Private subways-even though highly regulated, even though the fare was held to a nickel by government decree--fueled the expansion of the city. As lines were extended, neighborhoods and shopping centers grew around the stations. But by 1940, through rigorous regulation and through Communist labor unions that sabotaged private ownership, the subways were taken over by the city.
Among the most popular and consequential beliefs of our age is the belief in collective security. Nothing less significant than the legitimacy of the modern state rests on this belief. And yet, the idea of a collective security is a myth that provides no justification for the modern state.
After hundreds of years of attacks on Christmas, economists have finally gotten into the act. Yale University's Joel Waldfogel, writing in the American Economic Review, condemns what he calls "The Deadweight Loss of Christmas." Once you cut through the calculus and graphs, his conclusion is clear: though Christmas generates a $50 billion gift-giving industry, a tenth to a third of that is sheer loss. Why? Because the recipient doesn't always get what he wants. Given the chance, the recipient would have purchased something else.
Shannon Faulkner's two-and-a-half year fight to become the first woman in The Citadel's corps of cadets went out with an embarrassing whimper. She couldn't handle the physical and psychological demands of Hell Week, landed in the infirmary, and dropped out.
There are many curious aspects to the latest flag fracas. There is the absurdity of the proposed change in our basic constitutional framework by treating such minor specifics as a flag law. There is the proposal to outlaw "desecration" of the American flag. "Desecration" means "to divest of a sacred character or office." Is the American flag, battle emblem of the U.S. government, supposed to be "sacred"? Are we to make a religion of statolatry? What sort of grotesque religion is that?
Capitalism is not simply mass production, but mass production to satisfy the needs of the masses. The arts and crafts of the good old days had catered almost exclusively to the wants of the well-to-do. But the factories produced cheap goods for the many. All that the early factories turned out was designed to serve the masses, the same strata that worked in the factories. They served them either by supplying them directly, or indirectly by exporting, and providing for them foreign food and foreign raw materials.
In this 1958 speech, Ludwig von Mises explains why, under socialism, "freedom" means the elimination of dissent. The socialist goal is bondage, not liberty.
Recordings of the lectures and seminars presented at Mises University: 15–21 July 2018.
The Bob Murphy Show features in-depth interviews and solo analysis by Bob Murphy.
