[This article originally appeared in International Journal of Value-Based Management 12: 195-207, 1999.] Besides national defense, no government-provided service enjoys as much exemption from scrutiny as the provision and subsidization of primary public education. Even presumed champions of the free market, such as Milton Friedman, support the
Professor Paul Krugman asked a very important question in his January 10 New York Times essay “Trump’s Big Libertarian Experiment; Does contaminated food smell like freedom?”. In his opinion piece, Krugman maintained that the recently concluded governmental shutdown demonstrated the hypocrisy of Republicans. The Nobel Prize winning economist also
In addition to being a libertarian in political philosophy, I am also a member of the Austrian school of economics. Austrian economics has nothing to do with the economy of that European country. It is so named because its founding fathers all emanated from that part of the world. They include such European scholars as Carl Menger, Eugen von
I am a professor (I teach economics at Loyola University New Orleans). In my view, this means I should profess something. I would be bland and uninteresting to my students if all I did was offer them all sides of every controversial issue in an even-handed way, so that none of them even had a clue as to where I stood on any topic. Of course, I
ABSTRACT: According to Austrian business cycle theory (ABCT), there is no macroeconomic market failure. Under laissez faire capitalism, with extremely limited or no government, there will be no credit-induced business cycles. However, suppose one part of the world engages in credit expansion, which, according to ABCT creates the business cycle,
In addition to being a libertarian in political philosophy, I am also a member of the Austrian school of economics. Austrian economics has nothing to do with the economy of that European country. It is so named because its founding fathers all emanated from that part of the world. They include such European scholars as Carl Menger, Eugen von
[ Editor’s Note: In this selection from “ Is the Virus of International Macroeconomic Interventionism Infectious? An ABCT Analysis “ in the newest issue of Quarterly Journal of Austrian Economics, the authors analyze how a commodity-money-based economy would be effected by neighboring economies still using fiat money. The authors note that the
ABSTRACT: In this paper we try to wrestle with the triviality objection to the concept of the same good. If we define two resources as serving the same list of ends, then whether these items can be subsumed under the rubric of the “same good” revolves around how we conceive of ends. If ends are at least partly language-dependent, that is, the way
Is socialism the enemy of the civilized order? It depends on what kind of socialism we are discussing. There are several varieties, not only one. If it is the version calling for government ownership and control of all the means of production, the complete nationalization of all industries, then yes, socialism is the work of the devil. All we need
Nota del editor: En esta selección de « Is the Virus of International Macroeconomic Interventionism Infectious? An ABCT Analysis » en el último número del Quarterly Journal of Austrian Economics, los autores analizan cómo una economía basada en el dinero mercancía sería afectada por las economías vecinas que todavía utilizan el dinero fiat. Los
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.