As Murray N. Rothbard explained in his masterful economic treatiseMan, Economy, and State with Power and Market,

The distinctive and crucial feature in the study of man is the concept of action. Human action is defined simply as purposeful behavior. . . . The entire realm of praxeology and its best developed subdivision, economics, is based on an analysis of the necessary logical implications of this concept.

When we consider markets, we typically think of commerce - the buying and selling of goods and services, international trade, investing, supply and demand. Markets are the backbone of our economy. Almost everything has a market - food, medical care, toys, films and entertainment, weapons, drugs, stocks. But there is one market that surpasses them all in importance, without which no other market could exist - the labor market.

When Ron Paul arrived at the University of Michigan during his 2012 presidential campaign, students spontaneously began chanting “End the Fed!” It was clear to Ron that many students had already gotten the message that the Fed and its machinations are the enemy. Students often say one of the most influential books they have read is Murray Rothbard’s What Has Government Done to Our Money? First published in 1963, it has been influential for several generations now and has earned the honor of being a classic.

Discourse about the Federal Reserve is frequently full of myths, dishonest framing, and outright lies. Listen to a press conference by Chairman Jerome Powell or read an article from a major outlet’s lead Fed correspondent and you’re bound to hear at least a few. For instance, it’s common for the financial press to characterize the Fed’s current conundrum as “walking a tightrope.”