In the intellectual battle for liberty, sometimes it’s a good idea to skip the latest high-brow attack on capitalism from the Left or Right and instead poke fun at a ridiculous news article. A recent AP story, “Scientists in food fight over soda,” provides a perfect target. The article begins by informing us of new reports in science journals that
The latest trend for making economics more “scientific” is to incorporate results from other disciplines, such as psychology and neuroscience. Now as an Austrian economist, I welcome just about any criticism of the neoclassical mainstream. However, some of the proponents of the newfangled ways often overstep when they criticize “flaws” with basic
It’s tough to be an economist. Not only must you endure years of stultifying lectures and readings, you must also brave the feigned approval of those who had innocently asked, “Oh, a professor? What do you teach?” But beyond this, there is a deeper problem: I can’t help watching certain movies without being distracted by nagging problems that
“ Clean Your Plate, They’re Starving in China “ is quite possibly the dumbest article I have ever read (and I frequent National Review Online , mind you). Now before writing a critique, I asked myself: Does this young author, untainted by the dry pages of economics tomes or lectures on symbolic logic, deserve my sarcastic wit (which some have
Stephen Cox, editor of Liberty magazine, recently wrote a well-received article opposing the allegedly suicidal policy of open borders (”The Fallacy of Open Immigration,” available online here ). Cox aimed his article at libertarians who understandably think that the only acceptable position is to insist that the federal government takes no action
Libertarian economists typically adopt a two-pronged approach in their advocacy of free markets. On the one hand, they stress that people have rights (whether God-given or self-evident from the exercise of reason) and therefore should be able to engage in any voluntary activities with each other, free from political interference. Unfortunately,
In a previous article , I described the “social function” of stock speculators. In the present piece, we’ll explore the role of healthy futures and forward markets in a modern economy. Of course, both parties to any voluntary exchange expect to benefit, at least ex ante — otherwise the exchange wouldn’t be voluntary. But beyond this truism, it is
In two previous articles we examined the “social function” of stock speculation and futures contracts . Rounding out the trilogy, today we shall discuss the beneficial effects of a free market in call and put options. Despite their intimidating complexity, these derivative contracts are just another example of the financial market’s growing
I applaud the online magazine Slate for its recurring series on “the dismal science,” as they call it. Rather than boring discussions of the housing market or the NASDAQ index, economists such as Steven Landsburg and others tackle interesting issues. Don’t get me wrong, I just about always disagree with the columns. I was never puzzled as to why
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.