From The Review of Austrian Economics Vol. 10, No. 1, 1997.

Murray N. Rothbard Breaking Out of the Walrasian Box: The Cases of Schumpeter and Hansen Adobe Acrobat 6.0 Paper Capture Plug-in

In a series of recent articles in The Review of Austrian Economics, Joseph Salerno began to de-homogenize the often conflated economic and social theories of Ludwig von Mises and Friedrich A. Hayek. In particular, he has shown that their views on socialism are distinctly different, and he has argued in effect that Mises’s original argument in the so-called socialist calculation debate was correct all along and was also the final word, whereas Hayek’s distinct contribution to the debate was fallacious from the outset, and merely added confusion.

Out of false theories of employment, money, and interest, Keynes distilled a fantastically wrong theory of capitalism and of a socialist paradise erected out of paper money. Moreover, Keynes offered no theory of stagnation at all. He merely gave a perfectly normal phenomenon, such as falling prices a bad name, so as to find another excuse for his own inflationary schemes.

In order to explain the emergence of barter nothing more than the assumption of a narrowly defined self-interest is required. If and insofar as man prefers more choices and goods to fewer, he will choose barter and division of labor over self-sufficiency.

From The Review of Austrian Economics Vol. 7, No. 2, 1994.

From The Review of Austrian Economics Vol. 7, No. 1, 1993.

A state is a territorial monopolist of compulsion, an agency which may engage in continual, institutionalized property rights violations and the exploitation of private property owners through expropriation, taxation, and regulation.

This essay is based on a chapter of Democracy: The God That Failed.

Stephan Kinsella lp-3-1 Mac OS X 10.6.6 Quartz PDFContext