Mises Daily

In a totalitarian system, competition means courting the favor of those in power. In the market system, competition means sellers try to outdo one another by offering better or cheaper goods and services to the buyers.

Murray Rothbard explains that anarcho-communists' longing for a preindustrial primitivism would mean starvation and death for nearly all of mankind and a grinding subsistence for the ones remaining.

The Left has an enormous desire to "do good to" the mass of other people. But since many people often resist, the leftist inevitably ends by reaching for the big stick with which to push the ungrateful masses around.

Keynes's "greatest achievement," according to his admirers, was his famous "refutation" of Say's law. Yet Say's law actually remains more relevant than ever.

If Mises stopped short of affirming the full right of individual secession, it was only because of what he regarded as technical obstacles.

In this sweeping but brief history of classical liberalism, historian Ralph Raico recounts how this ideology has for centuries formed the only true intellectual opposition to despots and socialists over the past five hundred years.

Although it's true that Austrians agree with Chicago economists on many policy issues, their approach to economic science is very different.

On the 250th anniversary, we recall that the Americans were willing to disperse, but not to disarm. In 1775, they took up arms against one of the most powerful regimes on earth.

Formal models of the economy, writes Murray Rothbard, tend to overlook a crucial instrument of change: entrepreneurship.

Ludwig von Mises explains how the weakened state of German liberalism left the door open to German socialism which paved the way for Nazi ideology.