The Velocity of Circulation

[From Money, the Market, and the State, edited by Nicholas B. Beales and L. Aubrey Drewry, Jr., Athens: University of Georgia Press, 1968, pp. 35–44.] The quantity theory of money is very old. But it has been most influential in the last half century in the form given it by […]

4 Reasons to Oppose a Universal Basic Income

Beyond the usual arguments about incentives and taxes, a Universal Basic Income is a dangerous policy that supercharges the state and threatens to heighten tensions between different groups in society. Original Article: “4 Reasons to Oppose a Universal Basic Income” Powered by WPeMatico

Why the Swiss Voted for More Gun Control

What is particularly scary is that the whole argument for the new law was not really about saving lives or reducing gun violence, but is about Brussels ordering Switzerland to modify gun laws to comply with EU gun control standards. Original Article: “Why the Swiss Voted for More Gun Control” […]

The Last Thing Europe Needs Is to Further Loosen the EU’s Fiscal Rules

By: Pietro Bullian, Pietro Mistura The environment of persistently low interest rates is not going to last forever. But a recent drive to change European fiscal rules assumes low rates forever, and may have dangerous and unintended consequences. So far, after years of continuous growth, many European countries have not […]

Why It’s Important to Understand “Economic Costs”

The concept of economic cost seems to confuse people. It is not the price you pay for a good, but the reason you pay it. The cost of one action is the value you could otherwise have gained from taking another action. In other words, if you have $100 and you […]

Austerity: When It Works and When It Doesn’t

Austerity: When It Works and When It Doesn’tby Alberto Alesina, Carlo Favero, and Francesco GiavazziPrinceton: Princeton University Press, 2019, xvi + 245 pp. Mark Thornton ( is Senior Fellow at the Mises Institute and Book Review Editor at the QJAE. Quarterly Journal of Austrian Economics 22, no. 1 (Spring 2019), […]

The Standing Army: A Threat to Peace

By: Andrew Kern “What, sir, is the use of a militia? It is to prevent the establishment of a standing army, the bane of liberty. …Whenever Governments mean to invade the rights and liberties of the people, they always attempt to destroy the militia, in order to raise an army […]

Why Are Progressives so Bad at Governing?

In the aftermath of Hurricane Katrina, Paul Krugman declared that the Bush administration failed in its response to the flooding of New Orleans because the administration consisted of people, according to Krugman, who didn’t “believe in government.” One cannot say that about progressives who truly believe in government, and believe […]

Economics is the Most Important Science for the Layman

By: Gor Mkrtchian Of all the natural and social sciences, economics1 is the most crucial for the intelligent laity. This is because economic understanding among the public makes the difference between barbarism and a healthy society. While the other sciences are important, they only require a small minority of specialists […]

Capitalism in America: A History

Capitalism in America: A HistoryAlan Greenspan and Adrian WooldridgeNew York: Penguin, 2018, 486 pp. Joakim Book ( is a graduate student at Oxford University. Quarterly Journal of Austrian Economics 22, no. 1 (Spring 2019), full issue, click here. What could possibly go wrong when a former Fed chairman and the […]

How to Assemble a Winning Combination of Resources — Steven Phelan

Austrian Capital Theory holds that capital assets are heterogeneous and complementary. In business language, that means an entrepreneur can assemble set of assets that are special to his or her firm and combined in such a way that the combination is unique, or at least hard to copy. If the […]

Mexican BMW Factory Shows Us the Benefits of Free Trade

President Trump’s trade approach seems to be telling foreign producers and countries, “Do what I demand or I will punish you with higher tariffs that will make you wish you had.” The fact that such tariffs would largely burden American importers, rather than foreign producers, as he repeatedly claims in […]

After Draghi, Europe Needs a Hawk To Head the ECB

By: Fabrizio Ferrari On November 1, Mario Draghi’s tenure as governorof the European Central Bank (ECB) will expire, and the European Council will appoint a successor for the role. Moreover, it is now known that northern European countries are pushing for replacing Mr. Draghi — widely recognized as a “dove” […]

Low Inflation Is No Threat to the Economy

“When interest rates are low central banks don’t have much room to maneuver to deal with a crisis,” the New York Fed President John Williams said on Wednesday, June 6, 2019. In addition, according to Williams “if inflation falls, central banks will have even less room to maneuver when faced […]

A New Interview with John V. Denson

By: Ryan McMaken Be sure to check out this new interview with John Denson in C.Jay Engel’s new physical print magazine Austro Libertarian. He covers everything from World War One, to 9/11 to Donald Trump. If you’re not familiar with Denson’s work, he is the Distinguished Scholar in History and […]

Does the US need a rate cut? No.

By: Daniel Lacalle Consumer confidence is high, unemployment is low and Treasuries’ yield is at 2.1%, while credit to the economy and corporate financing are not suffering. The weakness in core consumer prices in May, which increased by only 0.1 %, was entirely due to lower prices of used vehicles, […]

The Real Tragedy of the Tragic War Hero

By: Alan Mosley If you take an hour drive down the I-65 corridor south from Nashville, Tennessee, you’ll find yourself in Columbia. My hometown isn’t quite as sleepy of a southern town as it used to be, much to my chagrin, but it’s still home nonetheless. The county seat of […]

Doctors Are Not “Playing God,” But the Government Certainly Is

I have a right to end my own life, because it is my life. It therefore follows that I also have a right to ask another person if they are willing to perform this task for me, just as I have hired other willing agents (barbers, lawyers, contractors, etc.) to […]

Why Most People Embrace the State — And Why Some Will Always Reject It

[From “Concepts of the Role of Intellectuals In Social Change Toward Laissez Faire” in The Journal of Libertarian Studies, Fall 1990] Why, La Boétie cries out in anguish, why, when reason teaches us the justice of natural rights and equal liberty for all, why, when even animals display a natural […]

Inflation: The Soviet Tool for Destroying Money

In March 1919, the Communist Party headed by Vladimir Lenin stated in its newly drafted program that among the party objectives was the complete abolition of money. The State Bank of Russia would be “abolished and turned into the central bookkeeping office of the Communist society.”1 In theory, the ruling […]