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A Tradition of Defaults

July 17, 2002
Argentina and now Brazil are the latest chapters in Latin America's long financial history of foreign debt and default, writes Antony Mueller. It is a consequence of bad policy, underwritten by international financial institutions and subsidized from a pervasive culture of debt...

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Default! Default!

November 1, 2001
We will never resort to a bailout, said the Bush administration concerning the financial failures of the Argentinian government. That was one week before the same administration arranged an $8 billion line of credit for the same government.

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License Tags and Free Speech

December 1, 2001
This past September, the state government of South Carolina came under fire for issuing a special license plate bearing the slogan "Choose Life." Affronted abortion-rights groups quickly filed suit, claiming that the state was violating the first and fourteenth amendments by failing to...

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Biography of Wilhelm Röpke (1899-1966): Humane Economist

August 1, 2007
"I champion an economic order ruled by free prices and markets...the only economic order compatible with human freedom." Wilhelm Röpke devoted his scholarly career to combating collectivism in economic, social, and political theory. As a student and proponent of the Austrian School, he...

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F A Hayek

Biography of F. A. Hayek (1899-1992)

August 1, 2007
"A claim for equality of material position can be met only by a government with totalitarian powers." F. A. Hayek is undoubtedly the most eminent of the modern Austrian economists. Student of Friedrich von Wieser, protégé and colleague of Ludwig von Mises, and foremost representative of...

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Biography of Ludwig Lachmann (1906-1990): Life and Work

August 1, 2007
"The theory of capital lacks a simple dimension for the measurement of its subject matter. To some minds this makes it all the more attractive." Introduction: his life and work Ludwig Lachmann was a very unusual man. If you ever met him you would never forget him. He left a lasting...

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

November 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 Enterprise of Community: Market Competition, Land, and Environment

We hear a lot of expressed concern about conserving the environment, but no one talks much about producing it. Why not manufacture it competitively and sell it in the free market like other goods and services—and even bundle it with product support? As a matter of fact, that is being done. It...

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The Moral Case for the Free Market Economy

July 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

March 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

June 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

July 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

February 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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Political Tolerance: Balancing Community and Diversity, by Robert Weissberg

July 1, 1999
Professor Weissberg has taken on, in exemplary fashion, one of the major myths of our age. Professor Weissberg has taken on, in exemplary fashion, one of the major myths of our age.

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To Serve and Protect: Privatization and Community in Criminal Justice by Bruce L. Benson

T o Serve and Protect is a breath of fresh air in the fog of mainstream recommendations concerning security, crime, and punishment. In the mainstream literature, liberals typically regard the offender as the victim of an egoistic society and conservatives typically say that the only way to reduce...

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Review of To Serve and Protect: Privatization and Community in Criminal Justice by Bruce Benson

This is the most important book on public policy to be published in a long time. Benson takes on the most pervasive government activity, the criminal justice system, and addresses the critical issue of our high crime rate. There are no clear “academic” solutions to this problem, but...

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8. The Entrepreneurial Component in the Market Interest Rate

Online Text Page from Man, Economy, and State, with Power and Market

In the ERE, as we have seen, the interest rate throughout the economy will be uniform. In the real world there is an additional entrepreneurial (or “risk”) component, which adds to the interest rate in particularly risky ventures, and in accordance with the degree of risk. (Since “risk” has an actuarially “certain” connotation, we may better call it “degree of uncertainty.”) Thus, suppose that the basic social time-preference rate, or pure rate of interest, in the economy is 5 percent.

3. Direct Effects of Intervention on Utility

Online Text Page from Man, Economy, and State, with Power and Market

In tracing the effects of intervention, we must explore both the direct and the indirect consequences. In the first place, intervention will have direct, immediate consequences on the utilities of those participating. On the one hand, when the society is free and there is no intervention, everyone will always act in the way that he believes will maximize his utility, i.e., will raise him to the highest possible position on his value scale.

10. Balance of Payments

Online Text Page from Man, Economy, and State, with Power and Market

In chapter 3 above, we engaged in an extensive analysis of the individual's balance of payments.

12. Conclusion: The Free Market and Coercion

Online Text Page from Man, Economy, and State, with Power and Market

We have thus concluded our analysis of voluntary and free action and its consequences in the free market, and of violent and coercive action and its consequences in economic intervention. Superficially, it looks to many people as if the free market is a chaotic and anarchic place, while government intervention imposes order and community values upon this anarchy. Actually, praxeology—economics—shows us that the truth is quite the reverse. We may divide our analysis into the direct, or palpable, effects, and the indirect, hidden effects of the two principles.