In many cultures, profit is seen as the result of individuals exploiting other individuals. Profits, however, have nothing to do with exploitation. Instead, they reflect the actions of entrepreneurs who supply consumers in the most efficient ways with valued products.

For an entre­preneur to make profits, he must correctly antici­pate consumer preferences, the future prices of products and the future prices of the factors of production. Entrepreneurs who excel in their forecasting of future prices make profits, and those that misjudge future prices will suffer losses.

Robert Kagan is one of the most vigorous supporters of an “ideological” American foreign policy. America, in his view, should extend the blessings of liberal democracy worldwide, and in doing so, we necessarily act as a hegemonic power in the present circumstances—not, he hastens to add, so that we can for selfish motives dominate the world but rather to ensure the spread and maintenance of a liberal world order.

One remarkable aspect of the coverage of the Uvalde shooting is how quickly the narrative has gone praising police heroics to exposing the law enforcement agents’ complete, total, and shameful failure. Simultaneously, police apologists’ excuses have repeatedly changed as well. 

Richard Arneson has been a major figure in political philosophy for the last few decades, and in this week’s article, I’d like to look at some points he raises in his article “Liberal Egalitarian Critiques,” his contribution to The Routledge Companion to Libertarianism, pp. 564–78.

Not too long ago, most of us took our news or commentary in print. Thanks to entrepreneurs and digital technology, we now have other options. Some people still prefer to read, others to watch, and it looks like many of our mises.org faithful prefer to listen. This has led to the huge popularity of our Human Action Podcast and Radio Rothbard, which are both driven by hot contemporary topics and no-holds-barred guests.