Free Markets

Private providers of orphan transfer can be expected to treat orphans with deeper respect than governments can be expected to; in a free market, in fact, they will have no other option.

"And it is here — let's pinpoint the exact date at Greenspan's 'irrational-exuberance' call in December 1996 — where the Austrian men separate themselves from the Keynesian and Friedmanite boys."

But if a little time is spent on this formula of the five costs of production, it is simple to establish that there is no such thing as "surplus value," and that the "labor theory of value" is an oversimplification.

Finally, the most interesting aspect of the giant credit-card industry is the simple fact that it works.

"The more these readjustments are delayed," Rothbard explained, "the longer the depression will have to last, and the longer complete recovery is postponed."

Garet Garrett spoke boldly and consistently against "the dim-out of the individual" represented by the political centralization and bureaucratization of American life under FDR.

Not all reforms are improvements. As we have seen, the 100-percent-reserve solution is ripe with unintended consequences.

In order to make it easier for the central banks to embark upon credit expansion, the European governments aimed long ago at a concentration of their countries' gold reserves with the central banks.

John Calvin's social and economic views closely parallel Luther's, and there is no point in repeating them here. There are only two main areas of difference: their views on usury, and on the concept of the "calling."