Philosophy and Methodology

Social, economic, and political problems are intertwined and complex and require a grand theory to address them. For Rothbard, the unifying theme of social theory was liberty.

Murray Rothbard, like other Austrian economists, believed that the heavy use of mathematics in economic analysis damaged economic understanding instead of enhancing it. This wasn’t science, he said; it was “scientism.”

The doctrine of positive economics tells us that data will provide an appropriate theory. As usual Austrian economists understand that mainstream economists have the entire thing backwards.

Dr. Wanjiru Njoya argues that Rothbard's political philosophy is not a sideshow to his economics but its essential second pillar, and that this integrated system is precisely what is needed to challenge the egalitarian premise at its root.

Who would join a radical minority movement, and commit him- or herself for life to social obloquy and a marginal existence, for the sake of 20% more bathtubs, or 15% more candy bars? Who will man the barricades either physically or spiritually, for more peanuts or Pepsi?

Bob responds to a new working paper from the Geo-chartalism project, which claims to offer a complete theory of the price level by combining insights from Menger, Cantillon, and Warren Mosler.

Ryan McMaken looks in detail at an important essay by historian Ralph Raico in which Raico critiques Ludwig von Mises's views on democracy, fascism, and immigration.

Whenever there is an economic problem, politicians in knee-jerk response blame private monopolies. The problem isn’t monopolies; the problem is government.

Murray Rothbard’s For a New Liberty is a classic at bringing together the foundations of Austrian Economics and libertarian thinking.

Can silver be called a Giffen Good? Probably not, although that fact doesn’t discourage some from looking for the equivalent of a unicorn in economic thinking.