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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Even a Dimwit May Be Right and a Genius Wrong about Some Things »

Sometimes when I criticize something maintained by a great intellectual such as Ludwig von Mises, people respond on social media by writing shorthand comments such as “Mises > Higgs.” This is silly. Am I the intellectual equal of Mises? Of course not. I would be an idiot to suppose I am. However, my overall...
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Dealing with Mistakes: Government Action versus Private Action »

Government can hardly ever do just one thing. Its action has repercussions, and these repercussions have repercussions, and so forth. Even when the government’s initial action may seem compassionate or productive, it is highly unlike that the repercussions will prove likewise. Of course, private action also has repercussions, some of which may be unpleasant...
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Beware Survivorship Bias »

Suppose you wanted to know how many of the soldiers, sailors, and airmen who served during World War II were killed in that war. So you sent inquiries to a random sample of persons whose names were drawn from a list of all those who served in the military during the war, asking: Were...
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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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We Need Free Enterprise in Banking »

Former House Speaker Dennis Hastert has pleaded guilty in what has been called a “hush-money” case. Hastert could receive up to five years in prison, though prosecutors have recommended six months as part of his plea deal. The amazing thing about this case is that such a harsh sentence comes not from any misconduct...
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The Austrian School of Economics »

I’ve just published a short book, Advanced Introduction to the Austrian School of Economics, which is designed to give people with some knowledge of economics an explanation of what ideas distinguish the Austrian school from mainstream economic thought. The paperback is relatively affordable ($22.36 if ordered on-line). The book is much slimmer in person...
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New Video with Ron Paul: “Defining Liberty: The Future of Freedom” »

How can Americans overcome record government spending and debt, escalating healthcare costs, intrusive federal surveillance, endless wars, ongoing economic malaise, high unemployment, failing schools, and increasing abuses of civil and economic liberties? In this superb, new video from the recent, sold-out event sponsored by The Independent Institute and The Smith Center for Private Enterprise...
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A Vulgar Keynesian Visits My Chamber »

I heard a noise that seemed to come from my chamber door. I opened it, and then . . . Deep into that darkness peering, long I stood there wondering, fearing, Doubting, dreaming dreams some Austrians dared to dream before; But recession was unbroken, and the darkness gave no token, And the only words...
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James M. Buchanan (October 3, 1919 – January 9, 2013) »

James M. Buchanan, one of the past century’s most distinguished economists and most compelling champions of free markets, died earlier today at age 93. His professional career spanned more than sixty years, during which he wrote extensively on public finance, economic philosophy, and other topics in related areas. With Gordon Tullock, he founded a...
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