Many policies are supposedly justified because they would “take from the rich and give to the poor.” While that fits with the view that theft “for a good purpose” makes one a philanthropist, from the perspective of self-ownership, it is an assertion that the majority’s might makes their coercion right. However, advocates of redistribution often
A decade ago, no one had ever been told to “check your privilege.” Now it commands an appreciable “market share” in academia and social justice rhetoric. But it does so despite sharply opposed interpretations of its meaning. In fact, its expanded footprint is partly because of its ambiguity. It Could Be an Invitation to Debate In a sense, “check
On my first day back in the classroom this fall, I was reminded that entrepreneurial alertness applies to ideas and insights as well as profits. Since the opening chapter of the course’s economics principles text calls Adam Smith the father of economic science, I told my class that he actually had multiple precursors in the study of economics. I
The use of the ceteris paribus , or “other things equal” assumption is an essential aspect of economic education. It is an important caveat that helps make sense of a complicated world by clarifying the incentive stories that comprise the core of economics. Unfortunately, the often unthinking acceptance of that phrase has also provided an opening
Scarcity makes efficiency — getting the most value from given resources —important. The more efficient individuals are, the more they benefit from their actions. That’s why economists are always talking about efficiency. Unfortunately, some things said to be efficient are not. A major reason is that while efficiency is usually described in terms
People are generally aware of the positive power of compound interest when deferring consumption in favor of productive investments. But more important when it comes to public policy is the destructive power of compound ignorance. According to John Rector, “Compound ignorance is the type of ignorance in which we are not aware that we are not
Economic analysis is a powerful tool. But while powerful, it is also amoral; not inherently moral or immoral. Whatever you want to accomplish, applying accurate economic analysis to the issues can help you do it better. If the purpose is good, you can achieve more of it; however, if the purpose is to impose harm, you can achieve more of that as
When people want to add extra “oomph” to negative depictions of self-owners acting without coercion — that is, market competition under capitalism — they turn to name-calling. One of the most effective forms is describing such competition as dog-eat-dog. When that characterization is accepted, the mountain of evidence in favor of voluntary social
Adam Smith is history’s most famous economist, yet people know precious little about what he wrote. Perhaps that is because the natural time to reflect on his contributions — the anniversary of his birth — is unknown. However, we do know that he was baptized on June 5, 1723, making the 5th an appropriate time hook to consider his work and
Early last year, President Clinton, arguing that “it will save hundreds of lives each year,” came out with a noble-sounding proposal on drunk-driving laws. He said that come October 2001, any state with a blood-alcohol standard higher than 0.08% should be subject to losing 5% of its federal highway funds, a penalty he said should increase later.
What is the Mises Institute?
The Mises Institute is a non-profit organization that exists to promote teaching and research in the Austrian School of economics, individual freedom, honest history, and international peace, in the tradition of Ludwig von Mises and Murray N. Rothbard.
Non-political, non-partisan, and non-PC, we advocate a radical shift in the intellectual climate, away from statism and toward a private property order. We believe that our foundational ideas are of permanent value, and oppose all efforts at compromise, sellout, and amalgamation of these ideas with fashionable political, cultural, and social doctrines inimical to their spirit.