Every year around the anniversary of the publication of The Wealth of Nations (1776), economists and commentators repeat a familiar story: Adam Smith—the Scottish moral philosopher—is celebrated as the father, or even the inventor, of economics. In this telling, Smith stands at the beginning of a scientific tradition, single-handedly discovering the principles of the market economy and the virtues of free trade.

But this story is less history than myth.

“War is the health of the state.” That phrase, coined by Randolph Bourne, explains why opposition to war is a priority of many libertarians.

War allows governments to increase spending, taxes, and regulations in order to feed the war machine. Wars can justify measures that remain in place long after the wars end. An example of this is income tax withholding that was created to fund World War Two.

Troops are now saying “’We do not want to die for Israel.” Unfortunately, many American boys will likely be forced into battle to protect the US-Israel-Saudi-Epstein alliance. 

Prediction markets are all the rage, as their soaring activity and cultural impact clash with growing regulatory resistance and accusations of blatant manipulation.

The problem reaches beyond subsidies, mandates and regulation, writes Murray Sabrin in the WSJ.

Politicians say they can “fix” the economy. But economists Friedrich Hayek and Ludwig von Mises pointed out how government “fixes” lead to bigger problems. 

Mises Institute Editor-in-Chief Ryan McMaken is interviewed by John Stossel for this interview about what we can learn from Mises and Hayek.