The Free Market 3, no. 1 (January 1986) The press touted it as yet another chapter in the deeply and having only the public interest at heart, steps in and corrects the failure, its sage regulations gently but firmly bending private actions to the common were actually increased. But, in any case, was the peak hour congestion a case of marketfailure? Whenever economists see a shortage, they are trained to look
History of Economic Thought (1995), volume 2, chapter 1, section 7: “Say’s Law of Markets.” An MP3 audio file of this chapter, narrated by Jeff Riggenbach, is or, in the common language of Say’s day, a “general glut” of goods on the market. “Overproduction” means production in excess of consumption: that is, to consumption, then obviously this is a problem of what is now called “marketfailure,” a failure which must be compensated by the intervention of government.
rampant contradictions, there runs one crucial thread: whatever the problem, the market economy is held to be the culprit. The latest intellectual craze, which has capitalism, private property, or modern technology. It is a case against the failure of government to allow and defend the rights of private property against
as a Revolt against Nature and Other Essays ] Until very recently, free-market economists paid little attention to the entities actually being exchanged on to be endorsing at that moment. Let us consider a hypothetical example of the failure of the utilitarian defense of private property. Suppose that somehow
(1975), volume 1, chapter 31: “Economics Begins to Dissolve the Theocracy: The Failure of Wage and Price Controls.” An MP3 audio file of this article, narrated by farms — a neat way of exploiting the local citizenry at wage rates far below the market. Maximum-wage control always aggravates a shortage of labor, as employers will
The Free Market 9, no. 4 (April 1991) Few occurrences have been more dreaded and reviled in keep prices from falling, at least in the long run. It is precisely because free markets and the pure gold standard lead inevitably to falling prices that monetarists any changes in consumer valuations. Any “unemployment” of resources results from a failure of people to adjust to the new conditions, by insisting on excessively high
The Free Market 12, no. 7 (July 1994) Governments, especially including the US. government, and omniscience, and then repeatedly descends to earth to fix up the numerous “market failures” that mere people, in their ignorance, persist in committing. The fact that history is a black record of continual gross failure by this “god,” and that economic theory explains why it must be so, makes no
for the goods or services produced by others. This method—the method of the free market—Oppenheimer termed “the economic means” to wealth. The other path, which but their analysis suffers from several fatal blind spots. One is their complete failure to realize that war, culminating in the present garrison state and
The Free Market 4, no. 2 (February 1986) It is a common myth that the near-disappearance of of such a market. In particular, either by government ownership or by government failure to protect private property rights in natural resources. Destruction of the
The Free Market 25, no. 4 (April 2007) Murray N. Rothbard (1926–1995) was dean of the Austrian in 1959, is the introduction to the new Mises Institute edition of Hazlitt’s Failure of the “New Economics.“ For most people, economics has ever been the
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.