In 1850, French economist Frédéric Bastiat published an essay that is misunderstood, or more often, unread, titled, “That Which is Seen, and That Which is Not Seen.” Bastiat brilliantly illustrated, through the parable of the broken window, the destructive effects of unintended consequences that result from government intervention in the economy.
This is a biography of Ralph Raico written as part of a Masters Thesis by one of his students.
As Professor Hunt Tooley acknowledges, today we are seeing a rebirth of interest in the Austrian school and classical liberalism, with no small part played by Ralph Raico. In his easily accessible books, essays, seminars, and lectures, Raico is increasingly becoming known as the acknowledged champion of historic, authentic liberalism.
From the Introduction:
President’s Day was this week, and there was no better way to celebrate than making the case for abolishing the position. As Ryan McMaken noted, history has vindicated the fears of the Anti-Federalists that were concerned that the position vested too much power into the hands of a single ambitious politician.
In the days following the 2016 election, there were already worrying signs that the Trump administration didn’t merely view the War on Drugs as a useful source of rhetoric to please some Conservatives. With the appointment of Jeff Sessions — who appears to be a true believer in the War on Drugs — the threat to federalism, states’s rights, and local control was all too real.
Minouche Shafik of the Bank of England recently spoke to the Oxford Union in defense of the monetary Experts. The “Experts,” she pointed out, “have come in for a great deal of criticism of late.” She suggests this phenomenon may have something to do with the 2008 financial crisis. She also mentions various currency manipulation and interest rate scandals as possible motivations for public outrage. We applaud her keen insight.
Recently, Harvard political theorist Danielle Allen wrote in the Washington Post of “The most important phrase in the Pledge of Allegiance” — “with liberty and justice for all.”
On Monday, January 23rd, President Trump announced a hiring freeze on federal workers, with an exception for jobs that are ostensibly related to national security or public safety. The exception includes uniformed military personnel, but does not include the military’s civilian support staff, which already numbers around 750,000.
Budget deficits are often in the media spotlight. The budget deficit is defined as the difference between what the government spends and what the government collects. When the government spends more than it collects, a budget deficit exists. When the government collects more than it spends, a budget surplus emerges.
