ABSTRACT: This paper analyzes and elaborates on what Murray Rothbard would have included in Chapter 10 of his nine-chapter manuscript on the Progressive Era (Rothbard 2017). In Chapter 10, Rothbard planned to describe the political and local reforms of the fourth party system (1896–1932). The reforms included voter registration, ballot changes,
Editor’s Note: The following essay was written while Rothbard was working on “Origins of the Welfare State in America,” which was originally published posthumously in the Journal of Libertarian Studies in 1996 (Rothbard 1996). “Origins” was included as Chapter 11 in The Progressive Era (Rothbard 2017). The draft pages of “Beginning the Welfare
Capitalism in America: A History Alan Greenspan and Adrian Wooldridge New York: Penguin, 2018, 486 pp. Joakim Book (j@joakimbook.com) 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 Economist’s
The High Cost of Good Intentions: A History of U.S. Federal Entitlement Programs John F. Cogan Stanford: Stanford University Press, 2017, 513 pp. Dr. Mark Thornton (mthornton@mises.org) is Senior Fellow at the Mises Institute and Book Review Editor of the Quarterly Journal of Austrian Economics. Quarterly Journal of Austrian Economics 21, no. 4
For as long as every living economist has been plying their trade, a single historical episode has been taken as an experimentum crucis . Latin for “crucial experiment”, it is what Isaac Newton used to call an observed outcome significant enough, by itself, of determining the validity of a theory. The event serving this function in present-day
Quarterly Journal of Austrian Economics 19, no. 4 (Winter 2016) Stephen S. Cohen and J. Bradford DeLong Cambridge: Harvard Business Review Press, 2016 Cohen and DeLong are well-known economists, but they indict their fellow economists for an overemphasis on theory. Away with models that have little relation to reality, our authors say. Instead,
The Progressive Era Murray N. Rothbard Edited by Patrick Newman Auburn, AL: Mises Institute, 2017, 600 pp. I have heard people say that Murray Rothbard has been more productive after his death than many academics during their lives. His newest posthumously published book The Progressive Era certainly adds weight to this claim. Edited by Patrick
ABSTRACT : In his famous 1970 paper that raised issues about “lemons” problems in markets in which asymmetric information places at least one party to an exchange (usually buyers) at a big disadvantage, George Aklerlof wrote that if dishonesty continues, a “Gresham’s Law” situation can arise in which the bad products will drive good products out
[ Full issue of the Quarterly Journal of Austrian Economics 20, no. 4 (2017)] The Captured Economy: How the Powerful Enrich Themselves, Slow Economic Growth, and Increase Inequality by Brink Lindsey and Steven M. Teles Oxford: Oxford University Press, 2017, viii+ 221 pp. During the late nineteenth and early twentieth centuries, the Progressives
Volume 1, No. 1 (Spring 1998) The Banking Act of 1933, sometimes referred to as the Glass-Steagall Act, separated commercial and investment banking, instituted Federal deposit insurance, prohibited interest payments on demand deposits, and reorganized the Federal Reserve. The Glass-Steagall Act is typically explained as a public-interest measure
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The Mises Institute is a non-profit organization that exists to promote teaching and research in the Austrian School of economics, individual freedom, honest history, and international peace, in the tradition of Ludwig von Mises and Murray N. Rothbard.
Non-political, non-partisan, and non-PC, we advocate a radical shift in the intellectual climate, away from statism and toward a private property order. We believe that our foundational ideas are of permanent value, and oppose all efforts at compromise, sellout, and amalgamation of these ideas with fashionable political, cultural, and social doctrines inimical to their spirit.