¿Luchar otra «guerra terrorista» contra los cárteles de la droga? ¡hay una mejor manera!

By: Ron Paul La guerra de 50 años de Estados Unidos contra las drogas ha sido un fracaso total, con cientos de miles de millones de dólares tirados por el desagüe y nuestras libertades civiles recortadas luchando en una guerra que no se puede ganar. La «guerra contra el terrorismo» […]

How Banks Go Bust

[The Case Against the Fed, Chapter 8, “Problems for the Fractional-Reserve Banker: Insolvency.” (Slightly edited for publication as a separate article.)]   The fractional-reserve banker, even if he violates his contract, cannot be treated as an embezzler and a criminal; but the banker must still face the lesser, but still […]

Rationality in the Real World Isn’t What Economists Think It Is

Behavioral economists say that people behave irrationally because they miscalculate the probability. But maybe it is not a problem with people, but with the use of the probability theory in a non-ergodic environment full of uncertainty?1 Daniel Kahneman, an economic Nobel Memorial Prize laureate, in his book Thinking, Fast and […]

Católicos y libertarios

By: David Gordon ¿Puede un católico romano ser también austrolibertario? Christopher Ferrara en un libro llamado The Church and the Libertarian dice que no se puede. En opinión de Ferrara, los economistas austriacos niegan que la ley moral se aplique a la economía. En cambio, los austriacos dicen que las […]

Fight Another “Terror War” Against Drug Cartels? There’s a Better Way!

By: Ron Paul The 50-year US war on drugs has been a total failure, with hundreds of billions of dollars flushed down the drain and our civil liberties whittled away fighting a war that cannot be won. The 20 year “war on terror” has likewise been a gigantic US government […]

Exports: Currency Devaluation Won’t Grow the Economy

A visible weakness in economic activity in major world economies raises concern among various commentators that world economies have difficulties recovering despite very aggressive loose monetary policies. The yearly growth rate of US industrial production stood at minus 1.1 % in October, against minus 0.1% in September, and 4.1% in […]

The Boom Is Worse than the Bust

[This article is excerpted from chapter 20 of Human Action: The Scholar’s Edition.] The popularity of inflation and credit expansion, the ultimate source of the repeated attempts to render people prosperous by credit expansion, and thus the cause of the cyclical fluctuations of business, manifests itself clearly in the customary […]

Central Bankers Have Declared War on Your Savings

When any one of the plethora of bubbles burst – pick your poison – and the next financial crisis impacts Wall Street and Main Street, how will the central banks and federal governments react? They have fired all their unconventional rounds of bullets, from subzero interest rates to vast money-printing […]

Some Fundamental Differences between Ludwig von Mises and Nassim Taleb

In my previous post we saw some of the areas where Taleb’s writing is strikingly Misesian: the hidden value and emergent properties of spontaneous orders, the insightfully realistic view of uncertainty and risk-taking, and the aggressive despising of econometrics and other unproper uses of math in the domain of economics. […]

Word, Action, and Entrepreneurship

[This article originally appeared in Studies in Logic, Grammar and Rhetoric 57, no. 1 (2019): 161–174. Reprinted here with permission.] Abstract. The Mengerian-Misesian tradition in economics is also known as the causal-realist approach — in other words, it studies the causal structure of economic phenomena conceived of as outgrowths of […]

Social Justice Is Nothing like Real Justice

Social justice is a political and social ideology that advocates for the equal redistribution of wealth, equal access to economic opportunities, and the reduction of unfair privileges within a society. The central argument used by social justice advocates is that the government has the moral obligation to equalize access to […]

John Rawls’s Unfortunate Notions of the Nation-State

The most famous work of twentieth-century political philosophy is John Rawls’ A Theory of Justice (1971). The most controversial part of this book is the “difference principle”: “Social and economic inequalities are to satisfy two conditions: (a) They are to be attached to positions and offices open to all under […]

Private Ownership: A Must

[Chapter 7 from The Wisdom of Henry Hazlitt, edited by Hans F. Sennholz (Irvington-on-Husdon, NY: The Foundation for Economic Education, 1993).] If capitalism did not exist, it would be necessary to invent it — and its discovery would be rightly regarded as one of the great triumphs of the human […]

How Entrepreneurs Learn from the Marketplace

Ludwig von Mises wrote that “we are historians of the future.”1 But, the heterogeneity in knowledge makes it virtually impossible to know everything there about historic market trends,  or even about local economies.This is why F.A. Hayek emphasized there is no such thing as perfect knowledge among individuals at any […]

When Nassim Taleb Channels Ludwig von Mises

Reading Nassim Nicholas Taleb, the student of Austrian economics finds much to like. Taleb’s clear, razor-sharp and ruthlessly unqualified commentary often reminds the reader of Mises – indeed even the content of his ideas is sometimes strikingly Misesian. In exploring an argument, Taleb frequently follows it to its logical conclusion […]

Stephan Kinsella and Bob Murphy Debate Hans Hoppe’s “Argumentation Ethics”

Bob Murphy and Stephan Kinsella debate Hans-Hermann Hoppe’s famous “argumentation ethics” case for libertarianism. Stephan defends Hoppe’s claim that any attempt to justify a non-libertarian system would result in a performative contradiction, while Bob clarifies the argument and raises concerns about it. For more information, see BobMurphyShow.com. The Bob Murphy […]

Catholics and Libertarians

By: David Gordon Can a Roman Catholic be an Austro-Libertarian as well? Christopher Ferrara in a book called The Church and the Libertarian says that one cannot. In Ferrara’s view, Austrian  economists deny that the moral law applies to the economy. Instead, Austrians say, strictly scientific laws govern the economy […]

Por qué Dinamarca no forma parte de la Eurozona

By: Krzysztof Mroziewicz Dinamarca como país de Europa con una población de alrededor de 5,8 millones de personas y con un PIB per cápita de más de 60 mil dólares. Desde 1973, Dinamarca forma parte de la Unión Europea, que en ese momento se llamaba la «Comunidad Europea», pero a […]

The Hidden Link Between Fiat Money and the Increasing Appeal of Socialism

What causes the seemingly unfounded confidence in socialism we encounter more and more in the news media and among political activists? In the Extinction Rebellion movement, for example, activists are quite certain they have learned that there is an alternative to markets as the means to economic prosperity. It’s a […]

Desocialization of Enterprises: Empowering Venezuelans

Quarterly Journal of Austrian Economics 22, no. 2 (Summer 2019) full issue. ABSTRACT: One of the fundamental conditions for overcoming the economic disaster in Venezuela and being sure that a new government could not snatch away economic freedom again, is the desocialization of the economy. Following Rothbard (1992), we propose […]