The question that arises for the state ruler is: How can I free myself of two effective constraints on my power: tax-resistance in the form of falling tax revenue and the need to borrow from and pay interest to banks?
Gary North shows how Rothbard always had the ability to go to the central issue in a debate. He wrote clearly. He wrote continuously. He wrote for almost anyone who would give him an opportunity to put an idea in print.
Capital goods become available thanks to secure private property rights, and a class of people willing to save and invest. Without this, there can be no great progress in the standard of living. But, it all takes time.
The term most frequently applied to Woodrow Wilson nowadays is "idealist." The expression "power-hungry" is rarely used. Yet one scholar friendly to Wilson has correctly described him as one who "loved, craved, and in a sense glorified power."
Robert Murphy explains what it means to act "on the margin" or to think in terms of "marginality." Economists use the term often. The Mises Circle in interwar Vienna even had songs with refrains that included the words "marginal utility." Here is your one-article guide to understanding what all the...