Austrian utility and welfare theory [ pdf ] observes that all transactions in a free market economy take place only when both parties believe they will be happier as a result of an exchange. People act in ways that maximize their personal well being, subjectively understood. In contrast, in centralized economies the only way the state can enforce
With Augusto Pinochet awaiting trial for ordering the killing, torture, and imprisonment of political dissidents during the 1970’s, Chilean politics is back in the news. This is still a sore spot for most every Chilean, and even here in America, any sympathetic mention of either Pinochet or his Marxist predecessor Salvador Allende can provoke some
The latest exploits of Lance Armstrong in this year’s Tour de France provide a solid backdrop for discussions contrasting the economic ideas of the Austrian School and the adherents of Public Choice. Public Choice is predicated on the belief that individual preferences can be known and quantified. From this simplistic view of Thymology, the Public
In a free economy, under what conditions may employees be hired and fired? And should discrimination be tolerated in the workplace? The answer to these questions depends upon who is the source of the discrimination. From a free market perspective, the only factor that matters is whether or not the government is involved in the discrimination. If
This year marks the 100 th anniversary of Ayn Rand’s birth. Her books sold in the millions and were most effective in transforming a generation of readers into ardent anti-communists and strong capitalists. There is also a connection between the Austrian School and Rand, as shown by a new symposium from The Journal of Ayn Rand Studies (Spring
Article one Section 8 of the U S Constitution states that the “congress shall have the power to regulate commerce among the several states.” This so-called “commerce clause” is the legal bedrock for all federal regulation of business activity that crosses state lines. Every piece of federal economic regulation from the Sherman Antitrust Act
A Kantian Case for Economic Liberty Mises Review 11, No. 2 (Summer 2005) EQUALITY, RIGHTS, AND THE AUTONOMOUS SELF: TOWARD A CONSERVATIVE ECONOMICS Timothy P. Roth Edward Elgar, 2004, 168 pgs. Timothy Roth is neither an Austrian economist nor an advocate of libertarian natural rights. For those of us who accept these positions, though, his book
The Free Market 26, no. 1 (January 2005) It is the conviction of the liberal intellectual tradition dating back to the Middle Ages that society contains within itself the capacity for internal self-management. This is in contrast to the claims of the sociology literature, which posits that human society is riddled with conflict between groups:
The Free Market 26, no. 1 (January 2005) On October 4, 2004, the privately funded SpaceShip-One climbed to an altitude of over 70 miles, clinching the $10 million “X Prize.” Many analysts were excited by the prospects for commercial space travel, and the day when orbital or even interplanetary flights would be affordable for the average
The Free Market 26, no. 10 (October 2005) T he Mises Institute has worked for more than two decades to advance one purpose: the cause of economic freedom in academia and public life. The two comments on our work that I hear most often are: (1) you guys are doing a great job, and (2) it is not working. On the first point, I can only thank
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.