Free Markets

When a merchant borrows 20,000 francs to purchase a house, it is not the 20,000 francs which he owes, but the house. Money only appears for the sake of facilitating the arrangements between the parties."

"A lesson in basic economics should suffice to defend against the sustainists' attack."

Unfortunately, welfarist ideas are still careening down the highway with as much dangerous momentum as was the case when Röpke was still alive.

"Mandated recycling exists mainly because there is plenty of money to be made by labeling products as "green" or "recycled" to get municipal and federal grants."

Timothy Roth has in earlier work offered a penetrating criticism of modern welfare economics.

In the case of the current housing meltdown, the Austrian case is definitely right.

Now, bread is baked by government.
And as might be expected,
Everything is well controlled;
The public well protected.

True, loaves cost a dollar each.
But our leaders do their best.
The selling price is half a cent.
(Taxes pay the rest!)

Liberty is an end unto itself, with prosperity as its positive externality.

The observers today most reminiscent of our forefathers are the armies of tea partiers and bloggers, incensed that Main Street has gotten the shaft, first from the evils of hyperextended credit, and doubly now that modern solutions may prolong the madness.

"They took care of themselves and recognized that having freedom means the freedom to fail as well as to succeed."