In 1959, Ludwig von Mises gave lectures on economics in Argentina, where the economy was in steep decline. In the 1920s, Argentina was one of the world's wealthiest countries, but decades of Peronism and inflation started the country on the long road to poverty.
Central Bank's control of interest rates cripples economic growth. Yet central banks will not give up power because it is central to financing huge government deficits.
The attempt by the mainstream economics profession to create economic literacy has turned into a movement to promote economic illiteracy.
Conservatives and utilitarian classical liberals support freedom of contract because they deem it "useful" to society. However, Murray Rothbard believed that contractual freedom should be based upon the natural right of self-ownership.
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Economists use time preference to explain the existence of interest, but the ability of people to postpone some present consumption in order to save for the future has much broader social ramifications.
Mainstream economists believe that economic theory is valid when it “predicts” economic actions or trends. Austrian economists, however, say that the purpose of economic theory is to explain economic events.
Unsurprisingly, Javier Milei’s free-market and antistate initiatives face opposition in Argentina. Whether he is successful depends on his being able to politically outlast his collectivist opposition.
Individual rights originated in Western thinking. Today, it is the West that produces the ruling class that disdains individual rights and replaces them with collectivism.
Tom Woods has put his considerable skills to work exposing the dangers caused by the Federal Reserve System. George Ford Smith reviews his latest book that gives intellectual ammunition to his case.
