Tag: Austrian School of Economics

Introduction to the Austrian School of Economics »

My book, Advanced Introduction to the Austrian School of Economics, is being translated into Korean, and the translator asked me to provide a short preface for the Korean edition. I’m reproducing it below, partly just to give my book a bit more publicity (it’s affordably priced, if you go with the paperback), partly to...
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Mises, Military, and Market »

September 29 is the birthday of Ludwig von Mises, one of the giants of the Austrian School of economics. In my book Choice: Cooperation, Enterprise, and Human Action, I distill the work of Mises as presented in his masterpiece, Human Action. Elsewhere I have summarized his contributions to economic science, so in the present...
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Remembering Arthur Seldon, Champion of Capitalism »

May 29 marks the centennial of Arthur Seldon’s 1916 birth. Called “one of the most influential economists of the late twentieth century,” for over three decades he was editorial director of the London-based Institute of Economic Affairs, which The Economist said, “brought to the lay reader the ideas of all the leading free-market economists...
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Giancarlo Ibárgüen S. (1963 – 2016): A Champion of Liberty »

Yesterday my heart sank when a former colleague sent me a note saying, “The greatest man is gone... Giancarlo passed away.” This “greatest man” was Giancarlo Ibárgüen S., the former president of Universidad Francisco Marroquin (UFM) in Guatemala, who lost his seven-year struggle with ALS at the age of 53. Giancarlo was my boss...
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Shiller’s Irrational Faith in Government Regulation »

In a recent New York Times piece, economist Robert Shiller built an argument that was a non sequitur resting on two false premises. Specifically, Shiller argued: (Premise 1:) Economics courses teach students that market outcomes are “Pareto optimal.” (Premise 2:) In reality, market forces lead to systematic deception and manipulation of the public. (Conclusion:)...
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Why Frédéric Bastiat Still Matters »

Yesterday marked the 214th anniversary of Frédéric Bastiat’s birthday on June 30, 1801, in Bayonne, France. One of the seminal thinkers of the classical liberal tradition, Bastiat made great contributions to the field of political economy, laying many of the foundations for the later school of Austrian economics. Both a politician and a writer,...
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Authority and Easter »

Easter is the day of liberation—the day the greatest earthly power has done its best, unleashed its ultimate weapon—and been defeated. I’ve previously posted (here and here) a few thoughts on Easter’s significance to me, and this year turn to the insights of N.T. Wright—the renowned New Testament scholar, former Bishop of Durham and...
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If You Like Rights, Liberty, and Economic Opportunity, Celebrate Christmas »

Those of us enjoying the multiple benefits of societies built upon respect for our human and economic rights ought especially to pause to give thanks for God’s incarnation as Christ, celebrated this week. There is thankfully now a rich literature from which we can learn how the many principles and laws we take for...
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Celebrating Human Action—Ludwig von Mises’s Masterpiece »

September 14 marked the 65th anniversary of the publication of Ludwig von Mises’s masterpiece Human Action. I have been studying Mises’s classic text very carefully the past two years, as I’ve completed the manuscript for a forthcoming Independent Institute book, Cooperation and Enterprise: The Economics of Choice, that crystallizes the essence of Human Action...
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Piketty and Emerging Markets »

Much has been said to refute Thomas Piketty’s important book, Capital in the Twenty-First Century, from the perspective of developed countries, but not from the standpoint of emerging markets. His contention that the rate of return of capital, roughly twice the rate of growth of the economy, leads to increasing inequality is not consistent with...
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