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Austrian Economics & Public Policy

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The following is the introduction to FFF’s newest ebook, Austrian Economics & Public Policy: Restoring Freedom and Prosperity by Richard Ebeling. (But it on Amazon for $4.99.) The ebook is being launched in conjunction with a new 9-part video series entitled An Introduction to Austrian Economics by Richard Ebeling. Watch part 1 here. This book is on understanding Austrian Economics and essential economic policy issues. It might be asked, what is Austrian Economics and what makes it important to better understand the economic policy issues we face today? In a nutshell, as I attempt to explain in the following chapters, Austrian Economics is the most powerful explanation of why governments, no matter how well-intentioned, lack the knowledge, wisdom and ability to direct the lives of multitudes of people better than those people can do for themselves if left sufficiently at liberty to do so. Austrian Economics reminds us that human beings are reasoning and ...

Freedom Is Dangerous

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In the ideal world of those Americans who oppose the libertarian concept of open borders, there would be a 50-foot wall all around America, manned and patrolled by an enormous army of well-armed military troops prepared to do whatever is necessary to prevent any foreigner from getting through. Additionally, in their minds they envision a federal planning agency that finally, after decades of planned chaos in the area of immigration, consists of bureaucrats who have the knowledge and expertise to come up with a perfect immigration central plan in which no one crosses the border and enters the United States without governmental permission. The deep fear of such people is that under a libertarian system of open borders, billions of foreign citizens would suddenly flood into the United States, go on welfare, become American citizens, destroy American culture, steal jobs, rape Americans, take over the the federal government, and appoint federal judges who would enforce Sharia law rather than the ...

A Note to Myself on Switzerland

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With each visit, my understanding and appreciation of the political economy of Switzerland becomes deeper and more nuanced. The Swiss people have been incredibly successful in evolving a philosophy, culture, and a structure of political economy which limits the potential power of a centralist, nationalist, and statist administration through the adoption of an effective federal system and other policies, which distribute power. This does not mean that are no pressures to centralize, but rather there are policies and culture in place, which limit central action. Additionally, where issues are centralized, policies appear to be reasonable, rational, and logical. As a visitor and outsider, I have attempted to sort through my observations to document the core factors which I believe have been and are critical and have contributed to the current condition of liberty and political economy. My personal observations follow: Like many countries, Switzerland has created a bicameral legislature where, in one house, small cantons have equal power with larger cantons. Thus, some power is ...

The Keys to Human Prosperity: Individual Liberty and the Rule of Law

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We live at time when, increasingly, the U.S. government operates in arbitrary and discretionary ways. Government regulatory agencies seemingly have unrestrained powers over land-use, business manufacturing and enterprise, the workplace and the environment under broad legislative mandates. And proposals are now frequently being made for ad hoc restrictions and prohibitions on freedoms of speech, press, religion and association.  The ...

Obama’s “Middle Way” Between Capitalism and Socialism Means Less Liberty

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During his trip to Argentina in March 2016, President Barack Obama participated in an exchange of ideas with a group of young Argentinian men and women. At one point in the discussion, President Obama explained how he sees that great rivalry in ideas and economic policy between “capitalism” and “socialism” over the last one hundred years. In a nutshell, he ...