Can a community without a central government avoid descending into chaos and rampant criminality? Can its economy grow and thrive without the intervening regulatory hand of the state? Can its disputes be settled without a monopoly on legal judgments?
“Law and the State are both conceptually and historically separable, and law would develop in an anarchistic market society without any form of State.
[Living Economics: Yesterday, Today, and Tomorrow. By Peter J. Boettke. Independent Institute — Universidad Francisco Marroquin. xx + 435 pages]
What is the “means of production” and what significance does it have to society? How is it created, expanded, or merely sustained? What is the relationship between the prevailing moral order of a society and its accumulation of capital?
On pages 33–35 of my book Socialism, Economic Calculation, and Entrepreneurship, I examine the process by which the division of practical entrepreneurial knowledge deepens “vertically” and expands “horizontally,” a process that permits (and at the same time requires) an increase in population, fosters prosperity and general well-being, and brings about the advancement of civilization. As I indicate there, this process is based on
The British Olympic organizers restricted ticket purchases, rewarded corporate purchases but not corporate use, imposed price controls on tickets available to the public and state violence against the resulting scalpers (touts) — and are distraught and surprised over the empty seats that characterize so many of the Olympic events so far.
Volume 15, no. 2 of the Quarterly Journal of Austrian Economics was made available online this week. Articles are:
Nicolai J. Foss, “The Continuing Relevance of Austrian Capital Theory,”
Lucas Engelhardt, “Expansionary Monetary Policy and Decreasing Entrepreneurial Quality,”
