Section VII: Political Philosophy and the Libertarian Movement
Chapter 31: Property and Exchange
The Nonaggression Axiom
The libertarian creed rests upon one central axiom: that no man or group of men may aggress against the person or property of anyone else. This may be called the “nonaggression axiom.” “Aggression” is defined as the initiation of the use or threat of physical violence against the person or property of anyone else. Aggression is therefore synonymous with invasion.
Section VI: Economic History
Chapter 28: Economic Determinism, Ideology, and the American Revolution
It is part of the inescapable condition of the historian that he must make estimates and judgments about human motivation even though he cannot ground his judgments in absolute and apodictic certainty. If, for example, we find that Nelson Rockefeller made a secret gift of $650,000 to Dr. William J.
The last hurrah of central banks is the negative interest rate policy — NIRP. The basic idea of NIRP is to punish savers so severely that households and businesses will be compelled to go blow whatever money they have on something — what the money is squandered on is of no importance to central banks.
All that matters is that people and enterprises are forced to spend whatever cash they have rather than “hoard” it, i.e., preserve and conserve their capital.
Mike Holly received Master degrees in Business Administration and Chemical Engineering from the University of Minneso
THE AUSTRIAN: Among those of us who are very laissez-faire, Europe’s liberal nineteenth century seems like ancient history, and people like Richard Cobden seem to be incredibly far from what is now the mainstream. And yet, leftists seem to believe that “neoliberalism” (i.e., the ideology of “limited government”) is making gains everywhere. Can you put things into perspective for us? Historically speaking, how much cache does liberalism have right now?
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Chapter 27: Israel Kirzner and the Economic Man
Economics has long been considered the dismal science by most educated men. Much of this negative attitude stems from a firm belief that economics (1) deals solely with the grubby business of acquiring material wealth, of money-making; and (2) postulates a coldly rational, coolly calculating, economic man, a man without sentiment or compassion, a man who would refuse a few coppers to his sick old mother because his only value in life is to “buy on the cheapest market and sell on the dearest.”
