[Originally published in Libertarian Papers 1, 39 (2009)]

     The Nobel Prize in Economics is considered the ultimate consecration that an economist could receive from his fellow peers. Hence, to cast a critical opinion on the Prize, rather than on the views of a particular laureate, implies a critical attitude toward the entire economics profession as it has developed at least for the last 40 years. This implication is quite serious, for it puts into question the scientific value, and hence the very meaningfulness, of the activity of tens of thousands of researchers in social sciences.

Banks under a free-banking system, like banks with fractional reserves under any other system, are susceptible to runs. Free-banking theorists maintain that the option clause would be one effective means of dealing with runs on banks. The option clause, printed on banknotes, would allow banks to defer redemption of their notes provided they pay interest for the period of deferment. The clause would enable banks to protect their liquidity in the face of an unexpected increase in demands for redemption, and allow them time to adjust their portfolios.

From the Review of Austrian Economics Vol. 9, No. 1, 1996.

Thomas J. DiLorenzo VENTURA Acrobat 3.0 Import Plug-in

Volume 1, Article 9 (2009)

I cannot begin my lecture without first expressing all my deep gratitude to the Mises Institute, which honors me so much by presenting me the Gary G. Schlarbaum Award. And my gratitude is also addressed to Mr. Gary Schlarbaum who has so generously founded this award.

I. Plato’s Austrian Enemies

     The view of Plato as an apologist for totalitarianism has become something close to orthodoxy in the Austrian wing of the libertarian tradition. The purpose of this essay is to contest that view and thereby reclaim Plato as an ally in the age-old struggle against the state.

Cwik’s dissertation submitted to the Graduate Faculty of Auburn University for the Degree of Doctor of Philosophy, 14 May 2004.

One may say that, apart from wars and revolutions, there is nothing in our modern civilizations which compares in importance to [inflation]. The upheavals caused by inflations are so profound that people prefer to hush them up and conceal them.

—Elias Canetti, Crowds and Power

“Drewnowski’s Economic Theory of Socialism,” Journal of Political Economy, Vol. 76, No. 4, Part I (July/August 1968), pp. 645–650.