Classical liberals like Friedrich Hayek and Richard Epstein have often claimed that the rule of law imposes strong constraints on the state’s regulation of private property. If they are right, this would be a highly effective argument against such regulation, as the rule of law is an ideal commanding wide respect, by no means confined to those of classical-liberal or libertarian inclinations.

Economic laws, often regarded as objective principles governing the allocation of resources, have shaped human societies in various ways throughout history. These laws—including the dynamics of supply and demand, the role of private property, and the mechanisms of commodity exchange—are universal and operate across all epochs and societies. However, their manifestation varies significantly depending on the societal structure and historical context.

Over the weekend, the Commander of the US Central Command (CENTCOM), General Michael Kurilla, arrived in Israel to “coordinate” with the Israeli military and plan a military strike against Iran. Think about that for a moment: one of the highest-ranking officers in the US military is planning a war in a foreign country against another foreign country which will be fueled by American weapons, American intelligence, and American tax dollars.

This article is adapted from a lecture delivered at the Albuquerque Mises Circle in New Mexico, September 14, 2024. Listen to an audio version, here. 

P.T. Barnum purportedly proclaimed that “There’s a sucker born every minute”, though there is no proof that he actually said it. Whether true in Barnum’s time or in today’s social-media era, however, the phrase describes those gullible enough to believe anything, even when their better judgment (if they possess any of that) tells them otherwise.