Mises Daily

Cowperthwaite, along with many Austrian School economists, has proven that economics is only a dismal science when interventionist economists insist on making it one.

Prosperity meant the standing temptation of wealth to loot, and so the German emperors, beginning with Frederick Barbarossa in 1154, began a two-centuries-long series of attempts to conquer the northern Italian cities.

You know you have crossed into the Austrian light when you wake up one morning and everything has become clear.

Every state needs justification. And the justifiers are always welcomed and cheered by the state. So we should not be shocked that a false science — a science that props up the state — is embraced by the state and associated sycophants.

"Governmentalizing, and thereby controlling through an appropriate bureaucratic apparatus, the providing of medical, accident, and old age care and of death (burial) benefits seemed an obvious way to put the reins on laissez-faire capitalism as well as on labor."

Socrates' conversation illustrates the logic of the politics of plunder and injustice in the polis. Socrates is able to do this because of his audience's lack of a definition of justice.

In the Free Market Environmentalism (FME) this can be justified on homesteading grounds: our ancestors exhaled, and left those rights to us.

"The kind of power traditionally exercised by kings and princes, represented chiefly by the tax collector and the military, was in fact a very weak kind of power compared with what a philosophy of government resting on the general will could bring about."

Then you may boast that you are the only school in the nation that offers any formal study of such economics based in deduction.

So no matter what GDP numbers the Commerce Department spins out, the interest rate Chairman Bernanke controls will stay low "for an extended period."