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Walk Away: The Rise and Fall of the Home-Ownership Myth

BooksNovember 18, 2010
This elegant and fact-filled book by Doug French examines the background to the case of "strategic default," or walking away from your home, and considers its implications from a variety of different perspectives...

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The Moral Case for the Free Market Economy

BooksJuly 6, 2006
Tibor Machan makes the case for the free market system of economics based on the view of human beings as moral agents with the legal system of a good community as designed to nurture this moral agency.

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The New Despotism

BooksMarch 16, 2010
When the modern political community was being shaped at the end of the 18th century, its founders thought that the consequences of republican or representative institutions in government would be the reduction of political power in individual lives.

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The Return to Laisser Faire

BooksJune 5, 2009
Government means, or should mean, the right ordering of all. Modern government has degenerated into tinkering with the wants or rights or liberties of classes or sections or groups, and it is rare, in these days, to hear a political discussion which takes adequate account of the interests of the...

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How to Keep Our Liberty

BooksJuly 17, 2009
"Individualities may form communities, but it is institutions alone that can create a nation." This was a comment by Benjamin Disraeli a century ago when he was beginning the task of building the Conservative Party, a party that still lives a lusty, constructive life...

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The De Moneta of Nicholas Oresme and English Mint Documents

BooksFebruary 14, 2009
Nicole Oresme has been called the most brilliant scientist of the 14th century: mathematician, musicologist, physicist, philosopher, and economist. On top of that, he was a Bishop and a theologian. His writings of money bear much in common with Carl Menger. Oresme's treatise on money, De Moneta...

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6. The Problem of Security

Online Text Page from Power and Market: Government and the Economy, Ch. 6. Antimarket Ethics: A Praxeological Critique

One of the most common ethical charges levelled at the free market is that it fails to provide “security.” It is said that the blessings of freedom must be weighed against the competing blessings of security—to be provided, of course, by the State.

2. Implicit Moralizing: The Failures of Welfare Economics

Online Text Page from Power and Market: Government and the Economy, Ch. 7. Conclusion: Economics and Public Policy

As we have reiterated, economics cannot by itself establish ethical judgments, and it can and should be developed in a Wertfrei manner. This is true whether we adopt the modern disjunction between fact and value, or whether we adhere to the classical philosophical tradition that there can be a “science of ethics.” For even if there can be, economics may not by itself establish it.

16. Human Rights and Property Rights

Online Text Page from Power and Market: Government and the Economy, Ch. 6. Antimarket Ethics: A Praxeological Critique

It28 is often asserted by critics of the free-market economy that they are interested in preserving “human rights” rather than property rights.

2. Direct Effects of Intervention on Utility

Online Text Page from Power and Market: Government and the Economy, Ch. 2. Fundamentals of Intervention

A. INTERVENTION AND CONFLICT

The first step in analyzing intervention is to contrast the direct effect on the utilities of the participants, with the effect of a free society. When people are free to act, they will always act in a way that they believe will maximize their utility, i.e., will raise them to the highest possible position on their value scale. Their utility ex ante will be maximized, provided we take care to interpret “utility” in an ordinal rather than a cardinal manner.

7. Alleged Joys of the Society of Status

Online Text Page from Power and Market: Government and the Economy, Ch. 6. Antimarket Ethics: A Praxeological Critique

One common related criticism of the free market and free society (particularly among intellectuals who are conspicuously not craftsmen or peasants) is that, in contrast to the Happy Craftsmen and Happy Peasants of the Middle Ages, it has “alienated” man from his work and from his fellows and has robbed him of his “sense of belonging.” The status society of the Middle Ages is looked back upon as a Golden Age, when everyone was sure of his station in life, when craftsmen made the whole shoe instead of just contributing to part of its production, and when these

5. The Incidence and Effects of Taxation Part III: The Progressive Tax

Online Text Page from Power and Market: Government and the Economy, Ch. 4. Binary Intervention: Taxation

Of all the patterns of tax distribution, the progressive tax has generated the most controversy. In the case of the progressive tax, the conservative economists who oppose it have taken the offensive, for even its advocates must grudgingly admit that the progressive tax lowers incentives and productivity. Hence, the most ardent champions of the progressive tax on “equity” grounds admit that the degree and intensity of progression must be limited by considerations of productivity.

2. Resource-Using Activities: Government Ownership versus Private Ownership

Online Text Page from Power and Market: Government and the Economy, Ch. 5. Binary Intervention: Government Expenditures

The bulk of government activities use resources, redirecting factors of production to government-chosen ends. These activities generally involve the real or supposed supply of services by government to some or all of the populace. Government functions here as an owner and enterpriser.

6. The Incidence and Effects of Taxation Part IV: The "Single Tax" on Ground Rent

Online Text Page from Power and Market: Government and the Economy, Ch. 4. Binary Intervention: Taxation

We have refuted elsewhere the various arguments that form part of the Henry Georgist edifice: the idea that “society” owns the land originally and that every new baby has a “right” to an aliquot part; the moral argument that an increase in the value of ground land is an “unearned increment” due to external causes; and the doctrine that “speculation” in sites wickedly withholds productive land from use.

10. Fiat Money and Government Deficits by Amadeus Gabriel

Online Text Page from The Next Generation of Austrian Economics: Essays in Honor of Joseph T. Salerno, Ch. III. Policy

Scholars* of the Austrian tradition are particularly known for their important work in the field of monetary economics. They analyze the dynamics of fiat money and its impact on the real economy.

III. The Solution: Theory and History

Online Text Page from A Short History of Man: Progress and Decline, Ch. 1. On the Origin of Private Property and the Family

The technological invention, then, that solved (at least temporarily

1. On the Literature of Liberalism

Online Text Page from Liberalism: In the Classical Tradition, Ch. Appendix

In order to keep this book from becoming overlong, I have had to be brief. I considered myself all the more justified in being so since I have already treated thoroughly all the basic problems of liberalism in a series of comprehensive books and essays.

For the reader who wishes to acquire a more exhaustive understanding of these matters, I append the following compilation of the most important literature.