The Ludwig von Mises Institute gratefully acknowledges the Patrons whose generosity made the publication of this book possible:

O. P. Alford, III

J. C. Arthur, MD

Lemuel R. Boulware

E. O. Buck

Jerry D. Busch

Mr. and Mrs. Edgar Capen

Philip L. Carret

Edward E. Culver

Charles G. Dannelly

Roland S. DeMott

John L. Doyle

Dr. William A. Dunn

THE FREE
MARKET READER

ESSAYS IN THE
ECONOMICS OF LIBERTY

EDITED BY

LLEWELLYN H. ROCKWELL, JR.

The Ludwig von Mises Institute

Copyright © 1988 by The Ludwig von Mises Institute

All rights reserved. Written permission must be secured from the publisher to use or reproduce any part of this book, except for brief quotations in critical reviews or articles.

Published by The Ludwig von Mises Institute
851 Burlway Road, Burlingame, California 94010

TO O. P. ALFORD, III,

entrepreneur and activist
for liberty

In countries with openly tyrannical governments, we expect lies. From government newspapers, government officials, and every other aspect of the state propaganda apparatus, we assume deception.

What we do not expect is that the U.S. government does not operate much differently, even if the means are subtler.

Ten Great Economic Myths

Murray N. Rothbard

Our country is beset by a large number of economic myths that distort public thinking on important problems and lead us to accept unsound and dangerous government policies. Here are ten of the most dangerous of these myths and an analysis of what is wrong with them.

Myth #1: Deficits are the cause of inflation; deficits have nothing to do with inflation.

Confidence and Money

Llewellyn H. Rockwell, Jr.

In Ohio and Maryland, state-run savings and loan insurance schemes failed when depositors asked for their money. The crises came to an end, at least on the surface, with coverage from the Federal Savings and Loan Insurance Corporation.

The Case for Free Trade

Congressman Ron Paul

In 1981, the Federal Register published a declaration from President Reagan: “I determine that it is in the national interest for the Export-Import Bank of the United States to extend a credit in the amount of $120.7 million to the Socialist Republic of Romania (for) the purchase of two nuclear steam turbine generators.”

A Call to Activism

Margit von Mises

Thank you, Mr. Rockwell, for your most generous and gracious remarks. Thank you all who came here tonight, for without you, I would not be here. And thank you especially for your kind welcome. I know, of course, that this welcome is really meant for my husband, in whose name I gladly and gratefully accept it.