Since recent events helped socialist parties to obtain power in Russia, Hungary, Germany and Austria, and have thus made the execution of a socialist nationalization program a topical issue, Marxist writers have themselves begun to deal more closely with the problems of the regulation of the socialist commonwealth.

[May 1961]

To Adam Smith and to his successors, “competition” was not a term defined with mathematical precision; it meant, generally, “free competition,” i.e., competition unhampered by governmental grants of exclusive privilege. And “monopoly” tended to mean such grants of governmental privilege.

Early Speculative Bubbles and Increases in the Supply of Money by French, Doug : Chapter 4, “John Law, Genius or Swindler”

Robert Wenzel reports on Roubini Attacks Austrian Economists at Economic Policy Journal:

Nouriel Roubini is very well connected in the world of the financial power elite, but that doesn’t mean he knows is ass from his elbow when it comes to Austrian economics. He tweets:

“The austerians’ Austrian austerity will not lead to Schumpeterian ‘creative destruction’ but rather ‘deadly destructive depression’”

[The Anti-Capitalistic Mentality (1954)]

Freedom of the press is one of the fundamental features of a nation of free citizens. It is one of the essential points in the political program of old classical liberalism. No one has ever succeeded in advancing any tenable objections against the reasoning of the two classical books: John Milton’s Areopagitica, 1644, and John Stuart Mills’s On Liberty, 1859. Unlicensed printing is the lifeblood of literature.

January 21, 1958

To the Volker Fund:

The central problem of political economy is how to organize society so as to promote the production of wealth. The central problem of political philosophy is how to arrange society so as to make it a just social order.

The first question regards matters of efficiency: What means are appropriate for achieving a specific result, in this case, wealth?