with getting rich through capitalistic means is Socially Responsible Investing (SRI), a
The Free Market 15, no. 11 (November 1997) Employees at the Environmental Protection Agency presume to protect us from all sorts of supposed evils. But in doing so, no bureaucrats, save the tax collectors, are more vicious in their trampling of property rights. For example, they have made life miserable for people who own auto salvage and parts
The Free Market 15, no. 1 (November 1997) For fifteen tedious years, Republicans demanded that Congress give the president the “line-item veto.” Reaganites concocted this policy gimmick as a diversionary tactic. It allowed them to blame Congress when the budget wouldn’t balance and spending soared. If only the president could eliminate pork,
The Free Market 15, no. 12 (December 1997) After hundreds of years of attacks on Christmas, economists have finally gotten into the act. Yale University’s Joel Waldfogel, writing in the American Economic Review , condemns what he calls “The Deadweight Loss of Christmas.” Once you cut through the calculus and graphs, his conclusion is clear:
The Free Market 15, no. 12 (December 1997) Scott Adams, creator of the comic strip Dilbert , emerged a few years back as one of the cleverest cartoonists in the long history of that art. His eponymous protagonist, by now familiar to everyone, is a software engineer with vaguely defined duties at a large technology firm. Dilbert’s closest
The Free Market 15, no. 12 (December 1997) When the Soviet Union’s central planners failed year after year to produce a respectable grain harvest, they blamed “bad weather.” If only the weather could be controlled, Moscow dreamed, communism might be made to work. Officially, communism is dead, but the bureaucratic obsession with controlling the
The Free Market 15, no. 12 (December 1997) ‘Seizing power is the essence of government as we know it. It’s not as easy as it once was. As public trust in government has plummeted, and resistance to central rule has grown, officials invent ever-new rationales. Here are just a few of the newest benefits the central state promises us if we
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.