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How Austrian Economics Impacted the Life of Richard Ebeling

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Professor Richard M. Ebeling tells his personal story of how he discovered Austrian economics and how he has become one its leading academics. Richard M. Ebeling is the BB&T Distinguished Professor of Ethics and Free Enterprise Leadership at The Citadel. He was formerly professor of Economics at Northwood University, president of The Foundation for Economic Education (2003–2008), was the Ludwig von Mises Professor of Economics at Hillsdale College (1988–2003) in Hillsdale, Michigan, and served as vice president of academic affairs for The Future of Freedom Foundation (1989–2003). The lecture was part of FFF’s Fall 2023 online conference “How Austrian Economics Impacted My Life.”

America’s National-Security State

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The following is a nonverbatim transcript of a talk that I delivered on September 1, 2023, at the young scholar’s segment of the annual conference on foreign policy sponsored by the Ron Paul Institute and held at the Dulles Hilton in Virginia. The biggest mistake America has ever made was the conversion of the federal government to a national-security state. That conversion has served as the greatest destroyer of our rights and liberties, our democratic processes, and our economic and financial well-being. What is a national-security state? It is a type of governmental structure in which the government wields totalitarian-like, dark-side powers. To employ the title of one of Ludwig von Mises’s books, it is omnipotent government. America’s national-security state is composed of separate but interrelated entities — the Pentagon, the vast military-industrial complex, including an enormous empire of domestic and foreign military bases, the CIA, the NSA, and, to a certain extent, the FBI. But it’s important to recognize that this ...

The Austrian Economists and Classical Liberalism

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The Austrian School of Economics has been widely identified with classical-liberal and free-market ideas. This is especially the case in the writings of Ludwig von Mises (1881–1973) and Friedrich A. Hayek (1899–1992). But the free-market, liberal orientation of many members of the Austrian School goes back to its founding in 1871 with the publication of Carl Menger’s (1840–1921) Principles of Economics in 1871. This was most clearly seen when he served in 1876 as tutor in political economy to the Habsburg heir-apparent Crown Prince Rudolf (1858–1889), in a series of lectures in which he educated the young prince in the logic and workings of a competitive market economy and the dangers from socialism and paternalist interventionism. Alas, the Prince Rudolf took his own life in a moment of great despair over his personal circumstances in 1889. (The lectures only appeared in English in 1995 under the title Carl Menger’s Lectures to Crown Prince Rudolf of Austria.) Menger developed a subjective ...