Given Alan Greenspan's notorious reputation among libertarians as a Randian free-marketeer who became corrupted during his time in the Federal Reserve and ended up being largely responsible for the easy money policy that contributed to the Great Recession, I was curious as to how he would characterize particular events in the economic history of the … Continue reading Book Review | Capitalism in America: An Economic History of the United States – Alan Greenspan & Adrian Wooldridge
A common mischaracterization of the libertarian position is that it is either indifferent to or supportive of all kinds of unethical activities conducted by businesses and individuals in the private sphere. Although this appears to be more of an attempt to stigmatize libertarianism than to carefully assess it, it's true that its proponents exert far … Continue reading On Criticising Private Businesses and the State
As both a libertarian and a student of praxeology, I was somewhat perplexed from the title of Tucker's new book The Market Loves You. Only man acts, in the sense of utilizing means purposively to achieve certain objectives, as the praxeological axiom goes; the market as an aggregate of individuals cannot by itself act, and … Continue reading Book Review: The Market Loves You | Jeffrey Tucker
Can you list up all the ways that the world has improved since the Industrial Revolution? I think one hardly can, though one could get very far trying. We're enjoying living standards that were unimaginable to the people of the 19th century: twice as high life expectancy; an abundance of new goods and services that … Continue reading Why Do People Hate the Engine of Progress?
While contemplating issues academically and analytically, one can easily get lost in the abstractions of statistical numbers and jargon and end up with a misleading or incomplete understanding of the subject. In the field of economics, for instance, one can get a different perception when abstract terms like "the economy" or "the market" are used … Continue reading The Real Differences Between the Private and Public Sector
Whence comes the boom in economic development - and why does it tend to eventually turn into a bust? Recessions like the Great Depression (1930s) and the Great Recession (2008) have frequently been pointed to as central flaws in a market free economy. Without showing direct causal relationships, deregulation is claimed to be the great … Continue reading The Austrian Theory of the Business Cycle
From many debates about the free market, one tends to get the impression that some everyday Keynesians and Social Democrats, as well as Socialists, often consider free-marketeers as people who unconditionally defend businesses, no matter what reprehensible things they may do. This impression seems to be rooted in the following logic: Premise 1: Free-marketeers often … Continue reading Pro-Market Does Not Mean Pro-Business: Opposing Barriers to Entry
This book review was originally published on Medium. Profit and Loss is a short book (some might say a pamphlet) by the great economist Ludwig von Mises on just 56 pages about what profit actually means and the significance it has for the entrepreneur and the economy at large. He dispels common myths about profit and … Continue reading What Profit Really Means: A Book Review of Ludwig von Mises’ “Profit and Loss”