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[ The Bastiat Collection (2011); originally from the second series of Economic Sophisms (1848) ] I think it necessary to submit to the reader some theoretical remarks on the illusions to which the words dearness and cheapness give rise. At first sight, these remarks may, I feel, be regarded as subtle, but the question is not whether they are

[ The Bastiat Collection (2011); originally from the second series of Economic Sophisms (1848)]   There is nothing that is not pretended by the writers in favor of protection to be established as an aid to the working classes — there is positively no exception, not even the custom house. You fancy, perhaps, that the custom house is merely an

[ The Bastiat Collection (2011). This piece was written in December 1846.] “Liberty acts on the same principle as insurance. When an accident, like a fire, happens, insurance spreads over a great number of men and a great number of years losses that, in the absence of insurance, would have fallen all at once upon one individual. But will anyone

[ The Bastiat Collection (2011); originally from the second series of Economic Sophisms (1848)]   JACQUES BONHOMME, a vintner. Mr. LASOUCHE, tax gatherer. L.: You have secured 20 tuns of wine? J.: Yes, by dint of my own skill and labor. L.: Have the goodness to deliver up to me six of the best. J.: Six tuns out of 20! Good Heaven! you are going to

[ The Bastiat Collection (2011); originally from the second series of Economic Sophisms (1848)] If anyone tells you that there are no absolute principles, no inflexible rules; that prohibition may be bad and yet that restriction may be good, reply, “Restriction prohibits all that it hinders from being imported.” If anyone says that agriculture is

Coercive intervention into economic affairs is economically detrimental, no matter the circumstances. This is the thesis of Murray Rothbard’s Power and Market , an exhaustive and systematic analysis of all forms of economic intervention. Written to elucidate the effects of government intervention in the economy, the book is bold and as accessible

[image] “To what extent can we believe the conclusions of a model that assumes away the fundamental features of reality as we understand it?” If you are taking or have taken some of the typical courses in economics, it is quite likely that you asked yourself questions like the following: If an economic model is not like the real world, why should

[ Understanding the Dollar Crisis (1973)] It is indeed a great honor to be brought so many miles to speak to you here this week and next. I owe my thanks to Sr. Alberto Benegas Lynch and to the Centro de Estudios sobre la Libertad . As he has said, I am a student of Ludwig von Mises. I consider him the greatest man of our century. If our

[Peter Klein is teaching Austrian Microeconomics , an online course, from July 5 through August 22.]   The Austrian School of economics — the causal-realist, marginalist, subjectivist tradition established by Carl Menger in l871 — has experienced a remarkable renaissance over the last five decades (Vaughn 1994; Rothbard 1995; Oakley 1999; Salerno

I highly recommend Robert Murphy’s insightful evaluation of Murray Rothbard’s Man, Economy, and State ( MES ) on the 50th anniversary of its publication. Murphy is one of the few commentators to recognize that one of Rothbard’s central contributions in MES was the complete reconstruction of neoclassical production theory. Indeed 5 of the 12