Free Markets

The connotation of unreality that the word has acquired follows from the fact that every utopia ignores the central operating lever of man: he seeks to satisfy his desires with the least expenditure of effort.

When he was in his 20s, having newly discovered libertarian ideas, having read Rand, Rothbard, Mises, Hayek, and others, having met Rothbard and conversed with him at length, Nozick was fired up with excitement.

A pure gold standard is not conducive to business cycles. Contrary to mainstream economists, it is the attempts of the central banks to bring about price stability and full employment that set in motion the menace of boom-bust cycles.

Just as, for them, liberty must be the highest political end, peace must be the highest end of foreign policy.

What are the results of the patent system itself? The results are distorted research, protectionism, wealth transfers, and enrichment of the patent bar. Large companies, such as IBM, amass giant patent portfolios.

Murray Rothbard, in his life, was known as Mr. Libertarian. We can make a solid case that the title now belongs to Walter Block, a student of Rothbard's whose own vita is as thick as a phone book, as diverse as Wikipedia.

We must face the fact, once and for all, that the argument of economists against the draft, though correct as far as it goes, is hopelessly narrow and inadequate.

The Gilded Age ushered in industrial leaders in capitalistic achievement. Success in the world of commerce reflected certain characteristics.

Profit and loss is the heart of business and economic change. Entrepreneurs drive the market at every level, predicting future wants and taking risks with their property. Earning profits is never guaranteed.

I hope that, in raising money for the Mises Institute by finishing the marathon, I will have enough inspiration to surmount the challenges I will face while running. My aim is to raise $1,000 for every mile that I run.