Government: Creator of Uncertainty by Sheldon Richman July 1, 2000 THE STOCK MARKET tumbles of recent months are a reminder that when it comes to economic phenomena, subjectivism reigns. One of the pillars of the Austrian school of economics is the principle that in explaining economic events, objective entities and quantities in themselves dont count. What counts is what human beings make of them. As F.A. Hayek wrote, It is ...
Book Review: 15 Great Austrian Economists by Richard M. Ebeling June 1, 2000 15 Great Austrian Economists edited by Randall G. Holcombe (Auburn, Ala.: Ludwig von Mises Institute, 1999); 258 pages; $15.95. TWENTY-SIX YEARS AGO, in June 1974, I was fortunate enough to be invited by the Institute for Humane Studies to be one of 40 people who attended a week-long conference on Austrian economics in South Royalton, Vermont. After a decades long hiatus, ...
ATM Tyranny by Sheldon Richman February 1, 2000 Some years ago, when gas stations began replacing free air pumps with coin operated models, some motorists objected. "But air is free," one protested. To which a gas station owner replied, "Fine; blow the tire up yourself." I'm reminded of that story by the current flap over fees for ATMs. Here's a controversy tailored-made for demagogic political leaders looking for ...
Book Review: Hayek by Richard M. Ebeling July 1, 1999 Hayek: A Commemorative Album compiled by John Raybould (London: Adam Smith Institute, 1999); 120 pages; $19.95. I first met Friedrich A. Hayek in 1975, the year after he received the Nobel Prize in economics. I had had the exceptionally good fortune to be awarded summer fellowships for 1975 and 1977 at the Institute for Humane Studies when their offices were ...
Housing Discrimination Laws and the Continuing Erosion of Property Rights by George Leef May 1, 1999 Not so long ago in this country, you could stay out of legal trouble by refraining from aggression against other people. The law of torts, crimes, and property was well established and under those bodies of law, you committed no offense unless you acted ...
Book Review: Problemas Economicos de Mexico by Richard M. Ebeling January 1, 1999 Problemas Economicos de Mexico by Ludwig von Mises (Mexico City: Instituto Cultural Ludwig von Mises); 125 pages; $20. In December 1941, Austrian economist Ludwig von Mises was invited by Luis Montes de Oca, a former director of the Mexican central bank, to deliver a series of lectures in Mexico during January and February 1942. The Mexico visited by Mises was ...
Book Review: J.B. Say by Richard M. Ebeling May 1, 1998 J.B. Say: An Economist in Troubled Times writings translated and selected by R.R. Palmer (Princeton, N.J.: Princeton University Press, 1997); 164 pages; $39.95. Whatever economic freedom we enjoy in the world today is due, to a great extent, to the ideas and efforts of the classical liberals and economists of the first half of the 19th century. Inspired by the ...
Book Review: The Logic of Action by Richard M. Ebeling April 1, 1998 The Logic of Action, Volume 1: Method, Money and the Austrian School by Murray N. Rothbard (Lyme, N.H.: Edward Elgar Publishing, Inc., 1997); 452 pages; $80. During the past 40 years, one of the most important contributors to the Austrian school of economics was Murray Newton Rothbard. He was also one of the major figures in the revival and renaissance ...
From the New Mercantilism to Economic Fascism by Richard M. Ebeling August 1, 1991 February 1991 saw the release of the latest annual Economic Report of The President. Prepared by the President's Council of Economic Advisors, the report is meant to provide a detailed summary of where the American economy has been during the past twelve months and to offer various projections as to where the economy is heading for the next twelve ...
A New World Order: Economic Liberalism or the New Mercantilism by Richard M. Ebeling July 1, 1991 In the days immediately following the Iraqi invasion of Kuwait in August 1990, the Bush Administration declared that a vital interest of the United States was at stake. American economic wellfbeing was threatened by Iraqi control of the Kuwaiti oil fields. However, when a growing number of economists pointed out that the U.S. economy had the capacity to adjust ...
Producer Interest vs. The Public Interest: The Origin of Democratized Privilege by Richard M. Ebeling March 1, 1991 In The Wealth of Nations, Adam Smith constructed some of the most devastating arguments against the then-prevailing system of economic policy — mercantilism. In practically every country in Europe, governments regulated, controlled and planned the economic activities of their subjects. In France, the regulations were so detailed that they specified how many stitches should be used in ...
Democratized Privilege: The New Mercantilism by Richard M. Ebeling February 1, 1991 Throughout the 17th and 18th centuries, most of the governments of Europe established a set of economic policies which became known as mercantilism. Kings, princes and parliaments implemented and vigorously enforced detailed and pervasive controls and regulations over almost every aspect of economic life. Many imports were prohibited, and exports were often subsidized. The state imposed wage, price ...