[Editor’s note: 2026 is the 250th anniversary of the Declaration of Independence, and this year we will be featuring many of Murray Rothbard’s work on the American Revolution and its meaning. In this essay, Rothbard touches on many themes we find on his work on American history, such as his contention that the abandonment of the Articles of Confederation by the “founding fathers” was a counterrevolution against the ideals of the Declaration of Independence.] 

Net present value (NPV) is a popular decision-making criteria used by firms to make key, crucial choices about how to allocate resources across an economy. Net present value forecasts temporally discount future cash flows to their present value to check whether a project creates value. If a project has an NPV greater than zero, it creates value. On the other hand, if a project has an NPV less than zero, the project loses value.

“What did you know, and when did you know it?”—Eugene D. Genovese, “The Question”

In “The Question” from 1994, historian Genovese addressed those who—like himself—supported the Soviet Union despite knowing the truths of that evil regime. He asked fellow communists and travelers to look inside themselves and answer the question with honesty.

Friedrich von Hayek explains in his article “Why I am Not a Conservative” that, given a choice between the progressive parties that destroy liberty, and the conservative parties that defend the status quo, the classical liberal will “generally have little choice but to support the conservative parties.” This is because there are many parallels between the classical liberal prioritization of individual liberty and the conservative principle of limited government in countries with a tradition o

The New York Times today reports that the US Attorney’s office in the District of Columbia has opened a criminal investigation into Fed Chairman Jerome Powell. Ostensibly and officially, the investigation is into the nature of the Federal Reserve’s renovation of its Washington headquarters, and whether or not Powell lied to Congress about the scope of the project. In the world of politics, stated reasons rarely match the actual reasons, however. 

In his press conference on January 3 concerning the arrest of Venezuelan “narco-dictator” Nicolas Maduro, President Donald Trump talked about US oil companies restoring the former productivity of Venezuela’s oil industry and using that money for 1) compensation for the nationalization of the industry a couple decades ago; and, 2) (somehow) benefiting the people of Venezuela.

The Mail reports Trump has asked the Joint Special Operations Command to come up with an invasion plan, but the joint chiefs are resisting because they believe an invasion would be illegal and lack congressional support.

I want to begin by asking a simple question: Why can’t I have my own money printer? It may seem like a silly question, but the principles and effects that emerge from thinking about it are profound.

To understand the effects, we must also ask another question: What would happen if I had my own money printer? The answer is simple: I’d print my own money, of course. The consequences of having the power to print money would be innumerable, as it would change almost everything, from the decisions I make to the whole direction of my life.

According to the leader of the monetarists school, Milton Friedman, our knowledge of the world of economics is elusive. Consequently, it does not really matter what the underlying presuppositions of a theory employed to ascertain the nature of reality are. In fact, anything goes, as long as the theory can yield good predictions. By this thinking, any theory that is applied on historical data could be valid as long as it could produce accurate predictions.