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Following the Efficient-Markets Hypothesis into Absurdity

Mises DailyJanuary 10, 2011
Most Austrians stop short of following Chicago School economists' advocacy of the "efficient-markets hypothesis" (EMH). In its most extreme form, the EMH becomes a caricature of itself in which asset bubbles are not just unlikely but logically impossible.

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Efficiency and Externalities in an Open-Ended Universe

BooksNovember 6, 2007
Roy Cordato shows that there is no standard by which we can judge efficiency apart from the market standard, and no way to adjudicate property rights apart from exchange relationships.

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Pillars of Prosperity: Free Markets, Honest Money, Private Property

BooksJanuary 8, 2008
When the economic history of our times is written, one man will emerge as the prophet of both the financial collapse and the disasters associated with government management: Ron Paul.

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The Efficient-Markets Hypothesis and Entrepreneurship

JournalsJuly 20, 2005
The entrepreneur is a key figure in the market economy. In a dynamic economy, ideas, products, and services are constantly changing. Entrepreneurship, broadly defined, refers to actions of individuals as they strive to cope with constantly changing market conditions.1 When viewed in this way, all...

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Fama's Efficient Market Hypothesis and Mises's Evenly Rotating Economy: Comparative Constructs

Journals
Mises created an artificial construct, the evenly rotating economy (ERE), from which to ascertain the source of entrepreneurial profit and loss. In particular, the ERE is characterized by two distinct elements.

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The Moral Case for the Free Market Economy

BooksJuly 6, 2006
Tibor Machan makes the case for the free market system of economics based on the view of human beings as moral agents with the legal system of a good community as designed to nurture this moral agency.

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Complete Libertarian Forum (1969-1984)

BooksJanuary 22, 2010
Libertarian Forum existed from 1969 to 1984. It was a passionate, smart, gossipy, and often shocking newsletter that is as fresh today as when it was written.

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Secession, State, and Liberty

BooksJune 30, 1998
The essays in Secession, State & Liberty argue that the political impulse to secede—to attempt to separate from central government control—is a vital part of the Lockean classical-liberal tradition, one that emerges when national governments become too big and too ambitious. Unlike...

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Biography of Frederic Bastiat (1801-1850)

BooksAugust 1, 2007
Claude Frederic Bastiat was a French economist, legislator, and writer who championed private property, free markets, and limited government. Perhaps the main underlying theme of Bastiat's writings was that the free market was inherently a source of "economic harmony" among...

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A Libertarian Critique of Intellectual Property

BooksJanuary 7, 2014
What is the status of intellectual property? Are patents and copyrights legitimate in a free society?

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The Economics and Ethics of Private Property

BooksJuly 20, 2005
This book collects some of Hoppe's most important essays on the topic of private property...

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Property in a Humane Economy

BooksJanuary 27, 2010
Dr. Harper's paper is devoted primarily to answering the question: Why is there so disappointing a neglect and disparagement of private property and ownership?...

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Liberty and Property

BooksJuly 20, 2005
Mises describes the revolutionary meaning of capitalism in human history, and how it was responsible for the most spectacular increases in the standard of living of the common man ever.

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Property, Freedom, and Society: Essays in Honor of Hans-Hermann Hoppe

BooksAugust 2, 2009
This festschrift — a volume of papers written by top specialists in honor of a major thinker — contains phenomenal contributions written in the tradition of the work of Hans-Hermann Hoppe...

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Against Intellectual Property

BooksJuly 28, 2008
Would a libertarian society recognize patents as legitimate? What about copyright? Stephan Kinsella — a patent attorney of many years’ experience — offers his response to these questions.

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Boundaries of Order: Private Property as a Social System

BooksMay 26, 2009
Boundaries of Order provides a completely fresh look at a marvelous intellectual apparatus by a mature intellectual who has been writing on law, economics, and history for four decades.

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The Return to Laisser Faire

BooksJune 5, 2009
Government means, or should mean, the right ordering of all. Modern government has degenerated into tinkering with the wants or rights or liberties of classes or sections or groups, and it is rare, in these days, to hear a political discussion which takes adequate account of the interests of the...

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The Betrayal of the American Right

BooksSeptember 13, 2007
Rothbard identifies a movement he calls the “Old Right.” This was a libertarian movement that included Albert Jay Nock, H. L. Mencken, and John T. Flynn.

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Accent On The Right

BooksJanuary 11, 2013
In this work dedicated to the memory of Frédéric Bastiat (1801-1850), Leonard E. Read explores an array of themes such as the sources of human progress, the political consequences of not thinking for one’s self, and finding what is right and wrong...

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