Mises Daily

What does society need to do to make sure that it has enough scientists and the right level of technological advance that is also economically viable? It needs a free market.

We would see entrepreneurs seeking profit by providing the poorest people of New Orleans with affordable housing. We would see economical levees built.

And best of all, we wouldn't see FEMA.

Given the wide variety of assets it can accept (in particular, non-AAA MBS), the Fed also has the potential to get itself into plenty of trouble, the sort of trouble that might require it to seek an even larger expansion of its powers.

In a longer talk, I could discuss the role of police and enforcement of judgments, but this much should give some flavor of the legal system practiced by the Somalis. It provides an effective rule of law entirely without the backing of a government.

However, a large trade deficit — even one that persists for decades — is not necessarily bad or unsustainable.

Above all, the merit of homeschooling is that it allows for experimentation, flexibility, and trial and error. Here is the great contrast with state-provided education.

Most must first be brought to understand liberty far better before they can love it.

Often, supporters of a complete free market must face the objection that, without government welfare, some people could not survive. The standard reply to this is that, in a free market, private charity would attend to these people. Lewis's ingenious idea gives us a way gradually to approach a fully private system.

I am all in favor of innovation, but I just can't call it innovation if government force is pushing it down the market's throat.