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Philip Wicksteed on the Common Sense of Choice and the Market Process

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The British economist Philip H. Wicksteed began his most important work, The Common Sense of Political Economy (1910), with a motto taken from the famous German poet Johann Wolfgang von Goethe (1749–1832): “We all live it, but few of us know what we are living.” Contrary to the classical economists, who had argued that the market value of things was ultimately based on the objective quantity of human labor that had gone into their manufacture, Wicksteed argued that the value of things begins in the human mind, and from there brings about the prices of things bought and sold in the marketplace. At the same time, Wicksteed went on to explain in his Common Sense that the logic by which we value things is not something that needs to be learned and consciously adopted but rather is the way our own minds just work in a world in which scarcity exists. That is, a world in which the means that ...

“Law and Order” and Libertarianism

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The election year of 1968 was a tumultuous one marked by the assassinations of Sen. Robert Kennedy and civil rights leader Martin Luther King, urban race riots, college antiwar demonstrations, and a Democratic National Convention that saw the Chicago police and the National Guard have violent clashes with protestors. The 1968 election Republican presidential candidate Richard Nixon (1913–1994) campaigned on a platform of “law and order” in the 1968 election. In his acceptance speech for the Republican nomination at the Republican National Convention in Miami Beach, he said: The first civil right of every American is to be free from domestic violence, and that right must be guaranteed in this country. Time is running out for the merchants of crime and corruption in American society. The wave of crime is not going to be the wave of the future in the United States of America. We shall reestablish freedom in America so that America can take the lead in reestablishing freedom from fear ...

End the Welfare-Warfare State

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By any measure, the conversion of America to a welfare-warfare state has been a disaster. It is time to end this deadly and destructive political and economic experiment. Consider some examples: 1. After embroiling America in forever wars in Afghanistan, Iraq, Syria, Somalia, and other parts of the world, the Pentagon has succeeded in getting us closer to nuclear war since 1962, when it did the same in the run-up to the Cuban Missile Crisis.  2. America’s socialist system of immigration controls has brought nothing but death, destruction of liberty, perpetual crisis and chaos along the border, and an immigration police state to the borderlands.  3. Social Security has destroyed traditional family values and has inculcated a sense of helpless dependency on the government among seniors. 4. Medicare succeeded in destroying the finest healthcare system in history and is the root cause of America’s ongoing, perpetual healthcare crisis. 5. Governmental measures to combat Covid-19 threw countless ...

The Free Market Can and Should Be Absolute

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The 1932 Democratic Party platform advocated “the removal of government from all fields of private enterprise except where necessary to develop public works and natural resources in the common interest.” But since the advent of Franklin Roosevelt’s New Deal — a raw deal for Americans that raised taxes; forced most manufacturing industries into cartels with codes that regulated prices; paid ...