Other Schools of Thought

"These false prophets of capitalism are the greatest friends that proponents of socialism have."

I am suggesting here that a far-reaching cost of the war was the degradation of the autonomy of individuals and families in relation to their property.

"The government doesn't create any real wealth, so how can an increase in government outlays revive the economy?"

The economic power of private business organizations, even the so-called "private tyrannies," is justified by the fact that the use of economic power involves no initiation of force against any other person or their property.

The costs of the persecution of bingo operators are not limited to the financial burden on taxpayers but also include loss of individual liberty and the unintended consequences, which are difficult to quantify. Citizens, no matter how rich or poor, have the right to make bad decisions.

In order to bring our economy back on track, government needs to get out of the way of entrepreneurs and capitalists. We need to leave holes undug and paper unprinted.

In conclusion, Paul Krugman reverses cause and effect in his analysis, and he also fails to note the difference between private and government expenditures.

"As Mises again and again pointed out, capitalism is a system of mass production for the masses. But of course our great philosopher cannot be bothered to read Mises."

All of these things deny the true desires of people — as revealed in market prices — and substitute the opinions of the elite and politically-powerful for the true desires of people.

Sponsored by the Mises Institute and held in Atlanta, Georgia; 26-27 September 1997.