State Legislatures Are Finally Limiting Governors’ Emergency Powers. But only Some of Them.

Last week, Indiana Governor Eric Holcomb vetoed a bill that would limit gubernatorial authority in declaring emergencies. The bill would allow the General Assembly to call itself into an emergency session, with the idea that the legislature could then vote to end, or otherwise limit, a governor’s emergency powers. Although […]

Critics Claim Bitcoin Is a Threat to the Environment. They’re Wrong.

One popular critique of bitcoin is energy cost per transaction. This doesn’t begin to capture bitcoin’s massive energy savings compared to fiat currency. Bitcoin’s cost per transaction is well known, and often critiqued; one article in Wired magazine called bitcoin “[a] big middle finger to earth’s climate.” This is because bitcoin’s security, […]

The Inverted Yield Curve and Recession

[This article is part of the Understanding Money Mechanics series, by Robert P. Murphy. The series will be published as a book in 2021.] The “yield curve” refers to a graph showing the relationship between the maturity length of bonds—such as one month, three months, one year, five years, twenty years, etc.—plotted […]

What Exactly Is Neoliberalism, and Is It a Bad Thing?

La verità, vi prego, sul neo-liberismo: Il poco che c’è, il tanto che manca (The truth, please, on neoliberalism)by Alberto MingardiMarsilio, 2019333 pages There are few things nowadays that ignite more hatred, especially within university campuses, than declaring oneself to be a neoliberal (if the reader is not convinced, he […]

Biden’s New Budget Plan Means Trump-Era Mega Spending Will Continue

The reality of federal spending under Donald Trump did much to put to rest the obviously wrong and long-disproved notion that Republicans are the political party of “fiscal responsibility.” With George W. Bush and Ronald Reagan, it was pretty much “full speed ahead” as far as federal spending was concerned. […]

7 Observations on the Humane Nature of Capitalism

“You are hitting the nail with too many hammers.” I can still remember Bob Clower, my dissertation chairman at the time, saying that to me after reading my most recent work. It was directed at the fact that I had shown problems with a particular competing argument “six ways from […]

Is Price Gouging a Problem?

By: Lakshya Bharadwaj Is price-gouging wrong? For many, this practice does not exactly seem to be ethical. So, there is a moral angle here which suggests that raising prices of goods such as toilet paper and bottled water when a hurricane cuts off supply—and forces the market into a shortage—is not […]

The 200th Anniversary of a Great American Demolition of Tyranny

This year is the 200th anniversary of the publication of one of the best American books on trade policy by one of the most thoughtful and least appreciated political analysts of the Founding Fathers era. I ran into John Taylor of Caroline when I was roaming the shelves of the […]

Marx, Abstract Labor, and Absurdity

Many readers will be familiar with Robert Paul Wolff’s In Defense of Anarchism, a brilliant criticism of the state’s authority that arrives at conclusions similar to those of Lysander Spooner. Wolff is probably best known for his work on Kant, but he has published penetrating accounts of Marx and Rawls […]

From Christianity to Black Power, Rothbard Offers a Unique View

By: Lipton Matthews Judged by the sheer quality and volume of his intellectual output, Murray Rothbard was a genius. Though we reflect on the ingenuity of his peculiar intellect – we must never forget that Rothbard was the master of defying stereotypes. Unfortunately, many assume that libertarians are hostile to […]

What Clarence Thomas Gets Wrong about Big Tech

By: Jeff Deist Supreme Court Justice Clarence Thomas’s recent concurring opinion in the Biden vs. Knight decision sent hopeful tremors across conservative legal circles and drew condemnation from libertarians. Was Thomas finally laying the groundwork for regulation of Big Tech, which conservatives correctly view as both deeply biased against them and actively biased in favor of left-wing causes?  At first blush, […]

The Equality Act’s Attack on Religion Is Really about Private Property Rights

With the introduction of the Equality Act, the Democratic Party and its allies continue the now well-established tradition of using “antidiscrimination” and “public accommodation” laws to continue the attack on the private sector and private sector institutions. Historically these laws, acts, and court rulings—found initially in the Civil Rights Act of 1964—focused […]

Extending AnCap Analysis for Vaccine Passports, Court Rulings, and Desegregation

Using a recent Dave Smith interview of Michael Malice as a springboard, Bob elaborates his understanding of anarcho-capitalist principles to the thorny issues of vaccine passports, court rulings, and desegregation of the Old South. Mentioned in the Episode and Other Links of Interest: Part of the Problem episode from February […]

Trust, Corruption, and the Cultural Foundations of Capitalism

Economists promote free market capitalism as the most advantageous system for human development. Notwithstanding the popularity of their rhetoric, capitalism remains a derisive term in the developing world. Transplanting promarket institutions to developing countries has failed to generate widespread support for capitalism. For capitalism to work in the developing world it […]

The Annapolis Convention: The Beginning of the Counterrevolution

[Chapter 12 of Rothbard’s newly edited and released Conceived in Liberty, vol. 5, The New Republic: 1784–1791.] By 1787, the nationalist forces were in a far stronger position than during the Revolutionary War to make their dreams of central power come true. Now, in addition to the reactionary ideologues and financial oligarchs, public […]

VAWA Balkanizes Rights, Cynically Erasing Male Indians

The Violence Against Women Act (VAWA) embodies a political trend that cripples human rights in the guise of crusading for them. This trend is the balkanization, or fragmentation, of rights. Recently passed by the House, VAWA has moved to the Senate, where the trend it represents may well be translated […]

Clarifying the Economic Framework for Both Camps in the Bitcoin Debate

Bob helps to clarify the Bitcoin debate. On the one hand, the “no intrinsic value” skeptics are ignoring how Austrians deal with gold, while on the other hand, the “HODL forever” enthusiasts would never allow Bitcoin to become a money. Mentioned in the Episode and Other Links of Interest: Bob […]

Rewinding the Mainspring of Human Progress

By: Gary Galles Henry Grady Weaver worked through many jobs on the way to becoming director of customer research for General Motors, which landed him on the November 14, 1938 Time cover. But virtually no one remembers that. Now he is best known for his short 1947 book, The Mainspring of Human Progress, that […]

Decentralization Is a Step toward Self-Determination

Ludwig von Mises understood that locally based governance “follows necessarily from the principle of the rights of man.” And it’s why Rothbard supported secession and local governance right down to the most local level possible.  Original Article: “Decentralization Is a Step toward Self-Determination” This Audio Mises Wire is generously sponsored […]

Why Beijing Wants a Digital Yuan

The Chinese regime hopes it can use a digital yuan to challenge the supremacy of the US dollar. That brings a host of geopolitical advantages, as well.  Original Article: “Why Beijing Wants a Digital Yuan?” This Audio Mises Wire is generously sponsored by Christopher Condon. Narrated by Michael Stack.   […]