Since the introduction in 1912 of Ludwig von Mises’s Austrian business cycle theory (ABCT) in his book The Theory of Money and Credit, it has been subject to relentless criticism. According to the ABCT, the artificial lowering of interest rates by the central bank via inflationary credit expansion leads to a misallocation of resources on account of the fact that businesses undertake various capital projects that, prior to the lowering of interest rates, weren’t considered profitable.

The Journal of Libertarian Studies is happy to announce that issue 29.2 (2025) has been published!

“The State is the great fiction through which everybody endeavors to live at the expense of everybody else.”—Frédéric Bastiat

Professor Clyde Wilson’s observation that “history is not a mathematical calculation or scientific experiment but a vast drama of which there is always more to be learned” has important methodological implications. First, it implies that formal academic history credentials, while valuable, are not a necessary precondition for understanding history.

Brazil is often described as a constitutional democracy with a market economy: You can buy a home, start a business, sign contracts, and sue in court. Yet many Brazilians live with a quieter reality: ownership feels fragile. Property exists, but it comes with an asterisk. The rules say you have a right, then add conditions that let politics rewrite that right whenever it becomes inconvenient.

Javier Milei’s Davos speech marks a decisive break with a dominant political mindset: the belief that upholding and expanding political power justifies moral compromise and that political authority should be judged primarily by effectiveness rather than legitimacy.