The August Issue of The Free Market Is Now Online! Hans-Hermann Hoppe is back with a new lecture on the social virtues of the entrepreneur this month:
What can be unambiguously stated about a capitalist’s profit or loss is this: his profit or loss is the quantitative expression of the size of his contribution to the well-being of his fellow men, i.e., the buyers and consumers of his product, who have surrendered their money in exchange for his more highly valued (by the buyers) product. The capitalist’s profit indicates that he has successfully transformed socially less highly valued and appraised means of action into socially more highly valued and appraised ones, and thus increased and enhanced social welfare.
We also interview Mark Thornton about his recent debate at Oxford University:
Mises Institute: Why were you invited to debate at Oxford?
Mark Thornton: The Oxford Union can pretty much get whoever they want to debate, including presidents, prime ministers, Mother Theresa, the Dalai Lama, and even Julian Assange, so I was honored that they invited me. I met several students in the Oxford Union and at Oxford University who were familiar with my work on the drug war and at the Mises Institute. Each side of the debate generally consists of a student presenter and three experts. The debate is similar in structure to the House of Commons and has been that way since 1823.
We recounted the highlights of the Summer Fellows program and the Rothbard Graduate Seminar here in Auburn. Be sure to also find the latest updates on new translations, and new publications, degrees, and media appearances from our scholars and alumni.
