Craft Beer with a Free-Market Character

By: Carmen Elena Dorob?? As the microbrewery trend is seeing a rise everywhere in the world, 2018 saw the launch of the White Collar Brewing in Bucharest, in my native Romania. Behind the already highly acclaimed beers lies an interesting piece of information: the brewery is the entrepreneurial endeavor of an Austrian […]

La “opinión” de The Atlantic en economía convencional y conductual

By: Mark Thornton La opinión de The Atlantic es que la economía convencional tiene muchos problemas, como han señalado otros. Piensan que los estudiantes universitarios deben estar expuestos a algunos aspectos económicos de la conducta en sus clases de economía. Su conclusión es así: Hacer que la economía conductual sea […]

The Problem with “Velocity of Money”

Some commentators are of the view that when the velocity of money rises, all other thing being equal, the buying power of money declines, (i.e., the prices of goods and services rise). The opposite occurs when velocity declines. If, for example, it was found that the quantity of money had […]

A Message from Jeff Deist

I want to make sure you saw the letter Lew Rockwell wrote a few days ago. Won’t you take a few minutes right now to respond and make a donation? Lew’s letter talks about the tremendous sacrifices Ludwig von Mises and Murray Rothbard made in pursuit of truth and ideas. Both put intellectual […]

Venezuela’s Crisis: What’s Oil Got to Do with It?

After over three years of following the disastrous effects of socialism unfolding in Venezuela I can confidently say that 99% of the articles I’ve read on the issue will sooner or later point out that Venezuela’s crisis is not only surprisingly dire, but rather counterintuitive given that it is one […]

Forerunners of the Austrian School: The French Liberal School

The French Liberal School had been dominant through four generations because they were privately funded, but when the government intervened in the French universities the Liberal School lost its hold. Richard Cantillon, Etienne Bonnot de Condillac, A.R.J. Turgot, Jean-Baptiste Say, Frederic Bastiat, and Michel Chevalier were responsible for economic concepts […]

Ignoring the Bureaucracy Isn’t the Same as Dismantling It

The tweeter & tariffer-in-chief Donald Trump had a bad week post election with presidential historian Douglas Brinkley telling the Washington Post , “Trump needs adulation, so heading into the midterms, holding these rallies, he was cheered and it became narcissistic fuel to his engine,” Brinkley said. “After the midterm, it’s […]

Richard Cantillon, the Most Important Economist You’ve Never Heard Of

Richard Cantillon is the most important economist you’ve never heard of. Born in Ireland sometime in the mid- to late-1600s, Richard Cantillon’s contributions to economics are found in his major work,Essai sur la Nature du Commerce en General ( Essay on the Nature of Commerce in General). In 1734, Cantillon […]

Juan de Mariana and Miguel de Cervantes: The School of Salamanca and the Invention of the Modern Novel

ABSTRACT: Given the importance of the School of Salamanca, economists of the Austrian School occupy a privileged position with regard to the study of literature. Specifically, they are well suited to understand a foundational text in the modern history of the novel form. Don Quijote de la Mancha (1605/1615) by […]

Facing Inflation Alone: Juan de Mariana and His Struggle against Monetary Chaos

ABSTRACT: This is a brief biographical sketch of the heroic late-scholastic thinker Juan de Mariana, with particular attention to his epic confrontation with Philip III and the Duke of Lerma, including a review of the list of charges against him. Around 1600, Mariana produced a series of powerful criticisms of […]

A Brief Defense of Mises’s Conception of Time Preference and His Pure Time Preference Theory of Interest

ABSTRACT: In his recent book, Money, Interest and the Structure of Production (Machaj, 2017), Mateusz Machaj advances two significant criticisms of Mises’s theory of time preference and his pure time preference theory of interest (PTPT). First, he claims that time preference only exists under certain unrealistic conditions, and second, that […]

The Economics of the Public Sector

In the real world, it is impossible to separate economic analysis from an understanding the effects of state intervention in the marketplace. Government spending, borrowing, regulating, and bureaucratizing all distort and change the economics of our daily lives. In this 60-minute talk, Thomas DiLorenzo discusses the effects of government intervention, […]

Renew Your Membership and Receive a Copy of “Social Democracy”

Polls in recent years suggest that young people are growing more enamored of socialism. But, they’re not embracing the socialism of Lenin or Mao. Instead, like many other Americans, they are attracted to what seems to be a kinder, gentler version of socialism: social democracy. In fact, in a world […]

The Atlantic’s “Take” on Mainstream and Behavioural Economics

By: Mark Thornton The Atlantic’s take is that Mainstream economics has many problems, as others have noted. They think that college students should be exposed to some behavioral economics in their economics classes. Their conclusion is thus: Making behavioral economics compulsory isn’t a cure-all for the ills of the economics […]

Soviet Dissidents and the Weaponization of Psychiatry

The New York Times obituary opened with a simple recitation of facts: “Zhores A. Medvedev, the Soviet biologist, writer and dissident who was declared insane, confined to a mental institution and stripped of his citizenship in the 1970s after attacking a Stalinist pseudoscience, died … in London.” Zhores Medvedev, his […]

50. Thieves of Virtue: How Bioethics Stole Medicine

Did bioethics emerge to defend the interests of patients or to rationalize the needs and actions of the state and its corporate allies? Are bioethicists too complacent about their grasp of economics? Do they have sufficient understanding of the complexities of medical decisions to weigh in on them? Are Hippocratic […]

Piketty Urges Higher Taxes in Response to French Tax Revolt

By: Daniel J. Mitchell Less than 10 years ago, many European nations suffered fiscal crises because of a combination of excessive spending, punitive taxes, and crippling debt. The crises have since abated, largely because of direct and indirect bailouts. But the underlying policy mistakes haven’t been fixed. Indeed, the burden of government spending has increased in Europe and debt levels today are […]

The Morals of Human Cooperation

[The Freeman, 1973] The many contradictions among different philosophical theories have caused much confusion over the years. Unfortunately, too few teachers and textbooks explain the basic principles that could help students discriminate intelligently among them and understand the ethical code which fosters freedom, morality and social cooperation. Thus, Henry Hazlitt […]

Vox Continues to Sell the “Benefits” of Socialism

By: James Bovard Vox is whooping up the wacky notion that “sex was better under socialism.” Tell that to Romanian women forced to undergo monthly gyno exams to outlaw abortions because the government proclaimed in 1985 that “the fetus is the socialist property of the whole society… Those who refuse […]

Did Baby Boomers Ruin America?

Referring to someone as a sociopath is strong language. After all, just between 3 and 5 percent of Americans are really sociopaths , people who initially seem charming, but, due to bad neurological wiring, lack a conscience and are unable to feel remorse. They are exceptional liars and cheats, and […]