The Free Market 24, no. 1 (January 2006) The free market is a summary term for an array of exchanges that take place in society. Each exchange is undertaken as a voluntary agreement between two people or between groups of people represented by agents. These two individuals (or agents) exchange two economic goods, either tangible commodities or
The angel Clarence introduces himself to a skeptical George Bailey in the 1946 Frank Capra film It’s a Wonderful Life As the war drags on and the state expands its reach in nearly every area of life, I’m detecting another moment of despair sweeping through libertarian ranks. Why aren’t all our efforts making a difference? What are we doing
A. The Economic Nature of Profit and Loss The Emergence of Profit and Loss The Distinction Between Profits and Other Proceeds Non-Profit Conduct of Affair The Ballot of the Market The Social Function of Profit and Loss Profit and Loss in the Progressing and in the Retrogressing Economy The Computation of Profit and Loss B. The Condemnation of
I loved my cat. Probably as much as my cousin, Malcolm, who owed me fifty bucks. So when she died — my cat, not Malcolm — I was unhappy. I remembered the words of Genesis. “Dust thou art and to dust returneth.” How depressing. But I cheered up a little when I reread that big, black book and noticed that the author didn’t specifically mention my
The issue of whether non-scarce things like thoughts or labor are ownable has arisen in recent debates—see, e.g., Thoughts on Intellectual Property, Scarcity, Labor-ownership, Metaphors, and Lockean Homesteading ; Intellectual Property and Think Tank Corruption ; and New Working Paper: Machan on IP . Johan Ridenfeldt called to my attention
So we all like the Norwood decision ( 1 2 ) because the result is more respect for private property rights. But what about the Court’s reasoning? Was it really pro-property? Yes, it was. Not Rothbardian or Hoppean, mind you, but as good as you’re likely to see from a government court. Here’s part of what they said: Believed to be derived
Mutualism claims to oppose the exploitation of labor, i.e., the theft of any part of its product. But when it comes to labor that has been mixed with land, it turns a blind eye and comes out foursquare on the side of the exploiter. Thus, to elaborate on the case I presented in my last post, “Mutualism: A Philosophy for Thieves,” let us imagine
Summary Introduction The Economic World Today and in a Hundred Years ( Table 1 ) Ricardo to the Rescue: “Value and Riches, Their Distinctive Properties” The Contributions of Globalization: Extending the Division of Labor Globalization and Capital Accumulation Ricardo on Capital Accumulation: An Answer to the Fears of Capital Transfer ( Table 2 )
The price of gold’s collapse of $44 one day last week prompted a quick call to Camino Coin. Sales on gold have been few and far between this year and the sudden move below $600 per ounce was too good of a buying opportunity to pass up. However, in addition to selling me cheaper insurance against the coming dollar collapse, my guy at Camino was
An ex-girlfriend once told me, “You treat me like a piece of property.” As an economics major, my first reaction was: How great that the center of my affection truly understands the way I feel! Butterflies in my stomach, rainbows, unicorns, big red hearts shot through my enamored mind. When someone truly understands you, what can you feel but joy?
What is the Mises Institute?
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.