[Originally published in Libertarian Papers 1, 39 (2009) ] As the transaction cost theory of the firm was taking shape in the 1970s, another important movement in economics was emerging: a revival of the “Austrian” tradition in economic theory associated with such economists as Ludwig von Mises and F. A. Hayek (1973; Dolan, 1976; Spadaro, 1978).
The Nobel Prize in Economics is considered the ultimate consecration that an economist could receive from his fellow peers. Hence, to cast a critical opinion on the Prize, rather than on the views of a particular laureate, implies a critical attitude toward the entire economics profession as it has developed at least for the last 40 years.
Volume 1, Article 9 (2009) I cannot begin my lecture without first expressing all my deep gratitude to the Mises Institute, which honors me so much by presenting me the Gary G. Schlarbaum Award. And my gratitude is also addressed to Mr. Gary Schlarbaum who has so generously founded this award. Receiving this award is certainly one of the greatest
I. Plato’s Austrian Enemies The view of Plato as an apologist for totalitarianism has become something close to orthodoxy in the Austrian wing of the libertarian tradition. The purpose of this essay is to contest that view and thereby reclaim Plato as an ally in the age-old struggle against the state. Appropriately enough, there is
Volume 1, Article 18 (2009) Introduction This essay is intentionally one-sided. Almost all other essays by either defenders of capitalism (libertarians) or defenders of government (statists) are oppositely one-sided. They claim that capitalism’s voluntariness or government’s coerciveness mean that capitalism or government better fosters such
The Problem Stated According to Nozick (and Locke and innumerable others), what has come to be termed “distributive justice” is a matter of goods going to those who made or found them, or to those who get them from others by agreement, e.g. by buying or selling them. No other fundamental ways of arriving at ownership of anything are morally
Volume 1, Article 22 (2009) Introduction Chandran Kukathas argues that we have a problem in how to understand Libertarianism, and that this problem requires us to choose between two views, each of which has uncomfortable implications. He begins by noting that “Libertarians believe that all individuals are entitled to live as they choose, free from
Capitalism: A Treatise on Economics by George Reisman Ottawa, IL: Jameson Books, 1996 Kraus, Wladimir. “A Treatise for A New Age in Economic Theory.” Review of Capitalism: A Treatise on Economics , by George Reisman. Libertarian Papers 1, no. 14 (2009):
An important argument in the arsenal of Keynesian economics in favor of fiscal stimulus is that during a recession/depression it will put unemployed resources back to work and produce, in the process, a net -gain in wealth. Keynesians begin with a fairly accurate description of a few crucial facts. Immediately before and during a crisis,
The role of the private sector in the production of road services has been extensively studied and has generated substantial theoretical and empirical work (Block 2006; Carnis 2006; Roth 2006). There is debate as to the modalities of privatisation (Block 2006; Carnis 2003; Hoppe 1991) and the functioning of a market system for the providing
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.