Toward a Theory of Strategy for Liberty

The world, at least in the long run, is governed by ideas, writes Murray Rothbard, and it seems clear that libertarianism is only likely to triumph if the ideas spread to and are adopted by a significantly large number of people. And so “education” becomes a necessary condition for the victory of liberty — all sorts of education, from the most abstract systematic theories down to attention-catching devices that will attract the interest of potential converts. Education, indeed, is the characteristic strategic theory of classical liberalism.

Genetic Discrimination Saves Lives

Thanks to recent technological innovations, companies like 23andMe are now able to offer comprehensive genetic profiles that can reveal predispositions towards certain health problems, and allow patients to take proactive measures to prevent them. Unfortunately, this potentially lifesaving diagnosis will not be available to most individuals because of so-called “genetic privacy” laws, such as the Genetic Information Nondiscrimination Act, passed by the House last year. One common argument used to justify such laws is that genetic profiling will lead to a “second class” of people who cannot obtain insurance or employment.

Christmas and Consumption

Christmas is a make-or-break time for many retailers, and the holiday season’s importance to the American economy is so great that “Black Friday” sales at some retailers, particularly Wal-Mart, are reported as a macroeconomic indicator. The holiday season is indeed festive and inspiring even in spite of clichéd paeans against the “commercialism” of Christmas. But, asks Art Carden, does the Christmastime “bacchanalia of peace on Earth and goodwill towards men” promote economic growth or not?

Economic Outlook 2008: Darkening Clouds

Presidential election years usually are not recessionary but next year will be an exception. Several economic factors are colliding in an almost perfect storm to markedly slow the general economy and the stock market. Unfortunately, we will not be able to “inflate” our way out of this recession this time. We will simply have to take our lumps and let market forces liquidate the bulk of the malinvestments caused by the unprecedented Greenspan money bubble. This liquidation process will not be pretty but it is necessary to restore a sustainable economic recovery in the years ahead.

Hayek on the Paradox of Saving

Chronic underconsumption is an idea most often associated with Keynes, writes Robert Blumen. But while the infamous English economist published his General Theory in 1936, Hayek’s 1929 article “The ‘Paradox’ of Savings” analyzes a similar theory advanced by two Americans a decade before. While the two authors have nearly vanished from history, the insights contained in Hayek’s nearly forgotten article are more necessary today than ever.The two protagonists were college president William Trufant Foster and businessman Waddill Catchings. They aimed to show how the production of goods could increase, with no corresponding increase in the purchasing power of consumers. Under these conditions, not all consumer goods could be sold at prices above producers’ costs. Markets would fail to clear, or producers would take a loss on each sale; the economy would spiral downwards into depression.

Rethinking the history of 20th century wars

These are wonderfully important books, new in the Mises Store.

The first I had never heard of but is hugely significant as the first piece of WWI revisionism to appear in English: How Diplomats Make War by Francis Neilson (1915). It is a beautifully written and well-argued case that Germany was not uniquely to blame. The secret diplomatic corp in all countries brought this disaster about. The book appeared before war censorship clamped down.

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