Other Schools of Thought

Presented as part of the Mises Institute’s Brown Bag Seminar series; Auburn, Alabama, on 25 September 1996.

Instead of trying to abolish failure via bailouts, we should let markets work, let failure run its course, and be so much the wiser for it.

Credit expansion is what creates a delusion of prosperity while it lasts and economic depression when it ends. It is all that needs to be stopped to end the boom-bust cycle.

I am confident that the above would make a heck of a lot more sense than letting blind heroin addicts borrow an extra trillion dollars to "stimulate" the economy.

The Marxians, Keynesians, Veblenians, and other "progressives" know very well that their doctrines cannot stand any critical analysis.

It is interesting to see the psychology at play here: give the banks more money or else the massive stimulus will fail due to "instability."

"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.