The Limits of Armchair Theorizing: The case of Threats
A correspondent recently wrote me with a few libertarian puzzles/conundra. An edited version is below:
Philosophy and Methodology
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What Do Austrians Mean by “Rational”?
Praxeology tells us that human action is rational. The case being made for state action to remedy so-called irrationalities discovered by researchers in behavioral economics and finance has no logical justification.
3. The Economics of Painting: Patronage vs. the Market
A priceless Klimt painting turned out at auction to have a price - $135 million. Scholarship on painting is sympathetic to markets, unlike scholarship on music. Picasso was even called an entrepreneur. Picasso was quite wealthy early in his career and died a billionaire. Not every artist starves.
11. The Public Sector, II: Streets and Roads
From the book For A New Liberty: The Libertarian Manifesto, as narrated by Jeff Riggenbach.
Natural Elites, Intellectuals, and the State
Rich men exist today, but more frequently than not they owe their fortunes directly or indirectly to the state.
Al Franken on Lying Liars
The woman from whom we’re subletting clearly leans to the left when it comes to politics.
The Problem with “Fraud”: Fraud, Threat, and Contract Breach as Types of Aggression
Recently I pointed out something that has irked me for years: the misuse by libert
Planning vs. Affordable Housing
Growth-management laws serve only to increase home prices and exclude more people from enjoying the benefits of home ownership. Government should get out of the way and let homebuilders provide affordable housing that will change the lives of low-income people for the better.
McCully Praises, But Misunderstands, Austrians
PIMCO bond manager Paul McCulley’s recent commentary,
