A lasting order cannot be established by bayonets. Ludwig von Mises

Monday, September 10, 2012

Should Majorities Decide Everything?


Thursday, September 6, 2012

Thomas Woods - Predatory Pricing


Sunday, September 2, 2012

Friday, August 31, 2012

How an Economist Converted to the Austrian School


Tom Woods talks to Jeffrey Herbener, a professor who taught mainstream economics until he read Mises and became convinced of the Austrian case.

Thursday, August 30, 2012

Wednesday, August 29, 2012

Thomas Sowell Dismantles Egalitarianism


In this video from the 1980 show Free To Choose, socialist Frances Fox Piven tangles with Milton Friedman and Thomas Sowell. Sowell, in particular, is incisive with his discussion of "process" versus aspiration concluding that whatever the purported social goals, liberty always suffers.

Tuesday, August 28, 2012

Why the Meltdown Should Have Surprised No One (Peter Schiff)


The 2009 Henry Hazlitt Memorial Lecture, presented by Peter Schiff. Recorded at the annual Austrian Scholars Conference, Ludwig von Mises Institute, 13 March 2009.

Thursday, August 16, 2012

Ron Paul discusses Austrian vs. Keynesian economics


Milton Friedman Puts A Young Michael Moore In His Place


Globalisation is Good - Johan Norberg


The world is an unequal and unjust place, in which some are born into wealth and some into hunger and misery. To explore why, in this controversial Channel Four documentary the young Swedish writer Johan Norberg takes the viewers on a journey to Taiwan, Vietnam, Kenya and Brussels to see the impact of globalisation, and the consequences of its absence. It makes the case that the problem in the world is not too much capitalism, globalisation and multinationals, but too little. Does globalisation create a race to the bottom - or to the top?

"Globalisation is good" tells a tale of two countries that were equally poor 50 years ago - Taiwan and Kenya. Today Taiwan is 20 times richer than Kenya. We meet the farmers and entrepreneurs that could develop Taiwan because it introduced a market economy and integrated into global trade. And we meet the Kenyan farmers and slum dwellers that are still desperately poor, because Kenya shut its door to globalisation. The Kenyans are suffering from regulations, corruption and the lack of property rights. The unequal distribution in the world is a result of the unequal distribution of capitalism - those who have capitalism grow rich, those who don't stay poor.

Wednesday, August 15, 2012

Hayek on Keynes



The greatest debate in the history of economics began with a simple request for a book. In 1927, Friedrich von Hayek, then a young Viennese economist, wrote to the already famous professor John Maynard Keynes at King’s College in Cambridge (England), asking for an economic textbook written by Francis Ysidro Edgeworth and titled “Mathematical Psychics an Essay on the Application of Mathematics to the Moral Sciences.”

Keynes replied with a single line on a plain postcard: “I am sorry to say that my stock of ’Mathematical Psychics’ is exhausted.”

Saturday, August 11, 2012

Economics in One Lesson, Henry Hazlitt


Economics in One Lesson: The Shortest and Surest Way to Understand Basic Economics is an introduction to free market economics written by Henry Hazlitt and published in 1946. The book is based on Frédéric Bastiat's essay Ce qu'on voit et ce qu'on ne voit pas (English: "What is Seen and What is Not Seen").

The "One Lesson" is stated in Part One of the book: The art of economics consists in looking not merely at the immediate but at the longer effects of any act or policy; it consists in tracing the consequences of that policy not merely for one group but for all groups.

Part Two consists of twenty-four chapters, each of them demonstrating the lesson by tracing the effects of one common economic belief, and showing that common economic belief to be a fallacy. Among its policy recommendations are free trade, opposition to any and all price controls, opposition to monetary inflation, and opposition to "stimulative" governmental expenditures:
There are men regarded today as brilliant economists, who deprecate saving and recommend squandering on a national scale as the way of economic salvation; and when anyone points to what the consequences of these policies will be in the long run, they reply flippantly, as might the prodigal son of a warning father: 'In the long run we are all dead.' And such shallow wisecracks pass as devastating epigrams and the ripest wisdom.

Milton Friedman Versus A Socialist


Liberty and Economics


Ludwig von Mises (1881-1973) was a man who never stopped fighting for freedom: not when the Nazis burned his books, not when the Left blackballed him at universities, not when it seemed as if statism had won. With courage and genius, he fought big government until the day he died ... in 25 books, hundreds of articles, and more than 60 years of teaching.

Mises's battles against Communists, Nazis, and other socialists, are featured in this film, as are his ideas of Liberty. There is also the old Vienna he loved, the Bolshevik prime minister he dissuaded from Communism, and a cast of villains from Lenin to Hitler, as well as such supporters and students as Murray Rothbard, Ron Paul, Bettina Greaves, M. Stanton Evans, Mary Peterson, Joseph Sobran, and Yuri Maltsev.

Among his many accomplishments, Mises showed that socialism had to fail, that central banking causes recessions and depressions, that the gold standard is honest money, and that only laissez-faire capitalism is fully compatible with Western civilization.

Mises was the twentieth century's foremost economist, and one of its most important champions of Liberty. Here is a film that does justice to this extraordinary man, and to his equally extraordinary ideas.