Austrian Scholars Conference 7: Proceedings

March 30-31, 2001
Auburn, Alabama

Proceedings

Austrian Scholars Conference 7

March 30-31, 2001

c 2001 Auburn: The Mises Institute

F.A. Hayek Memorial Lecture:
"Two Constructions of Libertarianism"
Chandran Kukathas (Australian National University)

Ludwig von Mises Memorial Lecture
"Environmentalism in the Light of Menger and Mises"
George Reisman (Pepperdine University)

Murray N. Rothbard Memorial Lecture
"The Present State of Rothbardian Thought"
David Gordon (Mises Institute)

Henry Hazlitt Memorial Lecture, Auditorium
"Why Mainstream Economists Avoid the Topic of Property"
Tom Bethell (American Spectator)

Antitrust: New Directions, New Strategies
Chairman: Mark Thornton (Columbus State University)
Peter G. Klein (University of Georgia)
Thomas DiLorenzo (Loyola College)
George Reisman (Pepperdine University): Comments

Prophets Without Honor: The Consequences of Empire

Chairman: William P. Anderson (Belhaven College, )
"Political Economy as Political Dissent: R.L. Dabney vs. the New South"
       William P. Anderson (Belhaven College)
Separation of Church and State: Campbell and Lipscomb on War"
       Jeff Herbener (Grove City College)
"Basil Manley's View of the American State"
       Shawn Ritenour (Southwest Baptist University)
"The Lawless and Bullies of the Seas: Raphael Semmes on American Empire."
      Scott Trask (Trinity Christian College)

Renaissance Literature and Liberty
Chairman: Paul Cantor (University of Virginia)
"Ranaissance Literature and Capitalism"
       Paul Cantor (University of Virginia)
"Cervantes and the Capitalist Man"
       Dario Fernandez-Morera (Northwestern University)
"Edmund Spenser's Faerie Queene: A Courtly Tale with Libertarian Themes"
       Scott Wilkerson (Auburn University )

Extensions of Praxeological Method
Chairman: Barry Smith (SUNY, Buffalo)
"Anti-Psychologism in Economics: Why Praxeology Needs Wittgenstein"
Roderick T. Long (Auburn University)
"Searle's New Theory of Social Objects"
Barry Smith (SUNY, Buffalo)

Growth versus Progress
Chairman: Randall G. Holcombe (Florida State University)
"The Impact of National Income Accounting on Economic policy"
       Randall G. Holcombe (Florida State University)
"The Division of Labor as a Cause of Social Development: From Adam Smith to the Present"
       William Luckey (Christendom College)
"The Impact of Transfer Payments on Economic Growth
       Richard Vedder and Lowell Gallaway (Ohio University)
"Monetary Policy, Job Reallocation, and the Initiation of Changes in Production: Hayek Revisited." Anrew Young (Emory University)

Property Rights and the Economics of Information
Chairman: Peter G. Klein (University of Georgia)
"Organizational Structure and Managerial Commitment to Innovation"
       Peter G. Klein (University of Georgia)
"Toward a Reconstruction of the Ethics of Insider Trading"
       Alexandre Padilla (University of Aix-Marseille III)
"Does Coase Have a Place in the Austrian Theory of the Firm?"
       Don Mathews (Coastal Georgia Community College)

Fractional Reserve Banking and Business Cycle Theory
Chairman: John Cochran (Metropolitan State College of Denver)
"Free Banking and Fractional Reserves"
Nathalie Janson (University of Rome)
"In Defense of Fractional Monetary Reserves"
Pascal Salin (University of Paris, Dauphine)

"Austrian Business Cycles, Plucking Models, and Real Business Cycles"
John Cochran and Steven Call (Metropolitan State College of Denver)

Economics of the Family
Chairman: Christopher Westley (Jacksonville State University)

"No-Fault Economics: A Consideration of Divorce Law in the United States"

Christopher Westley (Jacksonville State University)
"Technological Modernization and the Social Role of Women"

Reid Derr (East Georgia College)

"The Fundamental Importance of the Family in Promoting Self-government and the Free Market."

Paul Cleveland (Birmingham Southern University)

"Towards a Theory of Just Ownership and Inheritance."

Anthony Santelli (Coalition for Local Sovereignty)

Intellectuals and the Welfare-Warfare State
Chairman: Hans-Hermann Hoppe (University of Nevada, Las Vegas)
"Economics and the Power Elite: A Creveldian Perspective"
       Joseph Stromberg (Mises Institute)
"Welfare, Warfare, Intellectuals: The Socialists of the Chair in Imperial Germany"
       Ralph Raico (Buffalo State College)
"John C. Calhoun on Secession"
       Marco Bassani (University of Milan)
"Social Darwinism and the Building of the Total War State"
       Hunt Tooley (Austin College)

Capital Markets
Chairman: Jeff Scott
"Is Corporate Leverage a Financial Market Mania?"
       Jeff Scott (Wells Fargo)
"When Fools Dominate"
       Richard Grimm (Grove City College)
"Human Action and the Securities Market"
       Steven Yamshon (University of California, Los Angeles)
"Financial Cycles, Business Activity, and the Stock Market"
       Antony P. Mueller (Universidade Federal de Santa Catarina)

The Economic Thought and Legacy of Frederic Bastiat
Chairman: Joseph T. Salerno (Pace University)
"Bastiat's Legacy in Economics"
       Jörg Guido Hülsmann (Mises Institute)
"French Predecessors and Followers of Bastiat"
       Philippe Nataf (University of Paris, Dauphine)
"Bastiat as an Austrian economist"
       Mark Thornton (Columbus State University)

Future of Liberty in the European Union
Chairman: Jeffrey Herbener (Grove City College)
"English Libel Law and the E.U. Provisions Governing Free Movement of Goods: A Conflict of Laws?"
David Dieteman (Catholic University of America)
"The Prospects for Liberty in the European Union"

David Conway (Middlesex University)

"From the Bosom of Communism to the Central Control of EU Planners: The Case of the Czech Republic"
Josef Sima (Liberalni Institut, Prague, Czech Republic)
"Lessons from the Other Side of the Atlantic: The European Union as American Phenomenon"
Myles Kantor (Boynton Beach, Florida)

Privatization of So-Called Public Goods
Chairman: Walter Block (Unversity of Central Arkansas)
"New Directions in Road Privatization"
       Laurent Carnis (University of Paris-Rheims)
"Networks, Anarcho-Capitalism, and the Paradox of Cooperation"
       Ed Stringham (George Mason University)
"Privatization of Water: Oceans, Rivers, Seas, Lakes, Wetlands and Puddles"
       Walter Block (University of Central Arkansas)
"The Role of Private Transportation in America's 19th Century 'Internal Improvements' Debate"
       Thomas DiLorenzo (Loyola College)

Commentators: Stuart Wood (Loyola University) and Sam Bostaph (University of Dallas)

Roger Garrison's Time and Money
Chairman: Larry Sechrest (Sul Ross University)
John Cochran (Denver Metropolitan College): COMMENTS
Roger Garrison (Auburn University)
Randy Holcombe (Florida State University)
Joe Salerno (Pace University)

Business and Public Life

Chairman: Anthony Carilli (Hampden-Sydney College)
"A Primer on Business Ethics"

       Tibor R. Machan (Chapman University)
"A Hayekian Approach to the Reform of Colombia's Economic and Political Crisis"
       André Mejía-Vergnaud (DL Foundation, Cali, Colombia)
"The Role of Business Ethics in Transition Economies: The Case of Corruption"
       Ioana Negru (Transilvania University of Brasov)

Rights, Complexity, and Anarcho-capitalism"

Chairman: Paul Cwik (Campbell University)

"Menger's Complexity"

Neelkant Chamilall (University of Aix-Marseille III)
"'Rights' Are the Antithesis of Freedom and Justice"

Paul Clark (Coalition for Local Sovereignty)
"Rothbard's Anarcho-capitalism in the Contemporary Debate: A Critical Defense"

Roberta Modugno (Luiss University, Rome)

Theories of Interest: Old and New
Chairman: Jörg Guido Hülsmann (Mises Institute)
"A Theory of Interest"
       Jörg Guido Hülsmann (Mises Institute)
"Some Problems With the Pure Time Preference Theory of Interest"
       Robert Murphy (New York University)
"Comment"
       Jeffrey Herbener (Grove City College)

"Comment"

Sam Bostaph (University of Dallas)

Say's Law of Markets
Chairman: Morgan O. Reynolds (Texas A&M University)
"Say's Law and Modern Macroeconomics"
       Morgan O. Reynolds (Texas A&M University)
"Say's Law: Were (Are) the Critics Right?"
       William L. Anderson (North Greenville College)
"J.B. Say on Taxes"
       Mark Brandly (Patrick Henry College)

Political Economy in the Early Republic
Chairman: Carey Roberts (Arkansas Tech University)
"John Taylor of Caroline as Proto-Austrian Economist"
       John Devanny (South Carolina Governor's School)
"Western Migration, The Jeffersonians, and the Embargo of 1808"
       Adam Tate (University of Alabama)
"Hamiltonian Finance and the Depression of the mid-1790s"
       Carey Roberts (Arkansas Tech University)

The Economics of Democracy and Law
Chairman: Stephan Kinsella (Houston, TX)
"The Nihilism of the Economics Analysis of Law"
       Elisabeth Krecké (University of Aix-Marseille III)
"Who Owns the Clouds: Property Rights in an Age of Environmentalism and Electronic Communication"
       William Marina (Florida-Atlantic University)
"Little Wedges: Rights of Children in a Liberty-Based Legal System"
       Joseph Becker (U.S. House of Representatives)

"De-legitimizing the Corporation: An Austrian analysis of the
firm"

Jeffrey F. Barr (Marquis & Aurbach) and Lee Iglody (Eighth Judicial District Court,
Nevada)