The Austrian Economics Wiki - User contributions [en]

Talk:Capital

2011-03-09T12:49:05Z

Shard: Capital Vs Capital Goods

== Capital Vs Capital Goods ==

From what i understand austrians think that there is a distinct difference between capital and capital goods, Should this be expressed here? --[[User:Shard|Shard]] 06:49, 9 March 2011 (CST)

Gold standard

2011-03-09T12:45:17Z

Shard: Added Gold Standard Vs Free Market Money

Under the '''gold standard''' every unit of money (dollar, pound, etc) represents a definite weight of gold.<ref name="Mises_defined">Ludwig von Mises. [http://mises.org/humanaction/chap17sec9.asp "The Specific Value of Money"], online version of [[Human Action]], referenced 2010-05-23.</ref>

==History==

===The coming of the gold standard===
The demonetization of [[silver]] and the establishment of [[gold]] monometallism was the outcome of deliberate government interference with monetary matters. It was not the intention of the governments to establish the '''gold standard'''. They aimed at a double standard, to substitute a rigid, government-decreed exchange ratio between gold and silver for the fluctuating market ratios between the independently coexistent gold and silver coins. These attempts failed lamentably. It was this failure that generated the gold standard. The emergence of the gold standard was the manifestation of a crushing defeat of the governments and their cherished doctrines.

In the 17th century, the rates at which the English government tariffed the coins overvalued the [[Wikipedia:Guinea (British coin)|guinea]] with regard to silver and thus made the silver coins disappear. Only those silver coins that were much worn by usage or in any other way defaced or reduced in weight remained in current use; it did not pay to export and to sell them on the bullion market. Thus England got the gold standard against the intention of its government. Only much later the laws made the ''de facto'' gold standard a ''de jure'' standard. The government abandoned further attempts to pump silver standard coins into the market and minted silver only as subsidiary coins. Their exchange value depended not on their silver content, but on the fact that they could be exchanged at every instant, without delay and without cost, at their full face value against gold. They were de facto silver printed notes, claims against a definite amount of gold.<ref name="Mises_standard">Ludwig von Mises. [http://mises.org/humanaction/chap17sec19.asp "19. The Gold Standard "], online version of [[Human Action]], referenced 2010-05-23.</ref>

Gold was legal tender in Great Britain since 1821 (when the Bank of England resumed redemption of its notes<ref name="Bank_Gold">Bank of England. [http://www.bankofengland.co.uk/education/museum/walkthrough/1821.htm "1821: End of the Restriction Period"], Bank of England Museum, referenced 2010-05-23.</ref>) and the de facto currency in the US since [[Wikipedia:Coinage Act of 1834|1834]]. Australia and Canada followed 20 years later. The breakthrough for gold and the era of the classic gold standard began after the war between [[Wikipedia:Franco-Prussian War|France and Germany]] (1870-1871). The German government received war damages of 5 billion francs in gold and made it fiat currency instead of silver, that was losing popularity at the time. The Prussian Bank ('Preusische Bank') was turned into a central bank ('[[Wikipedia:Reichsbank|Reichsbank]]'). Its notes became legal tender in 1909, following the example of the British system.

There were several reasons for using gold. Great Britain, with the largest capital market in the world, was using it. Several major lands using silver (Russia, Austria) have suspended payments by the time. Finally, silver has less purchasing power than gold, making its weight for large transfers rather problematic. Practically all western lands and many of their colonies have followed suit.<ref name="Hulsmann_Gold_standard" /> The bimetallic standard of France and in the other countries of the [[Wikipedia:Latin Monetary Union|Latin Monetary Union]] resulted in the emergence of ''de facto'' gold monometallism as well.<ref name="Mises_standard" />

===Types of gold standard===
Under the '''classical gold standard''', each [[central bank]] was responsible for making sure that its notes could be redeemed into gold. The central banks of Great Britain, France, Germany, Switzerland, and Belgium (and later of the U.S.) kept their entire reserves in gold. These reserves were supposed to be large enough for them to survive emergency situations.

But commercial banks usually kept most of their reserves in the form of central banknotes and only held extremely low gold reserves for emergency situations. In some countries, this practice predated the classical gold standard by quite a few decades. For example, it was already the practice of the English country banks in the first half of the nineteenth century. They kept [[Bank of England]] notes as part of their reserves and, in times of great strain on their gold reserves, often redeemed their own notes, not into gold, but into notes of the Bank.

Many central banks adopted exactly the same scheme. The central banks of Russia, [[Austria-Hungary]], Japan, the Netherlands, and of the Scandinavian countries, as well as the central banks of British dominions such as South Africa and Australia redeemed their own notes not only in gold, but also in notes of the more important foreign central banks. Countries such as India, the Philippines, and various Latin American countries held their reserves exclusively under the form of foreign gold-denominated banknotes. The pooling of gold reserves in a few reliable central banks allows a larger inflation of the worldwide note supply than would otherwise have been possible. The pitfall is that it places the entire responsibility of keeping sufficiently large reserves on a small number of "virtuous" fractional-reserve banks. They have a reason to accept this burden, however, because it gives them political power over the other banks, especially in times of crises.

The '''gold-exchange standard''' elevated this practice of coordinated inflation into a principle of international monetary relations. The American [[Federal Reserve System|Fed]] and the [[Bank of England]] would be the central banks of the entire world (with a few exceptions, notably France). These central banks would inflate relatively slowly; but would be repaid in terms of political power. All other national central banks should keep a more or less large part of their reserves in the form of U.S. dollar notes and British pound notes and could inflate much more.

Designed from the beginning to facilitate inflation, the unstable system lasted only six years (1925-31). The [[Great Depression]] of 1929 caused a rise of protectionist policies and foreign exchange controls, that choked the international currency trade. The Bank of England could not renew its gold reserves and suspended its payments, followed by other banks. From then on currencies fluctuated freely, which lasted until the end of World War II.<ref name="Hulsmann_Gold_standard">Jörg Guido Hülsmann. [http://www.mises.org/books/moneyproduction.pdf "The Ethics of Money Production"] (pdf), online version, Chapter 16. International Banking Systems, 1871–1971, p.214-216, referenced 2010-05-23.</ref>

Under the '''gold bullion standard''', the currency was no longer redeemable in coins; it could only be redeemed in large, highly valuable, gold bars. This, in effect, limited gold redemption to a handful of specialists in foreign trade. No longer a true gold standard, the governments can still proclaim their adherence to gold. The European "gold standards" of the 1920s were pseudo-standards of this type.<ref name="Rothbard_bullion">Murray N. Rothbard. [http://mises.org/money/3s10.asp "What Has Government Done to Our Money?"], online version, Going off the Gold Standard, referenced 2010-05-25.</ref> For example, in 1925-1931 the Bank of England was on the bullion standard and would sell gold bars only in the minimum amount of 400 fine (pure) [[Wikipedia:Troy ounce|ounces]].<ref name="Officer_bullion">Lawrence H. Officer, University of Illinois at Chicago. [http://eh.net/encyclopedia/article/officer.gold.standard "Gold Standard"], Encyclopedia of Economic and Business History, referenced 2010-05-26.</ref>

=== The Gold Standard Vs Free Market Money ===

Most of the times when people who are in favour of a gold standard use the term 'Gold standard' they are in fact referring to the system of free market money, Or simply allowing people to choose whatever currency they to use for trade. The main reason the term gold standard is used as shorthand is due to gold being used throughout history as the most popular commodity that people use as currencies when they are free to choose.

==References==
{{Reflist}}

==External links==
* [[Wikipedia:Gold standard|Gold standard]] on Wikipedia
* [http://www.econlib.org/library/Enc/GoldStandard.html Gold standard] at the Concise Encyclopedia of Economics
* [http://eh.net/encyclopedia/article/officer.gold.standard Gold standard] on the Encyclopedia of Economic and Business History, with numerous countries and dates on the gold standard

[[Category:Money]]

The Politically Incorrect Guide to Capitalism

2011-03-09T12:28:52Z

Shard: Created page with "The Politically Incorrect Guide to Capitalism Participating in the economy is a part of everyday life, ye..."

[[File:The_Politically_Incorrect_Guide_to_Capitalism.jpeg|thumb|right|The Politically Incorrect Guide to Capitalism]]

Participating in the economy is a part of everyday life, yet much of what is commonly accepted as economic fact is wrong. [[Keynesian]] schoolteachers and the liberal media have filled the world with politically correct errors that myth-busting professor [[Robert Murphy]] sets straight. Murphy explains hot topics like outsourcing (why it's good for Americans) and zoning restrictions (why they're not). Just like the other books in the P.I.G. series, The Politically Incorrect Guide to Capitalism pulls no punches.

== Reviews ==

{{Quote|"Robert Murphy's admirable book is much more than a conventional defense of capitalism. Murphy includes standard material, e.g., why price controls, minimum wage legislation, and rent control do not work. Though it was once controversial to point to the inadequacies of these measures, now even mainstream textbooks hasten to condemn them. Murphy goes far beyond this. He takes on the most difficult and controversial challenges to the free market, and offers convincing responses to them."|[[David Gordon]], [[The Mises Review]]}}

== Links ==

''{{Store|http://mises.org/store/Politically-Incorrect-Guide-to-Capitalism-The-P360.aspx|The Politically Incorrect Guide to Capitalism}}''

[[Category:Writings of Robert Murphy]]

File:The Politically Incorrect Guide to Capitalism.jpeg

2011-03-09T12:19:22Z

Shard: A book by Robert Murphy

A book by [[Robert Murphy]]

Economics

2011-03-09T02:35:47Z

Shard:

'''Economics''', according to a classical definition, is the [[Wikipedia:Social sciences|social science]] that studies the [[production]], [[Wikipedia:Distribution (economics)|distribution]], and [[Wikipedia: Consumption (economics)|consumption]] of [[good]]s and [[Wikipedia:Service (economics)|services]]. The term ''economics'' comes from the [[Wikipedia:Ancient Greek|Greek]] ''oikonomia'' ("management of a household, administration") from ''oikos'' ("house") and ''nomos'' ("custom" or "law"), hence "rules of the house(hold)".<ref name="etymology">Harper, Douglas. [http://www.etymonline.com/index.php?term=economy "Online Etymology Dictionary - Economy"], referenced 2009-04-26.</ref>

For the [[Austrian Economics|Austrian school]], Economics deals in general with the action of men to satisfy their desires, and, specifically, with the process of exchange of [[good]]s as a means for each individual to “produce” satisfactions for his desires. These goods may be tangible commodities or they may be intangible personal services. The principles of [[supply]] and [[demand]], of [[price]] determination, are exactly the same for any good, whether it is in one category or the other.<ref name="Rothbard_economics">Murray N. Rothbard [http://mises.org/rothbard/mes/chap2d.asp "11. Types of Exchangeable Goods"], ''[[Man, Economy and State]]'', online edition, referenced 2009-04-26.</ref>


==Economics and ethics==
Economics is a value-free, theoretical science and as such avoids any judgment of value. It is not its task to tell people what ends they should aim at. It is a science of the means to be applied for the attainment of ends chosen, not a science of the choosing of ends. Ultimate decisions, the valuations and the choosing of ends, are beyond the scope of any science. Science never tells a man how he should act; it merely shows how a man must act if he wants to attain definite ends.<ref name="Mises">Ludwig von Mises. [http://mises.org/humanaction/introsec3.asp "3. Economic Theory and the Practice of Human Action"], ''[[Wikipedia:Human Action|Human Action]]'' online edition, referenced 2009-04-26.</ref>

==References==
{{Reflist}}

==External links==
* [[Wikipedia:Economics|Economics]] on Wikipedia
* [http://mises.org/daily/4252 Why Economics Is Crucial for Ethics] by Art Carden, April 2010

{{Stub}}
[[Category:Economic concepts|*]]

Against Intellectual Property

2011-03-09T02:33:35Z

Shard:

[[File:Against_Intellectual_Property.jpeg|thumb|right|Against Intellectual Property]]

'''''Against Intellectual Property''''' is a book written by [[Stephan Kinsella]] that makes the case that [[intellectual property]] (IP) is wrong on a moral basis. This takes a step away from the usual debate about IP, which is more focused on how to maximize creativity or the artist's earnings.

== Reviews ==

{{Quote| "I was very skeptical about the anti-IP position before reading this book. However, Kinsella does a masterful job of explaining the illegitimacy of "intellectual" property and how IP is wholly incompatible with private property rights. And although he presents the utilitarian arguments, the ultimate defense of his position is not (much to the chagrin of the Rand worshipers here who probably have not read the book, despite it being available for free on mises.org) utilitarian in nature."|Allen Lewis, Mises Store}}

== Links ==
{{Store|http://mises.org/store/Against-Intellectual-Property-P523.aspx|Against Intellectual Property}}
*[http://mises.org/books/against.pdf Digital version]

[[Category:Writings of Stephan Kinsella]]

Jeff Riggenbach

2011-03-09T02:32:30Z

Shard:

{{Wikipedia text}}

'''Jeff Riggenbach''' (born January 12, 1947) is an American [[libertarianism|libertarian]] [[journalist]], author, editor, broadcaster, and educator.<ref>''Faculty Spotlight Interview: Jeff Riggenbach'', 18 March 2010, Ludwig von Mises Institute. http://blog.mises.org/12235/faculty-spotlight-interview-jeff-riggenbach/</ref>

Riggenbach's first book, ''In Praise of Decadence'' (1998), argued that the [[Wikipedia:Baby boomer|baby boomer]]s turned out to be far more libertarian in their personal philosophy than had been expected.<ref>E. J. Dionne, Jr. ''Booknotes: Why Americans Hate Politics'', 25 August 1991, C-SPAN. http://www.booknotes.org/Transcript/?ProgramID=1066&QueryText</ref>

His second book, ''Why American History Is Not What They Say: An Introduction to Revisionism'' (2009), argued that political events and trends in late 20th Century America had led to a rebirth of popular interest in [[Historical revisionism|revisionist]] accounts of American history. In this study of American revisionists, Riggenbach identifies three distinct phases within American revisionism.<ref>Jeffrey Rogers Hummel, "Riggenbach on Revisionism," 12 May 2009, History News Network. http://hnn.us/blogs/entries/83998.html</ref>

==Works==
*''Berkeley's Radical Slumlords'', Photocopied article taken from ''Reason'', (Oct. 1986): 22–29.(1986)
*''In Praise of Decadence'' (Amherst, NY: Prometheus Books, 1998), ISBN 1573922463
*''[http://mises.org/books/historynot.pdf Why American History Is Not What They Say: An Introduction to Revisionism]'' ([[Ludwig von Mises Institute]], 2009)

==References==
{{Reflist|2}}

==External links==
*[http://mises.org/story/3422 Preface] to ''Why American History Is Not What They Say''
*[http://web.archive.org/web/20020825072040/www.thephilosophe.com/visitors/articles/hackdefense.html Review/Essay on Ayn Rand's posthumous Art of Nonfiction], 2001.
*[http://www.lewrockwell.com/orig3/riggenbach1.html Meeting Murray Rothbard On the Road to Libertarianism], 2003.
*[http://www.isil.org/resources/fnn/2004spring/sek-iii-riggenbach.html Obituary] [[Samuel Edward Konkin III]] (1947–2004), 2004.
*[http://www.lewrockwell.com/orig3/riggenbach2.html Obituary Joan Kennedy Taylor, 1926–2005], 2005.
*[http://www.rationalreview.com/content/16115 Review/Essay on Stephen Cox's biography of Isabel Paterson], 2005.
*[http://www.rationalreview.com/content/12006 Review/Essay on three new books on Voltairine de Cleyre], 2006.
*[http://www.rationalreview.com/content/14540 Review/Essay on Barry Eisler's John Rain thrillers], 2006.
*[http://www.rationalreview.com/content/25199 Review/Essay on Brian Doherty's Radicals for Capitalism], 2007.

{{stub}}
[[Category:Libertarians]]

Against Intellectual Property

2011-03-08T12:47:10Z

Shard:

[[File:Against Intellectual Property.jpeg|thumb|right|Against Intellectual Property]]

'''''Against Intellectual Property''''' is a book written by [[Stephan Kinsella]] that makes the case that [[intellectual property]] (IP) is wrong on a moral basis. This takes a step away from the usual debate about IP, which is more focused on how to maximize creativity or the artist's earnings.

== Reviews ==

{{Quote| "I was very skeptical about the anti-IP position before reading this book. However, Kinsella does a masterful job of explaining the illegitimacy of "intellectual" property and how IP is wholly incompatible with private property rights. And although he presents the utilitarian arguments, the ultimate defense of his position is not (much to the chagrin of the Rand worshipers here who probably have not read the book, despite it being available for free on mises.org) utilitarian in nature."|Allen Lewis, Mises Store}}

== Links ==
{{Store|http://mises.org/store/Against-Intellectual-Property-P523.aspx|Against Intellectual Property}}
*[http://mises.org/books/against.pdf Digital version]

[[Category:Writings of Stephan Kinsella]]

Against Intellectual Property

2011-03-08T12:46:49Z

Shard:

[[File:Against Intellectual Property.jpeg|thumb|right|Against Intellectual Property]]

{{Italic title}}
'''''Against Intellectual Property''''' is a book written by [[Stephan Kinsella]] that makes the case that [[intellectual property]] (IP) is wrong on a moral basis. This takes a step away from the usual debate about IP, which is more focused on how to maximize creativity or the artist's earnings.

== Reviews ==

{{Quote| "I was very skeptical about the anti-IP position before reading this book. However, Kinsella does a masterful job of explaining the illegitimacy of "intellectual" property and how IP is wholly incompatible with private property rights. And although he presents the utilitarian arguments, the ultimate defense of his position is not (much to the chagrin of the Rand worshipers here who probably have not read the book, despite it being available for free on mises.org) utilitarian in nature."|Allen Lewis, Mises Store}}

== Links ==
{{Store|http://mises.org/store/Against-Intellectual-Property-P523.aspx|Against Intellectual Property}}
*[http://mises.org/books/against.pdf Digital version]

[[Category:Writings of Stephan Kinsella]]

Against Intellectual Property

2011-03-08T12:44:37Z

Shard:

Jeff Riggenbach

2011-03-08T12:31:48Z

Shard: Created page with "{{Wikipedia text}} {{stub}} '''Jeff Riggenbach''' (born January 12, 1947) is an American libertarian journalist, author, editor, broadcaster, and educator..."

{{Wikipedia text}}
{{stub}}

'''Jeff Riggenbach''' (born January 12, 1947) is an American [[libertarianism|libertarian]] [[journalist]], author, editor, broadcaster, and educator.<ref>''Faculty Spotlight Interview: Jeff Riggenbach'', 18 March 2010, Ludwig von Mises Institute. http://blog.mises.org/12235/faculty-spotlight-interview-jeff-riggenbach/</ref>

Riggenbach's first book, ''In Praise of Decadence'' (1998), argued that the [[Wikipedia:Baby boomer|baby boomer]]s turned out to be far more libertarian in their personal philosophy than had been expected.<ref>E. J. Dionne, Jr. ''Booknotes: Why Americans Hate Politics'', 25 August 1991, C-SPAN. http://www.booknotes.org/Transcript/?ProgramID=1066&QueryText</ref>

His second book, ''Why American History Is Not What They Say: An Introduction to Revisionism'' (2009), argued that political events and trends in late 20th Century America had led to a rebirth of popular interest in [[Historical revisionism|revisionist]] accounts of American history. In this study of American revisionists, Riggenbach identifies three distinct phases within American revisionism.<ref>Jeffrey Rogers Hummel, "Riggenbach on Revisionism," 12 May 2009, History News Network. http://hnn.us/blogs/entries/83998.html</ref>

==Works==
*''Berkeley's Radical Slumlords'', Photocopied article taken from ''Reason'', (Oct. 1986): 22–29.(1986)
*''In Praise of Decadence'' (Amherst, NY: Prometheus Books, 1998), ISBN 1573922463
*''[http://mises.org/books/historynot.pdf Why American History Is Not What They Say: An Introduction to Revisionism]'' ([[Ludwig von Mises Institute]], 2009)

==References==
{{Reflist|2}}

==External links==
*[http://mises.org/story/3422 Preface] to ''Why American History Is Not What They Say''
*[http://web.archive.org/web/20020825072040/www.thephilosophe.com/visitors/articles/hackdefense.html Review/Essay on Ayn Rand's posthumous Art of Nonfiction], 2001.
*[http://www.lewrockwell.com/orig3/riggenbach1.html Meeting Murray Rothbard On the Road to Libertarianism], 2003.
*[http://www.isil.org/resources/fnn/2004spring/sek-iii-riggenbach.html Obituary] [[Samuel Edward Konkin III]] (1947–2004), 2004.
*[http://www.lewrockwell.com/orig3/riggenbach2.html Obituary Joan Kennedy Taylor, 1926–2005], 2005.
*[http://www.rationalreview.com/content/16115 Review/Essay on Stephen Cox's biography of Isabel Paterson], 2005.
*[http://www.rationalreview.com/content/12006 Review/Essay on three new books on Voltairine de Cleyre], 2006.
*[http://www.rationalreview.com/content/14540 Review/Essay on Barry Eisler's John Rain thrillers], 2006.
*[http://www.rationalreview.com/content/25199 Review/Essay on Brian Doherty's Radicals for Capitalism], 2007.

Category:Writings of Walter Block

2011-03-08T12:25:55Z

Shard: Created page with "Block, Walter"

[[Category:Writings by author|Block, Walter]]

Defending the Undefendable

2011-03-08T12:22:20Z

Shard: Created page with "Defending the Undefendable '''''Defending the Undefendable''''' is a book written by Walter Block that defends "capitali..."

[[File:Defending the Undefendable.jpeg|thumb|right|Defending the Undefendable]]

'''''Defending the Undefendable''''' is a book written by [[Walter Block]] that defends "capitalist acts between consenting adults" that most people would consider horrifying and showing that they are actually beneficial.

==Reviews==

{{Quote|"Defending the Undefendable performs the service of highlighting, the fullest and starkest terms, the essential nature of the productive services performed by all people in the free market. By taking the most extreme examples and showing how the Smithian principles work even in these cases, the book does far more to demonstrate the workability and morality of the free market than a dozen sober tomes on more respectable industries and activities. By testing and proving the extreme cases, he all the more illustrates and vindicates the theory."|[[Murray Rothbard]]}}

{{Quote|"Looking through Defending the Undefendable made me feel that I was once more exposed to the shock therapy by which, more than fifty years ago, the late Ludwig von Mises converted me to a consistent free market position. … Some may find it too strong a medicine, but it will still do them good even if they hate it. A real understanding of economics demands that one disabuses oneself of many dear prejudices and illusions. Popular fallacies in economic frequently express themselves in unfounded prejudices against other occupations, and showing the falsity of these stereotypes you are doing a real services, although you will not make yourself more popular with the majority."|[[Friedrich Hayek]]}}

==Links==

''{{Store|http://mises.org/store/Defending-the-Undefendable-P136.aspx|Defending the Undefendable}}''
* ''[http://mises.org/resources/3490/Defending-the-Undefendable Defending the Undefendable]'' complete text ([http://mises.org/books/defending.pdf pdf])
* ''[http://mises.org/media.aspx?action=category&ID=143 Defending the Undefendable]'' audiobook, read by [[Jeff Riggenbach]]

[[Category:Writings of Walter Block]]

Walter Block

2011-03-08T12:00:07Z

Shard: Added Quote

[[File:Walter_block-teaching.jpg|thumb|right|Walter Block]]

{{Quote|"If it moves you should privatise it and if it doesn't move you should privatise it, Since everything either moves or doesn't move we should privatise everything."|Walter Block}}

'''Walter Edward Block''' (born 21 August 1941) is a [[free market]] economist and [[anarcho-capitalist]] associated with the [[Austrian School|Austrian School of economics]]. He earned his PhD in Economics at [[Columbia University]]. He is an author, editor, and co-editor of many books, including ''[[Defending the Undefendable]]; Labor Economics from a Free Market Perspective; Lexicon of Economic Thought; Economic Freedom of the World 1975-1995; Rent Control: Myths and Realities; Discrimination, Affirmative Action, and Equal Opportunity; Theology, Third Word Development and Economic Justice; Man, Economy, and Liberty: Essays in Honor of Murray N. Rothbard; Religion, Econonomics, and Social Thought; and Economic Freedom: Toward a Theory of Measurement''.

Dr. Block has written more than 500 articles for various non-refereed journals, magazines and newspapers, and is a contributor to such journals as ''The Review of Austrian Economics, Journal of Libertarian Studies, The Journal of Labor Economics, Cultural Dynamics'', and the ''Quarterly Journal of Austrian Economics''. He is currently a professor and chair of economics, college of business administration, at [[Loyola University]].

==Bibliography==
=== Books (as author) ===
*''[http://mises.org/books/defending.pdf Defending the Undefendable]'' (1976; translated into Chinese, Dutch, French, Italian, Portuguese, and Romanian languages) ISBN 0-930073-05-3
*''A Response to the Framework Document for Amending the [[Combines Investigation Act]]'' (1982)
*''Focus on Economics and the Canadian Bishops'' (1983)
*''Focus on Employment Equity: A Critique of the Abella Royal Commission on Equality in Employment'' (with [[Michael A. Walker]]; 1985)
*''The U.S. Bishops and Their Critics: An Economic and Ethical Perspective'' (1986)
*''Lexicon of Economic Thought'' (with Michael A. Walker; 1988)
*''Economic Freedom of the World, 1975-1995'' (with [[James Gwartney]], [[Robert Lawson (economist)|Robert Lawson]]; 1996)
*''[http://mises.org/books/roads_web.pdf The Privatization of Roads and Highways: Human and Economic Factors]'' (2006)

=== Books (as editor) ===
*''Zoning: Its Costs and Relevance for the 1980s'' (Ed.; 1980)
*''Rent Control: Myths & Realities'' (Ed. with [[Edgar Olsen]]; 1981)
*''Discrimination, Affirmative Action and Equal Opportunity'' (Ed. with [[Michael A. Walker]]; 1982)
*''Taxation: An International Perspective'' (Ed. with [[Michael A. Walker]]; 1984)
*''Economics and the Environment: A Reconciliation'' (Ed.; 1985; translated into Portuguese 1992) ISBN 0-88975-067-X
*''Morality of the Market: Religious and Economic Perspectives'' (Ed. with [[Geoffrey Brennan]], [[Kenneth Elzinga]]; 1985)
*''Theology, Third World Development and Economic Justice'' (Ed. with [[Donald Shaw (academic)|Donald Shaw]]; 1985)
*''Reaction: The New Combines Investigation Act'' (Ed.; 1986)
*''Religion, Economics & Social Thought'' (Ed. with [[Irving Hexham]]; 1986)
*''[http://www.mises.org/books/maneconomyliberty.pdf Man, Economy and Liberty: Essays in Honor of Murray N. Rothbard]'' (Ed. with [[Lew Rockwell]]; 1988)
*''Breaking the Shackles; the Economics of Deregulation: A Comparison of U.S. and Canadian Experience'' (Ed. with [[George Lermer]]; 1991)
*''Economic Freedom: Toward a Theory of Measurement'' (Ed.; 1991)
*''Libertarian Autobiographies'' (Ed.; forthcoming)

===Articles===
*"Katrina and the Future of New Orleans" [http://www.telospress.com Telos] 139, Summer 2007.
*[http://mises.org/journals/jls/12_2/12_2_6.pdf "Hayek's Road to Serfdom"]. [[Journal of Libertarian Studies]] ([[Center for Libertarian Studies]]) 12 (2): 339–365 (1996).

== Links ==
{{Contact faculty|wblock@loyno.edu}}
*[http://www.walterblock.com WalterBlock.com]
*[http://mises.org/senfaculty/block-cv.pdf Vita] at [[Ludwig von Mises Institute|Mises.org]]
*[http://mises.org/literature.aspx?action=author&Id=443 Literature archive] at Mises.org.
*[http://www.mises.org/media.aspx?action=showname&ID=443 Media archive] at Mises.org.

{{DEFAULTSORT:Block, Walter}}
[[Category:Anarcho-capitalists]]
[[Category:Economists]]
[[Category:Political theorists]]

Objections

2011-03-08T11:54:45Z

Shard:

{{stub}}

= Objections to capitalism, liberty and anarcho-capitalism =

This page can start by listing objections and concerns, and link to more detailed sections to analyze and answer the problem.

= Capitalism does not produce public goods =

See [[Public goods]].

= Capitalism under-produces what society needs =

More details TBD

= Capitalism exploits workers =

= Capitalism plunders the environment =

= Capitalism doesn't protect consumers from ruthless businessmen =

= Capitalism leads to monopolies and cartels =

It is important to understand what constitutes a monopoly and under what conditions it leads to monopolistic effects (lower quality and higher prices).
What are the forces which encourage concentration?
What are the forces which encourage fragmentation?
How does one define an "industry" or "sector"? What are substitution effects?

Also, it is interesting to look at historical data on monopolies, in light of the above analysis. Which problems occurred? Which forces actually came into play?

For one, identifying a monopoly requires defining the scope of the market. If defined arbitrarily narrowly, it will apparently lack adequate substitutes. Is the iPhones in the market for large-screen touch-based smartphones, consumer smartphones, cellphones, communication devices, or social networking tool?

But more importantly, competitive forces (both actual competition, potential competition, and indirect competition) are sufficient to regulate how much control a company (or a cartel of colluding companies) can get over the market. Despite its dominance of a market, the company will always feel the pressure to perform well or else it will lose customers to rival companies. Anti-competitive conditions can only arise legally from the government (and illegally through other kinds of force, like the mafia). Such government-granted monopolies are indeed harmful to consumers and the market.

Mainstream economists have this theory of so-called "natural monopolies", whereby if a company manages to get far ahead in a capital intensive business with economies of scale, it creates a very difficult situation for competitors and allowing a long-term monopoly (which has bad effects on prices and quality). This theory is often used to justify government stepping in with anti-trust regulations, to "fix the market" and regulate the "unavoidable" monopoly (therefore actually sustains the monopoly).
But as Thomas DiLorenzo explains in this [http://www.youtube.com/watch?v=z2HXyfe_tCE presentation], [http://www.youtube.com/watch?v=mwH8unDcdMY another presentation], and [http://mises.org/journals/rae/pdf/RAE9_2_3.pdf paper], and history shows that such sustained natural monopolies do not exist in practice. All sustained monopolies to date can be traced back to some unfair advantage secured through government (diamonds, cable TV, phone service, railroads, ...).
Also, he explains that the supposed problem of "excessive duplication" is also a consequence of a pre-existing public utility. Because of their lack of pricing, economic calculation is impossible so trade-off cannot be made on a rational basis. Even so, this can be mitigated with "competition for the field", whereby utility companies bid for a monopoly contract which is open on auction again every few years.

= Individuals make predictable mistakes =

= Individuals lack information and expertise =

= Government is needed to define the law =

= Government is needed to provide law enforcement services =

= Government is needed to provide national defense services =

= Government is needed to control and protect the national borders =

Law of marginal utility

2011-03-08T11:53:43Z

Shard: Redirected page to Marginal utility

#REDIRECT [[Marginal utility]]

Human action

2011-03-08T06:22:29Z

Shard: Changed Redirect to Human Action the book instead of action

#redirect [[Human Action]]

Peter Schiff

2011-03-08T06:14:10Z

Shard: /* Predictions */ Changed links to wikipedia

{{Wikipedia text}}
[[File:Peter_Schiff.jpeg|thumb|right|Peter Schiff]]

'''Peter David Schiff''' (born March 23, 1963) is an American businessman, [[author]], financial [[Pundit (expert)|commentator]], and a former 2010 Republican primary candidate for the [[United States Senate]].<ref name=announce>{{Cite news| last = Eddlem | first = Thomas R. | title = Peter Schiff Announces Conn. Senate Candidacy | newspaper = [[The New American]] | date = September 17, 2009
| url = http://www.thenewamerican.com/index.php/usnews/politics/1908-peter-schiff-announces-conn-senate-candidacy | archiveurl = | archivedate = | accessdate = 2010-04-10 | postscript = }}
</ref>

Schiff is president and chief global strategist of Euro Pacific Capital Inc., a [[broker-dealer]] based in Westport, Connecticut.<ref name=official>[http://www.europac.net/members/peter_schiff Peter Schiff], [http://www.europac.net/ Euro Pacific Capital Inc.] . Retrieved 2010-11-03.</ref> Schiff frequently appears as a guest on CNBC, Fox News, and Bloomberg Television and is often quoted in major financial publications<ref>
{{Cite web
|url=http://www.europac.net/members/peter_schiff
|title=Peter Schiff | Euro Pacific Capital
|publisher=www.europac.net
|accessdate=2010-11-17
|last=
|first=
}}
</ref><ref>
{{Cite web
|url=http://www.financialsense.com/Experts/2007/Schiff.html
|title=Financial Sense Newshour's Ask The Expert: Peter D. Schiff 03.10.2007
|publisher=www.financialsense.com
|accessdate=2009-03-04
|last=
|first=
}}
</ref><ref>
{{Cite web
|url=http://www.financialsense.com/fsu/editorials/schiff/archive.html
|title=Peter Schiff - FSU Editorial Archives
|publisher=www.financialsense.com
|accessdate=2009-03-04
|last=
|first=
}}
</ref> as well as the former host of the [[podcast]] ''Wall Street Unspun''<ref>[http://www.podfeed.net/podcast/Wall+Street+Unspun+with+Peter+Schiff/15592 Podfeed.net: Wall Street Unspun with Peter Schiff]</ref> and the current host of the radio show ''The Peter Schiff Show''.

He is known for his bearish views on the dollar and dollar denominated assets, while bullish on investment in tangible assets, as well as foreign stocks and currencies.

==Predictions==
Schiff's notoriety for financial predictions increased when a [[Wikipedia:You Tube|You tube]] video entitled "Peter Schiff was right" became popular in late 2008 and 2009.<ref name=yahoopredict>{{Cite news| last = Task | first = Aaron | title = 'Crisis Only Just Beginning': Right About the Crash, Peter Schiff Sees More Pain Ahead | newspaper = [[Yahoo! Finance]] | date = November 24, 2008 | url = http://finance.yahoo.com/tech-ticker/article/134633/%27Crisis-Only-Just-Beginning%27-Right-About-the-Crash-Peter-Schiff-Sees-More-Pain-Ahead?tickers=^dji,^gspc,^ixic,SPY,DIA,QQQQ,GLD | archiveurl = http://www.webcitation.org/5oz7OHfZ0 | archivedate = 2010-04-14 | accessdate = 2010-04-14 | postscript = }}</ref><ref name=newyorkmag>{{Cite news| last = Pressler | first = Jessica | title = Financial Pundit Peter Schiff Launches Senate Run | newspaper = [[New York Magazine]] | date = September 17, 2009 | url = http://nymag.com/daily/intel/2009/09/doomsdaying_economist_peter_sc.html | archiveurl = | archivedate = | accessdate = 2010-04-16 | postscript = }}</ref> The video consists of a compilation of clips of his many appearances on various financial news programs from networks including [[Wikipedia:CNBC|CNBC]], [[Wikipedia:Fox News|Fox News]], [[Wikipedia:MSNBC|MSNBC]] and [[Wikipedia:Bloomberg Television|Bloomberg]], most of which took place from 2005 to 2007. In the segments Schiff explains specifically the fundamental problems he saw with the United States economy at that time. Schiff's warnings of a coming [[economic collapse]] earned him the moniker "Dr. Doom."<ref name=okeefecnn>{{Cite news| last = O'Keefe | first = Brian | title = Peter Schiff: Oh, he saw it coming | newspaper = [[Fortune (magazine)|Fortune]] | date = January 23, 2009 | url = http://money.cnn.com/2009/01/20/magazines/fortune/okeefe_schiff.fortune/index.htm | archiveurl = http://www.webcitation.org/5oz96pIPX | archivedate = 2010-04-14 | accessdate = 2010-04-14 | postscript = }}</ref><ref name=schiffwasright2/>

In late 2006, Schiff predicted the [[United States housing bubble|housing bubble]] and resulting [[subprime mortgage crisis]],<ref name=mortgagespeech>{{cite video |people = Peter Schiff |date = November 13, 2006 |title = Peter Schiff Mortgage Bankers Speech |url = http://www.youtube.com/watch?v=6G3Qefbt0n4&feature=PlayList&p=A85717715D812690&playnext_from=PL&index=0 |format = Flash |medium = Recorded live lecture
|publisher = Western Regional Mortgage Bankers Association |location = [[Las Vegas metropolitan area|Las Vegas]] |accessdate = 2010-04-14}}</ref> and in late 2008, he predicted the [[Automotive industry crisis of 2008–2010|automotive industry crisis]] and the crisis in the banking and financial markets.<ref name=schiffwasright2>{{cite video
|people = Peter Schiff |date = February 20, 2009 |title = Peter Schiff was right 2006-2007 - CNBC edition |url = http://www.youtube.com/watch?v=Z0YTY5TWtmU |format = Flash |medium = Television production (clip compilation) |accessdate = 2010-04-14}}</ref><ref name=schiffwasright1>{{cite video |people = Peter Schiff |date = November 2, 2008
|title = Peter Schiff Was Right 2006 - 2007 (2nd Edition) |url = http://www.youtube.com/watch?v=2I0QN-FYkpw |format = Flash |medium = Television production (clip compilation) |accessdate = 2010-04-14}}</ref><ref name=predictbio>{{Cite news| last = Folkenflik | first = David | title = The Man Who Predicted The Economic Meltdown | publisher = [[National Public Radio]] | date = December 4, 2008 | url = http://www.npr.org/templates/story/story.php?storyId=97801606 | accessdate = 2010-04-14}}</ref>
Schiff does weekly video blogs on youtube which are closely followed by over 30,000 subscribers. His videos can usually receive 45,000 views within a week's time. He hosted a weekly radio show, ''Wall Street Unspun'', that was streamed on the web for more than five years. In October 2010, he replaced it with a daily two hour radio show called ''The Peter Schiff Show'', which is broadcast online and at a couple of Connecticut radio stations. He eventually plans to syndicate the show nationwide.

==Books==
Peter Schiff is the author of four books published by John Wiley and Sons. His book, ''Crash Proof 2.0'', appeared on both the ''New York Times'' and ''Wall Street Journals'' bestseller lists.

* ''Crash Proof: How to Profit from the Coming Economic Collapse'', February 2007, ISBN 978-0-470-04360-8 [http://www.peterschiffonline.com/books 1]
* ''The Little Book of Bull Moves in Bear Markets: How to Keep your Portfolio Up When the Market is Down'', 2008, ISBN 978-0-470-38378-0 [http://www.peterschiffonline.com/books 2]
* ''Crash Proof 2.0: How to Profit From the Economic Collapse, 2nd Edition'', September 2009, ISBN 978-0-470-47453-2 [http://www.peterschiffonline.com/books 3]
* ''How an Economy Grows and Why It Crashes'', 2010, ISBN 978-0-470-52670-5 [http://www.wiley.com/WileyCDA/WileyTitle/productCd-047052670X,descCd-authorInfo.html 4]

==References==
{{Reflist}}

[[Category:Libertarians]]

Boston Tea Party

2011-03-08T06:00:49Z

Shard:

{{Wikipedia text||417559477}}
[[File:Boston_Tea_Party_Currier_colored.jpg|thumb|300px|"The Destruction of Tea at Boston Harbor"]]

The '''Boston Tea Party''' was a [[direct action]] by colonists in [[Boston]], a town in the British [[Province of Massachusetts Bay|colony of Massachusetts]], against the [[Kingdom of Great Britain|British government]] and the monopolistic [[East India Company]] that controlled all the tea coming into the colonies. On December 16, 1773, after officials in Boston refused to return three shiploads of taxed tea to Britain, a group of colonists boarded the ships and destroyed the tea by throwing it into [[Boston Harbor]]. The incident remains an iconic event of American history, and other political protests often refer to it.

The Tea Party was the culmination of a resistance movement throughout [[British America]] against the [[Tea Act]], which had been passed by the [[Parliament of Great Britain|British Parliament]] in 1773. Colonists objected to the Tea Act for a variety of reasons, especially because they believed that it violated their [[Rights of Englishmen|right]] to be [[No taxation without representation|taxed only by their own elected representatives]]. Protesters had successfully prevented the unloading of taxed tea in three other colonies, but in Boston, embattled Royal Governor [[Thomas Hutchinson (governor)|Thomas Hutchinson]] refused to allow the tea to be returned to Britain. He apparently did not expect that the protestors would choose to destroy the tea rather than concede the [[authority]] of a legislature in which they were not directly represented.

The Boston Tea Party was a key event in the growth of the [[American Revolution]]. Parliament responded in 1774 with the [[Coercive Acts]], which, among other provisions, [[Boston Port Act|closed Boston's commerce]] until the British East India Company had been repaid for the destroyed tea. Colonists in turn responded to the Coercive Acts with additional acts of protest, and by convening the [[First Continental Congress]], which [[Petition to the King (1774)|petitioned the British monarch]] for repeal of the acts and coordinated colonial resistance to them. The crisis escalated, and the [[American Revolutionary War]] began near Boston in 1775.

File:Boston Tea Party Currier colored.jpg

2011-03-08T05:51:23Z

Shard: Public Domain: http://en.wikipedia.org/wiki/File:Boston_Tea_Party_Currier_colored.jpg

Public Domain: http://en.wikipedia.org/wiki/File:Boston_Tea_Party_Currier_colored.jpg

Boston Tea Party

2011-03-08T05:49:51Z

Shard: Created page with "{{Wikipedia text||417559477}} [[File:Boston Tea Party Currier colored.jpg|thumb|300px|alt=Two ships in a harbor, one in the distance. Onboard, men stripped to the waist and wear..."

{{Wikipedia text||417559477}}

[[File:Boston Tea Party Currier colored.jpg|thumb|300px|alt=Two ships in a harbor, one in the distance. Onboard, men stripped to the waist and wearing feathers in their hair throw crates of tea overboard. A large crowd, mostly men, stands on the dock, waving hats and cheering. A few people wave their hats from windows in a nearby building.|This iconic 1846 lithograph by [[Nathaniel Currier]] was entitled "The Destruction of Tea at Boston Harbor"; the phrase "Boston Tea Party" had not yet become standard. Contrary to Currier's depiction, few of the men dumping the tea were actually disguised as Indians.<ref>Young, ''Shoemaker'', 183–85.</ref>]]

The '''Boston Tea Party''' was a [[direct action]] by colonists in [[Boston]], a town in the British [[Province of Massachusetts Bay|colony of Massachusetts]], against the [[Kingdom of Great Britain|British government]] and the monopolistic [[East India Company]] that controlled all the tea coming into the colonies. On December 16, 1773, after officials in Boston refused to return three shiploads of taxed tea to Britain, a group of colonists boarded the ships and destroyed the tea by throwing it into [[Boston Harbor]]. The incident remains an iconic event of American history, and other political protests often refer to it.

The Tea Party was the culmination of a resistance movement throughout [[British America]] against the [[Tea Act]], which had been passed by the [[Parliament of Great Britain|British Parliament]] in 1773. Colonists objected to the Tea Act for a variety of reasons, especially because they believed that it violated their [[Rights of Englishmen|right]] to be [[No taxation without representation|taxed only by their own elected representatives]]. Protesters had successfully prevented the unloading of taxed tea in three other colonies, but in Boston, embattled Royal Governor [[Thomas Hutchinson (governor)|Thomas Hutchinson]] refused to allow the tea to be returned to Britain. He apparently did not expect that the protestors would choose to destroy the tea rather than concede the [[authority]] of a legislature in which they were not directly represented.

The Boston Tea Party was a key event in the growth of the [[American Revolution]]. Parliament responded in 1774 with the [[Coercive Acts]], which, among other provisions, [[Boston Port Act|closed Boston's commerce]] until the British East India Company had been repaid for the destroyed tea. Colonists in turn responded to the Coercive Acts with additional acts of protest, and by convening the [[First Continental Congress]], which [[Petition to the King (1774)|petitioned the British monarch]] for repeal of the acts and coordinated colonial resistance to them. The crisis escalated, and the [[American Revolutionary War]] began near Boston in 1775.

{{Reflist}}

Template:New articles

2011-03-08T04:59:08Z

Shard:

*The '''[[Constitution of the United States]]''' has been interpreted differently by [[Nationalist theory of the US Constitution|nationalist theorists]] and [[Compact theory of the US Constitution|compact theorists]].
*The '''[[Fighting Communist Organizations]]''' is the term used to describe various terrorist groups that began operations in the 1960s.
*'''[[Instituto Ludwig von Mises Brasil]]''' is the [[Brazil]]ian partner of the [[Mises Institute]].
*'''[[R. Douglas Fields]]''' is a neurobiologist whose work has provided a biological basis for the [[principle of non-aggression]].
*'''[[Tulip mania]]''' was a 17th-century bubble in the price of [[Wikipedia:Tulip|Tulip]]s.
*'''[[Communist Terrorism]]''' is terrorism committed by [[Marxism|Marxists]] or [[Maoism|Maoists]].
*In response to the '''[[Crisis of 1772]]''', the British government attempted to raise revenue by collecting a tax on tea, leading to the [[Boston Tea Party]].
<div align="center" class="plainlinks" style="margin: 0.5em auto 0.25; text-align: right; font-size: 92%;">[http://wiki.mises.org/mediawiki/index.php?title=Template:New_articles&action=edit Add a new article to this box] – [[Special:NewPages|More new articles]]
</div>
<noinclude>
See the [[Template:New articles/archives|archives]] for old entries.
[[Category:Main Page]]</noinclude>

Peter Schiff

2011-03-08T04:46:34Z

Shard:

{{Wikipedia text}}
[[File:Peter_Schiff.jpeg|thumb|right|Peter Schiff]]

'''Peter David Schiff''' (born March 23, 1963) is an American businessman, [[author]], financial [[Pundit (expert)|commentator]], and a former 2010 Republican primary candidate for the [[United States Senate]].<ref name=announce>{{Cite news| last = Eddlem | first = Thomas R. | title = Peter Schiff Announces Conn. Senate Candidacy | newspaper = [[The New American]] | date = September 17, 2009
| url = http://www.thenewamerican.com/index.php/usnews/politics/1908-peter-schiff-announces-conn-senate-candidacy | archiveurl = | archivedate = | accessdate = 2010-04-10 | postscript = }}
</ref>

Schiff is president and chief global strategist of Euro Pacific Capital Inc., a [[broker-dealer]] based in Westport, Connecticut.<ref name=official>[http://www.europac.net/members/peter_schiff Peter Schiff], [http://www.europac.net/ Euro Pacific Capital Inc.] . Retrieved 2010-11-03.</ref> Schiff frequently appears as a guest on CNBC, Fox News, and Bloomberg Television and is often quoted in major financial publications<ref>
{{Cite web
|url=http://www.europac.net/members/peter_schiff
|title=Peter Schiff | Euro Pacific Capital
|publisher=www.europac.net
|accessdate=2010-11-17
|last=
|first=
}}
</ref><ref>
{{Cite web
|url=http://www.financialsense.com/Experts/2007/Schiff.html
|title=Financial Sense Newshour's Ask The Expert: Peter D. Schiff 03.10.2007
|publisher=www.financialsense.com
|accessdate=2009-03-04
|last=
|first=
}}
</ref><ref>
{{Cite web
|url=http://www.financialsense.com/fsu/editorials/schiff/archive.html
|title=Peter Schiff - FSU Editorial Archives
|publisher=www.financialsense.com
|accessdate=2009-03-04
|last=
|first=
}}
</ref> as well as the former host of the [[podcast]] ''Wall Street Unspun''<ref>[http://www.podfeed.net/podcast/Wall+Street+Unspun+with+Peter+Schiff/15592 Podfeed.net: Wall Street Unspun with Peter Schiff]</ref> and the current host of the radio show ''The Peter Schiff Show''.

He is known for his bearish views on the dollar and dollar denominated assets, while bullish on investment in tangible assets, as well as foreign stocks and currencies.

==Predictions==
Schiff's notoriety for financial predictions increased when a [[You Tube]] video entitled "Peter Schiff was right" became popular in late 2008 and 2009.<ref name=yahoopredict>{{Cite news| last = Task | first = Aaron | title = 'Crisis Only Just Beginning': Right About the Crash, Peter Schiff Sees More Pain Ahead | newspaper = [[Yahoo! Finance]] | date = November 24, 2008 | url = http://finance.yahoo.com/tech-ticker/article/134633/%27Crisis-Only-Just-Beginning%27-Right-About-the-Crash-Peter-Schiff-Sees-More-Pain-Ahead?tickers=^dji,^gspc,^ixic,SPY,DIA,QQQQ,GLD | archiveurl = http://www.webcitation.org/5oz7OHfZ0 | archivedate = 2010-04-14 | accessdate = 2010-04-14 | postscript = }}</ref><ref name=newyorkmag>{{Cite news| last = Pressler | first = Jessica | title = Financial Pundit Peter Schiff Launches Senate Run | newspaper = [[New York Magazine]] | date = September 17, 2009 | url = http://nymag.com/daily/intel/2009/09/doomsdaying_economist_peter_sc.html | archiveurl = | archivedate = | accessdate = 2010-04-16 | postscript = }}</ref> The video consists of a compilation of clips of his many appearances on various financial news programs from networks including [[CNBC]], [[Fox News]], [[MSNBC]] and [[Bloomberg Television|Bloomberg]], most of which took place from 2005 to 2007. In the segments Schiff explains specifically the fundamental problems he saw with the United States economy at that time. Schiff's warnings of a coming [[economic collapse]] earned him the moniker "Dr. Doom."<ref name=okeefecnn>{{Cite news| last = O'Keefe | first = Brian | title = Peter Schiff: Oh, he saw it coming | newspaper = [[Fortune (magazine)|Fortune]] | date = January 23, 2009 | url = http://money.cnn.com/2009/01/20/magazines/fortune/okeefe_schiff.fortune/index.htm | archiveurl = http://www.webcitation.org/5oz96pIPX | archivedate = 2010-04-14 | accessdate = 2010-04-14 | postscript = }}</ref><ref name=schiffwasright2/>

In late 2006, Schiff predicted the [[United States housing bubble|housing bubble]] and resulting [[subprime mortgage crisis]],<ref name=mortgagespeech>{{cite video |people = Peter Schiff |date = November 13, 2006 |title = Peter Schiff Mortgage Bankers Speech |url = http://www.youtube.com/watch?v=6G3Qefbt0n4&feature=PlayList&p=A85717715D812690&playnext_from=PL&index=0 |format = Flash |medium = Recorded live lecture
|publisher = Western Regional Mortgage Bankers Association |location = [[Las Vegas metropolitan area|Las Vegas]] |accessdate = 2010-04-14}}</ref> and in late 2008, he predicted the [[Automotive industry crisis of 2008–2010|automotive industry crisis]] and the crisis in the banking and financial markets.<ref name=schiffwasright2>{{cite video
|people = Peter Schiff |date = February 20, 2009 |title = Peter Schiff was right 2006-2007 - CNBC edition |url = http://www.youtube.com/watch?v=Z0YTY5TWtmU |format = Flash |medium = Television production (clip compilation) |accessdate = 2010-04-14}}</ref><ref name=schiffwasright1>{{cite video |people = Peter Schiff |date = November 2, 2008
|title = Peter Schiff Was Right 2006 - 2007 (2nd Edition) |url = http://www.youtube.com/watch?v=2I0QN-FYkpw |format = Flash |medium = Television production (clip compilation) |accessdate = 2010-04-14}}</ref><ref name=predictbio>{{Cite news| last = Folkenflik | first = David | title = The Man Who Predicted The Economic Meltdown | publisher = [[National Public Radio]] | date = December 4, 2008 | url = http://www.npr.org/templates/story/story.php?storyId=97801606 | accessdate = 2010-04-14}}</ref>
Schiff does weekly video blogs on youtube which are closely followed by over 30,000 subscribers. His videos can usually receive 45,000 views within a week's time. He hosted a weekly radio show, ''Wall Street Unspun'', that was streamed on the web for more than five years. In October 2010, he replaced it with a daily two hour radio show called ''The Peter Schiff Show'', which is broadcast online and at a couple of Connecticut radio stations. He eventually plans to syndicate the show nationwide.

==Books==
Peter Schiff is the author of four books published by John Wiley and Sons. His book, ''Crash Proof 2.0'', appeared on both the ''New York Times'' and ''Wall Street Journals'' bestseller lists.

* ''Crash Proof: How to Profit from the Coming Economic Collapse'', February 2007, ISBN 978-0-470-04360-8 [http://www.peterschiffonline.com/books 1]
* ''The Little Book of Bull Moves in Bear Markets: How to Keep your Portfolio Up When the Market is Down'', 2008, ISBN 978-0-470-38378-0 [http://www.peterschiffonline.com/books 2]
* ''Crash Proof 2.0: How to Profit From the Economic Collapse, 2nd Edition'', September 2009, ISBN 978-0-470-47453-2 [http://www.peterschiffonline.com/books 3]
* ''How an Economy Grows and Why It Crashes'', 2010, ISBN 978-0-470-52670-5 [http://www.wiley.com/WileyCDA/WileyTitle/productCd-047052670X,descCd-authorInfo.html 4]

==References==
{{Reflist}}

[[Category:Libertarians]]

Thomas DiLorenzo

2011-03-08T04:45:59Z

Shard:

[[File:Thomas DiLorenzo.jpeg|thumb|right|Thomas DiLorenzo]]
'''Thomas DiLorenzo''' is professor of economics at [http://www.loyola.edu/ Loyola University Maryland] and a senior fellow at the [[Ludwig von Mises Institute]]. He is the author or co-author of ten books, on subjects such as antitrust, group-interest politics, and interventionism generally.

==Links==
{{Contact faculty|tdilo@aol.com}}
*[http://mises.org/articles.aspx?AuthorId=425 Daily articles archive] on [[Mises Institute|Mises.org]]
*[http://mises.org/literature.aspx?action=author&Id=425 Literature archive] on Mises.org
*[http://mises.org/media.aspx?action=author&ID=425 Media archive] on Mises.org

{{Stub}}
{{DEFAULTSORT:DiLorenzo, Thomas}}
[[Category:Economists]]
[[Category:Historians]]
[[Category:Anarcho-capitalists]]

Anarchocapitalism

2011-03-08T04:34:16Z

Shard: Redirected page to Anarcho-capitalism

#REDIRECT [[Anarcho-capitalism]]

Thomas Woods

2011-03-08T04:27:34Z

Shard:

{{Wikipedia text}}
[[File:ThomasEWoods 2007.jpg|right|thumb|Thomas Woods]]
'''Thomas E. Woods, Jr.''' (born August 1, 1972) is an American [[historian]] and ''New York Times'' bestselling author.<ref name="NYT" />

==Education and affiliations==
He holds a [[Bachelor's Degree]] from [[Harvard University]] and a [[Ph.D.]] in history from [[Columbia University]]. He served as a history department faculty member at [[Suffolk County Community College]] in New York until 2006, and is now resident scholar and senior faculty member of the [[Ludwig von Mises Institute]] (LvMI) in [[Auburn, Alabama]], as well as a member of the editorial board for the institute's ''[[Journal of Libertarian Studies]]''<ref>[http://www.thomasewoods.com/about/ "About Thomas Woods Jr." ''ThomasEWoods.com.'']</ref> and ''[[Libertarian Papers]]''<ref>http://libertarianpapers.org/editorial-board/</ref>. He is also an associate scholar of the [[Abbeville Institute]].

He was an [[Intercollegiate Studies Institute|ISI]] Richard M. Weaver Fellow in 1995–96. <ref>[http://www.firstprinciplesjournal.com/articles.aspx?article=1223&theme=home&loc=b]</ref> Woods was also the recipient of the 2004 O.P. Alford III Prize for Libertarian Scholarship and of an Olive W. Garvey Fellowship from the [[Independent Institute]] in 2003. He has additionally been awarded two Humane Studies Fellowships and a Claude R. Lambe Fellowship from the [[Institute for Humane Studies]] at George Mason University.<ref>http://www.thomasewoods.com/about/</ref>

Woods is co-editor of ''Exploring American History: From Colonial Times to 1877'', an eleven-volume encyclopedia<ref>http://www.marshallcavendish.us/marshallcavendish-us/reference/catalog/social_studies/history/9780761477464.xml</ref>.

==Catholicism, history, and political incorrectness==
Woods is a convert to the [[Roman Catholic Church]] and author of ''The Church and the Market: A Catholic Defense of the Free Economy''. He was associate editor of ''[[Latin Mass Magazine|The Latin Mass Magazine]]'', which advocates [[traditional Catholicism]], for eleven years. As a traditional Catholic<ref>[http://www.lewrockwell.com/orig6/flood1.html] [http://www.booksforcatholics.com/mm5/merchant.mvc?Screen=PROD&Store_Code=B&Product_Code=9780979354021&Category_Code=The_Mass]</ref>, he advocates the [[Tridentine Mass| Extraordinary Form]] of the Mass and [[cultural conservatism]]<ref>[http://www.lewrockwell.com/orig5/chapin4.html] [http://mises.org/media/1305]</ref>. His 2005 book, ''How the Catholic Church Built Western Civilization'', is the basis for ''The Catholic Church: Builder of Civilization'', a thirteen-episode television series airing on [[EWTN]] in 2008. The series examines the Church's influence on law, morality, science, and scholarship.<ref>[http://www.catholicvoiceoakland.org/08-02-18/aroundthediocese.htm "Around the Diocese." ''The Catholic Voice Online''. 18 February 2008]</ref>

Woods's writing has appeared in numerous popular and scholarly periodicals, including the ''[[American Historical Review]]'', the ''[[Christian Science Monitor]]'', ''[[Investor's Business Daily]]'', ''[[Modern Age]]'', ''American Studies'', ''Journal of Markets & Morality'', ''New Oxford Review'', ''[[The Freeman]]'', ''[[Independent Review]]'', ''Journal des Economistes et des Etudes Humaines'', ''AD2000'', ''Crisis'', ''Human Rights Review'', ''Catholic Historical Review'', and the ''Catholic Social Science Review''. He is a contributing editor of ''[[The American Conservative]]''.

His most popular book to date was the 2004 ''New York Times'' bestseller<ref name="NYT">''[[New York Times]]'' "Bestseller List" ([[Paperback]] [[non-fiction]]), 9 January 2005 [http://www.nytimes.com/2005/01/09/books/bestseller/0109bestpapernonfiction.html?ex=1128916800&en=f33ffdf8dd939271&ei=5070]</ref> ''[[The Politically Incorrect Guide to American History]]'' ([[Regnery Publishing]], 2004). He was also the author of the 2009 ''New York Times'' bestseller<ref>http://www.lewrockwell.com/kramer/kramer25.1.html</ref> ''[[Meltdown (book)|Meltdown]]'' ([[Regnery Publishing]], 2009).

==Reception of Woods's work in academia==
In June 2005 Thomas Woods gave a series of ten lectures at the Ludwig von Mises Institute entitled [http://www.mises.org/media.aspx?action=category&ID=79 "The Truth About American History: An Austro-Jeffersonian Perspective"] as part of a seminar devoted entirely to Woods and his own areas of interest in American history. Woods has called for a strict interpretation of the [[United States Constitution]], or preferably, the [[Articles of Confederation]].<ref>http://www.lewrockwell.com/woods/woods92.html</ref>

He also hosted an eight-lecture seminar covering the material in his book, ''The Politically Incorrect Guide to American History'', to the [[Auburn University]] Academy for Lifelong Learners, hosted by the Mises Institute.<ref>"The Politically Incorrect Guide to American History: Lecture Series." Mises Institute. [http://www.mises.org/media.aspx?action=category&ID=93]</ref> On 14 February 2007, the [[Intercollegiate Studies Institute]] announced that Woods' 2005 book, ''The Church and the Market'', was the winner of the top prize in the books category of the 2006 Templeton Enterprise Awards.<ref>"ISI Announces 2006 Templeton Enterprise Award Winners." ''YahooNews''. 14 February 2007.[http://news.yahoo.com/s/usnw/20070214/pl_usnw/isi_announces2006_templeton_enterprise_award_winners]</ref>

==Woods' Laws==
In August 2006, Woods coined "Woods's Law," which states that,
:''Whenever the private sector introduces an innovation that makes the poor better off than they would have been without it, or that offers benefits or terms that no one else is prepared to offer them, someone—in the name of helping the poor—will call for curbing or abolishing it.''
He applied this law in an article<ref>Woods, Thomas E. "Are Capitalists Bamboozling the Poor?" ''Mises.org''. 16 August 2006. [http://www.mises.org/story/2279]</ref> that discussed [[Refund Anticipation Loan|tax refund anticipation loans]] and efforts to halt such practices, which he argues are based on the assumption that such loans exploit the poor. [[Calcutta]]'s daily, ''[[The Telegraph (Kolkata)|The Telegraph]]'' cited Woods's Law in reference to the potential effects of the expansion of [[Wal-Mart]]'s ventures in India.<ref>[http://www.telegraphindia.com/1070808/asp/opinion/story_8162853.asp "Food Chain." ''The Telegraph''. 8 August 2007]</ref>

In October 2010, Woods coined "Woods' Law #2", which states that,
:''The “progressive” Left always prefers a neoconservative to an antiwar libertarian.''<ref>Woods, Thomas E. "Woods' Law #2" ''TomWoods.com''. 19 October 2010. [http://www.tomwoods.com/blog/woods-law-2/]</ref>

==Bibliography==
====As Author====
* ''The Great Facade: Vatican II and the Regime of Novelty in the Catholic Church'' (co-authored with Christopher Ferrara; 2002) ISBN 1-890740-10-1
* ''The Church Confronts Modernity: Catholic Intellectuals and the Progressive Era'' (2004) ISBN 0-231-13186-0
* ''The Politically Incorrect Guide to American History'' (2004) ISBN 0-89526-047-6
* ''The Church and the Market: A Catholic Defense of the Free Economy'' (2005) ISBN 0-7391-1036-5
* ''How the Catholic Church Built Western Civilization'' (2005) ISBN 0-89526-038-7
* ''33 Questions About American History You're Not Supposed to Ask'' (2007) ISBN 0307346684
* ''Sacred Then and Sacred Now: The Return of the Old Latin Mass'' (2007)[21] ISBN 9780979354021
* ''Who Killed the Constitution?: The Fate of American Liberty from World War I to George W. Bush'' (co-authored with Kevin Gutzman; 2008) ISBN 978-0307405753)
* Beyond Distributism (2008) [23]
* ''Meltdown: A Free-Market Look at Why the Stock Market Collapsed, the Economy Tanked, and Government Bailouts Will Make Things Worse'' (February 2009) (ISBN 1-5969-8587-9) & (ISBN 978-1-5969-8587-2)
* ''Nullification: How to Resist Federal Tyranny in the 21st Century'' (2010) ISBN 1596981490
* ''Rollback: The Battleplan Against Big Government'' (2011) ISBN 1596981415

====As Editor====
* Choate, Rufus (2002). ''The Political Writings of Rufus Choate''. Gateway Editions. ISBN 0-89526-154-5.
* Brownson, Orestes (2003, reprint of 1875 edition). ''The American Republic''. Gateway Editions. ISBN 0-89526-072-7.
* Rothbard, Murray (2007). ''The Betrayal of the American Right''. Ludwig von Mises Institute. ISBN 978-1-933550-13-8.
* ''We Who Dared to Say No to War: American Antiwar Writing from 1812 to Now''. Basic Books. 2007. ISBN 1568583850. (Co-edited with Murray Polner.)
* ''Back on the Road to Serfdom: The Resurgence of Statism''. ISI. 2010. ISBN 978-1935191902.

==Notes==
<references/>

==External links==
*[http://www.thomasewoods.com/ Thomas Woods] Official web site (with appearances schedule)
*[http://www.lewrockwell.com/woods/woods-arch.html Thomas Woods archive at LewRockwell.com]
*[http://mises.org/media.aspx?action=showname&ID=424 Thomas Woods media archive at Mises.org]
*[http://www.takimag.com/blogs/thomaswoods Thomas Woods archive at TakiMag.com]
*[http://www.humanevents.com/search.php?author_name=Thomas%20E.+Woods,%20Jr. Thomas Woods archive at HumanEvents.com]
*[http://www.independent.org/aboutus/person_detail.asp?id=1105 Thomas Woods archive at Independent.org]
*[http://isi.org/search/search.aspx?SBy=thomas%20woods Thomas Woods archive at ISI.org]
*[http://www.ewtn.com/vondemand/audio/file_index.asp?SeriesId=7129&pgnu= The Catholic Church: Builder of Civilization]
* [http://www.youtube.com/watch?v=TrcM5exDxcc Interview with a Zombie] on ''Nullification'' book (YouTube video)
:* [http://www.youtube.com/watch?v=kcBneEWpOzk Zombie Interview Blooper Reel] (YouTube video)

{{DEFAULTSORT:Woods, Thomas}}
[[Category:Economists]]
[[Category:Historians]]
[[Category:Anarcho-capitalists]]

Supply of money

2011-03-08T02:58:16Z

Shard: Redirected page to Money supply

#REDIRECT [[Money_supply]]

File:Peter Schiff.jpeg

2011-03-08T02:06:56Z

Shard: uploaded a new version of "File:Peter Schiff.jpeg": Portrait of Peter Schiff

Portrait picture of peter schiff

Peter Schiff

2011-03-08T02:04:49Z

Shard: Added Portrait and categories

{{Wikipedia text}}
[[File:Peter_Schiff.jpeg|thumb|right|Peter Schiff]]

'''Peter David Schiff''' (born March 23, 1963) is an American businessman, [[author]], financial [[Pundit (expert)|commentator]], and a former 2010 Republican primary candidate for the [[United States Senate]].<ref name=announce>{{Cite news| last = Eddlem | first = Thomas R. | title = Peter Schiff Announces Conn. Senate Candidacy | newspaper = [[The New American]] | date = September 17, 2009
| url = http://www.thenewamerican.com/index.php/usnews/politics/1908-peter-schiff-announces-conn-senate-candidacy | archiveurl = | archivedate = | accessdate = 2010-04-10 | postscript = }}
</ref>

Schiff is president and chief global strategist of Euro Pacific Capital Inc., a [[broker-dealer]] based in Westport, Connecticut.<ref name=official>[http://www.europac.net/members/peter_schiff Peter Schiff], [http://www.europac.net/ Euro Pacific Capital Inc.] . Retrieved 2010-11-03.</ref> Schiff frequently appears as a guest on CNBC, Fox News, and Bloomberg Television and is often quoted in major financial publications<ref>
{{Cite web
|url=http://www.europac.net/members/peter_schiff
|title=Peter Schiff | Euro Pacific Capital
|publisher=www.europac.net
|accessdate=2010-11-17
|last=
|first=
}}
</ref><ref>
{{Cite web
|url=http://www.financialsense.com/Experts/2007/Schiff.html
|title=Financial Sense Newshour's Ask The Expert: Peter D. Schiff 03.10.2007
|publisher=www.financialsense.com
|accessdate=2009-03-04
|last=
|first=
}}
</ref><ref>
{{Cite web
|url=http://www.financialsense.com/fsu/editorials/schiff/archive.html
|title=Peter Schiff - FSU Editorial Archives
|publisher=www.financialsense.com
|accessdate=2009-03-04
|last=
|first=
}}
</ref> as well as the former host of the [[podcast]] ''Wall Street Unspun''<ref>[http://www.podfeed.net/podcast/Wall+Street+Unspun+with+Peter+Schiff/15592 Podfeed.net: Wall Street Unspun with Peter Schiff]</ref> and the current host of the radio show ''The Peter Schiff Show''.

He is known for his bearish views on the dollar and dollar denominated assets, while bullish on investment in tangible assets, as well as foreign stocks and currencies.

==Predictions==
Schiff's notoriety for financial predictions increased when a [[You Tube]] video entitled "Peter Schiff was right" became popular in late 2008 and 2009.<ref name=yahoopredict>{{Cite news| last = Task | first = Aaron | title = 'Crisis Only Just Beginning': Right About the Crash, Peter Schiff Sees More Pain Ahead | newspaper = [[Yahoo! Finance]] | date = November 24, 2008 | url = http://finance.yahoo.com/tech-ticker/article/134633/%27Crisis-Only-Just-Beginning%27-Right-About-the-Crash-Peter-Schiff-Sees-More-Pain-Ahead?tickers=^dji,^gspc,^ixic,SPY,DIA,QQQQ,GLD | archiveurl = http://www.webcitation.org/5oz7OHfZ0 | archivedate = 2010-04-14 | accessdate = 2010-04-14 | postscript = }}</ref><ref name=newyorkmag>{{Cite news| last = Pressler | first = Jessica | title = Financial Pundit Peter Schiff Launches Senate Run | newspaper = [[New York Magazine]] | date = September 17, 2009 | url = http://nymag.com/daily/intel/2009/09/doomsdaying_economist_peter_sc.html | archiveurl = | archivedate = | accessdate = 2010-04-16 | postscript = }}</ref> The video consists of a compilation of clips of his many appearances on various financial news programs from networks including [[CNBC]], [[Fox News]], [[MSNBC]] and [[Bloomberg Television|Bloomberg]], most of which took place from 2005 to 2007. In the segments Schiff explains specifically the fundamental problems he saw with the United States economy at that time. Schiff's warnings of a coming [[economic collapse]] earned him the moniker "Dr. Doom."<ref name=okeefecnn>{{Cite news| last = O'Keefe | first = Brian | title = Peter Schiff: Oh, he saw it coming | newspaper = [[Fortune (magazine)|Fortune]] | date = January 23, 2009 | url = http://money.cnn.com/2009/01/20/magazines/fortune/okeefe_schiff.fortune/index.htm | archiveurl = http://www.webcitation.org/5oz96pIPX | archivedate = 2010-04-14 | accessdate = 2010-04-14 | postscript = }}</ref><ref name=schiffwasright2/>

In late 2006, Schiff predicted the [[United States housing bubble|housing bubble]] and resulting [[subprime mortgage crisis]],<ref name=mortgagespeech>{{cite video |people = Peter Schiff |date = November 13, 2006 |title = Peter Schiff Mortgage Bankers Speech |url = http://www.youtube.com/watch?v=6G3Qefbt0n4&feature=PlayList&p=A85717715D812690&playnext_from=PL&index=0 |format = Flash |medium = Recorded live lecture
|publisher = Western Regional Mortgage Bankers Association |location = [[Las Vegas metropolitan area|Las Vegas]] |accessdate = 2010-04-14}}</ref> and in late 2008, he predicted the [[Automotive industry crisis of 2008–2010|automotive industry crisis]] and the crisis in the banking and financial markets.<ref name=schiffwasright2>{{cite video
|people = Peter Schiff |date = February 20, 2009 |title = Peter Schiff was right 2006-2007 - CNBC edition |url = http://www.youtube.com/watch?v=Z0YTY5TWtmU |format = Flash |medium = Television production (clip compilation) |accessdate = 2010-04-14}}</ref><ref name=schiffwasright1>{{cite video |people = Peter Schiff |date = November 2, 2008
|title = Peter Schiff Was Right 2006 - 2007 (2nd Edition) |url = http://www.youtube.com/watch?v=2I0QN-FYkpw |format = Flash |medium = Television production (clip compilation) |accessdate = 2010-04-14}}</ref><ref name=predictbio>{{Cite news| last = Folkenflik | first = David | title = The Man Who Predicted The Economic Meltdown | publisher = [[National Public Radio]] | date = December 4, 2008 | url = http://www.npr.org/templates/story/story.php?storyId=97801606 | accessdate = 2010-04-14}}</ref>
Schiff does weekly video blogs on youtube which are closely followed by over 30,000 subscribers. His videos can usually receive 45,000 views within a week's time. He hosted a weekly radio show, ''Wall Street Unspun'', that was streamed on the web for more than five years. In October 2010, he replaced it with a daily two hour radio show called ''The Peter Schiff Show'', which is broadcast online and at a couple of Connecticut radio stations. He eventually plans to syndicate the show nationwide.

==Books==
Peter Schiff is the author of four books published by John Wiley and Sons. His book, ''Crash Proof 2.0'', appeared on both the ''New York Times'' and ''Wall Street Journals'' bestseller lists.

* ''Crash Proof: How to Profit from the Coming Economic Collapse'', February 2007, ISBN 978-0-470-04360-8 [http://www.peterschiffonline.com/books 1]
* ''The Little Book of Bull Moves in Bear Markets: How to Keep your Portfolio Up When the Market is Down'', 2008, ISBN 978-0-470-38378-0 [http://www.peterschiffonline.com/books 2]
* ''Crash Proof 2.0: How to Profit From the Economic Collapse, 2nd Edition'', September 2009, ISBN 978-0-470-47453-2 [http://www.peterschiffonline.com/books 3]
* ''How an Economy Grows and Why It Crashes'', 2010, ISBN 978-0-470-52670-5 [http://www.wiley.com/WileyCDA/WileyTitle/productCd-047052670X,descCd-authorInfo.html 4]

==References==
{{Reflist}}

[[Category:Minarchists]]
[[Category:Libertarians]]

File:Peter Schiff.jpeg

2011-03-08T01:59:09Z

Shard: Portrait picture of peter schiff

Portrait picture of peter schiff

Paul Krugman

2011-03-07T13:14:13Z

Shard: Added Portrait image of Paul Krugman

[[File:Paul Krugman.jpeg|thumb|right|Paul Krugman]]

'''Paul Krugman''' is an American economist and Nobel laureate. He is also an op-ed columnist and blogger for the [[New York Times]]. Krugman is well known for believing in the theories of [[John Maynard Keynes]] and continually advocates for more inflation and government intervention in the economy. Krugman's blog posts repeatedly display his opinion that [[inflation]] is a measurement of prices and not the quantity of money.<ref>[http://krugman.blogs.nytimes.com/2010/11/09/inflation-delusions-2/] "Inflation delusions"</ref><ref>[http://krugman.blogs.nytimes.com/2010/11/06/are-rising-commodity-prices-an-inflationary-signal/] "Are rising commodity prices an inflationary signal?"</ref><ref>[http://krugman.blogs.nytimes.com/2010/11/04/generating-inflation-expectations/] "Generating inflation expectations"</ref> For these and other views is Krugman frequently criticized by Austrian economists.{{Fact}} A blog created by [[William L. Anderson|William L. Anderson]] is devoted to "Analysis and criticism of America's most prominent public intellectual and champion of Keynesian economics."<ref name="Anderson_Krugman">William L. Anderson. [http://krugman-in-wonderland.blogspot.com/ "Krugman-in-Wonderland"], referenced 2010-11-16.</ref>

In October 2010, Krugman was challenged to a [[Murphy-Krugman debate|debate]] over Austrian vs. Keynesian business cycle theory by economist [[Robert Murphy]]. As of mid-November 2010 Krugman has not responded.

==Quotes==
The [[broken-window fallacy]] was seen in a column by Princeton University professor Paul Krugman after the terrorist attack on the World Trade Center:<ref name="Williams_lunacy">Walter. E. Williams. [http://www.washingtontimes.com/news/2004/nov/22/20041122-095742-3613r/ "Economic lunacy"], November 22, 2004, Washington Times. Referenced 2011-01-05.</ref> "Ghastly as it may seem to say this, the terror attack -- like the original day of infamy, which brought an end to the Great Depression -- could even do some economic good."<ref name="Krugman_Horror">Paul Krugman. [http://www.nytimes.com/2001/09/14/opinion/reckonings-after-the-horror.html "Reckonings; After The Horror"], September 14, 2001, The New York Times. Referenced 2011-01-05.</ref>

In 1998, Krugman said: "During phases of weak growth there are always those who say that lower interest rates will not help. They overlook the fact that low interest rates act through several channels. For instance, more housing is built, which expands the building sector. You must ask the opposite question: why in the world shouldn't you lower interest rates?" To the question "...because that would only promote inflation instead of growth?" he responded "There is no danger of that!"<ref name="Hanke_Zinsen">Thomas Hanke. [http://www.zeit.de/1998/51/Runter_mit_den_Zinsen_ "Runter mit den Zinsen!"] (in ''German'', "Down with the rates!"), ''Die Zeit'', 51/1998. [http://www.pkarchive.org/global/welt.html Translation by Peter Bartl]. Referenced 2011-01-05.</ref>

==Krugman on Austrian Economics==
In 1998, Krugman wrote that he regarded the "Austrian theory" of the [[Austrian Business Cycle Theory|business cycle]] "about as worthy of serious study as the phlogiston theory of fire".<ref name="Krugman_Hangover">Paul Krugman. [http://www.slate.com/id/9593 "The Hangover Theory"], ''Slate'', December 4, 1998. Referenced 2011-01-25.</ref> In 2011, he conceded that (in his understanding of) the Austrian explanation both is theoretically possible and actually happens in the real world:<ref name="Krugman_Reply">Robert P. Murphy. [http://mises.org/daily/4993 "My Reply to Krugman on Austrian Business-Cycle Theory"], ''Mises Daily'', January 24, 2011. Referenced 2011-01-25.</ref>

<blockquote>So what is the essence of this Austrian story? Basically, it says that what we call an economic boom is actually something like [[China|China's]] disastrous [[Great Leap Forward]], which led to a temporary surge in consumption but only at the expense of degradation of the country's underlying productive capacity. And the unemployment that follows is a result of that degradation: there's simply nothing useful for the unemployed workers to do.

I like this story, and there are probably other cases besides China 1958–1961 to which it applies. But what reason do we have to think that it has anything to do with the business cycles we actually see in market economies?<ref name="Krugman_Leaps">Paul Krugman. [http://krugman.blogs.nytimes.com/2011/01/19/great-leaps-backward/ "Great Leaps Backward"], ''The New York Times'', January 19, 2011. Referenced 2011-01-25.</ref></blockquote>

==Krugman in Support of the 2000’s US Housing Bubble==

===Recommending the Federal Reserve lower interest rates to create a housing bubble:===
undated:<blockquote> “During phases of weak growth there are always those who say that lower interest rates will not help. They overlook the fact that low interest rates act through several channels. For instance, more housing is built, which expands the building sector. You must ask the opposite question: why in the world shouldn’t you lower interest rates?” <ref name="Housing Bubble undated">Paul Krugman. [http://www.pkarchive.org/global/welt.html "DIE ZEIT"], ''DIE ZEIT- INTERVIEW WITH KRUGMAN - Translation by Peter Bartl'', undated. Referenced 2011-01-26.</ref></blockquote>

2001-05-02:<blockquote> I've always favored the let-bygones-be-bygones view over the crime-and-punishment view. That is, I've always believed that a speculative bubble need not lead to a recession, as long as interest rates are cut quickly enough to stimulate alternative investments. But I had to face the fact that speculative bubbles usually are followed by recessions. My excuse has been that this was because the policy makers moved too slowly -- that central banks were typically too slow to cut interest rates in the face of a burst bubble, giving the downturn time to build up a lot of momentum. That was why I, like many others, was frustrated at the smallish cut at the last Federal Open Market Committee meeting: I was pretty sure that Alan Greenspan had the tools to prevent a disastrous recession, but worried that he might be getting behind the curve.
However, let's give credit where credit is due: Mr. Greenspan has cut rates since then. And while some of us may have been urging him to move even faster, the Fed's four interest-rate cuts since the slowdown became apparent represent an unusually aggressive response by historical standards. It's still not clear that Mr. Greenspan has caught up with the curve -- let's have at least one more rate cut, please -- but the interest-rate cuts do, cross your fingers, seem to be having an effect.
If we succeed in avoiding recession, this will mark a big win for let-bygones-be-bygones, and a big loss for crime-and-punishment. And that will be very good news not just for this business cycle, but for business cycles to come. <ref name="Housing Bubble 2001-05-02">Paul Krugman. [http://www.nytimes.com/2001/05/02/opinion/reckonings-dodging-the-bullet.html "Reckonings; Dodging the Bullet"], ''The New York Times'', May 2, 2001. Referenced 2011-01-26.</ref></blockquote>

2001-07-18:<blockquote> KRUGMAN: "I think frankly it’s got to be — business investment is not going to be the driving force in this recovery. It has to come from things like housing, things that have not been (UNINTELLIGIBLE)."

DOBBS: "We see, Paul, housing at near record levels, we see automobile purchases near record levels. The consumer is still very much in this economy. Can he or she — or I should say he and she, can they bring back this economy?"

KRUGMAN: "Well, as far as the arithmetic goes, yes, it is possible. Will the Fed cut interest rates enough? Will long-term rates fall enough to get the consumer, get the housing sector there in time? We don’t know" <ref name="Housing Bubble 2001-07-18">Paul Krugman. [http://www.pkarchive.org/economy/ML071801.html "LOU DOBBS MONEYLINE"], ''LOU DOBBS MONEYLINE, July 18, 2001: Interview with Paul Krugman'', July 18, 2001. Referenced 2011-01-26.</ref></blockquote>

2001-08-14:<blockquote> Still, as former Treasury Secretary Larry Summers says, you don't have to refill a flat tire through the puncture. To reflate the economy, the Fed doesn't have to restore business investment; any kind of increase in demand will do. How might demand increase? Consumers, who already have low savings and high debt, probably can't contribute much. But housing, which is highly sensitive to interest rates, could help lead a recovery… But there has been a peculiar disconnect between Fed policy and the financial variables that affect housing and trade. Housing demand depends on long-term rather than short-term interest rates -- and though the Fed has cut short rates from 6.5 to 3.75 percent since the beginning of the year, the 10-year rate is slightly higher than it was on Jan. 1... Sooner or later, of course, investors will realize that 2001 isn't 1998. When they do, mortgage rates and the dollar will come way down, and the conditions for a recovery led by housing and exports will be in place. <ref name="Housing Bubble 2001-08-14">Paul Krugman. [http://www.nytimes.com/2001/08/14/opinion/reckonings-delusions-of-prosperity.html “Reckonings; Delusions of Prosperity''] ''The New York Times'', August 14, 2001. Referenced 2011-01-26.</ref></blockquote>

2001-08-22:<blockquote> KRUGMAN: "I’m a little depressed. You know, inventories, probably that’s over, the inventory slump. But you look at the things that could drive a recovery, business investment, nothing happening. Housing, long-term rates haven’t fallen enough to produce a boom there. The trade balance is going to get worst before it gets better because the dollar is still very strong. It’s not a happy picture." <ref name="Housing Bubble 2001-08-22">Paul Krugman. [http://www.pkarchive.org/economy/ML082201.html “LOU DOBBS MONEYLINE"], ''LOU DOBBS MONEYLINE, August 22, 2001: Interview with Paul Krugman'', August 22, 2001. Referenced 2011-01-26.</ref></blockquote>

2001-10-07:<blockquote> Post-terror nerves aside, what mainly ails the U.S. economy is too much of a good thing. During the bubble years businesses overspent on capital equipment; the resulting overhang of excess capacity is a drag on investment, and hence a drag on the economy as a whole.
In time this overhang will be worked off. Meanwhile, economic policy should encourage other spending to offset the temporary slump in business investment. Low interest rates, which promote spending on housing and other durable goods, are the main answer. <ref name="Housing Bubble 2001-10-07">Paul Krugman. [http://www.nytimes.com/2001/10/07/opinion/reckonings-fuzzy-math-returns.html “Reckonings; Fuzzy Math Returns"], ''The New York Times'', October 7, 2001. Referenced 2011-01-26.</ref></blockquote>

2001-12-28:<blockquote> The good news about the U.S. economy is that it fell into recession, but it didn't fall off a cliff. Most of the credit probably goes to the dogged optimism of American consumers, but the Fed's dramatic interest rate cuts helped keep housing strong even as business investment plunged. <ref name="Housing Bubble 2001-12-28">Paul Krugman. [http://www.nytimes.com/2001/12/28/opinion/could-ve-been-worse.html “Could've Been Worse"], ''The New York Times'', December 28, 2001. Referenced 2011-01-26.</ref></blockquote>

2002-08-02:<blockquote> The basic point is that the recession of 2001 wasn't a typical postwar slump, brought on when an inflation-fighting Fed raises interest rates and easily ended by a snapback in housing and consumer spending when the Fed brings rates back down again. This was a prewar-style recession, a morning after brought on by irrational exuberance. To fight this recession the Fed needs more than a snapback; it needs soaring household spending to offset moribund business investment. And to do that, as Paul McCulley of Pimco put it, Alan Greenspan needs to create a housing bubble to replace the Nasdaq bubble. <ref name="Housing Bubble 2002-08-02">Paul Krugman. [http://www.nytimes.com/2002/08/02/opinion/dubya-s-double-dip.html “Dubya's Double Dip?"], ''The New York Times'', August 2, 2002. Referenced 2011-01-26.</ref></blockquote>

===Opposing the Federal Reserve raising interest rates:===
2008-03-03:<blockquote>One argument I’ve been hearing a lot lately runs as follows: “Low interest rates got us into this mess, so it’s crazy to think that low interest rates are the solution.”
Now, I don’t actually buy the first premise: I blame Greenspan for ignoring warnings about subprime and housing, but I still think keeping the Fed funds rate at 1% for a long time was justified by the economy’s weakness, which lasted until late 2003 or even beyond. But it’s true that we had an orgy of over-borrowing in the housing market. So the question remains: does an effort to encourage even more borrowing make sense?
Yes. <ref name="Housing Bubble 2008-03-03">Paul Krugman. [http://krugman.blogs.nytimes.com/2008/03/03/hair-of-the-dog "Hair of the dog"], ''Conscience of a Liberal: New York Times Blog'', March 3, 2008. Referenced 2011-01-26.</ref></blockquote>

2004-08-10:<blockquote>Oh, and on a nonpolitical note: even before Friday's grim report on jobs, I was puzzled by Mr. Greenspan's eagerness to start raising interest rates. Now I don't understand his policy at all.<ref name="Housing Bubble 2004-08-10">Paul Krugman. [http://www.nytimes.com/2004/08/10/opinion/spin-the-payrolls.html "Spin The Payrolls"], ''The New York Times'', August 10, 2004. Referenced 2011-01-26.</ref></blockquote>

===Crediting the housing bubble for the mid-2000’s economic recovery:===
2008-02-19:<blockquote>In fact, I’d say that the sources of the economy’s expansion from 2003 to 2007 were, in order, the housing bubble, the war, and — very much in third place — tax cuts. <ref name="Housing Bubble 2008-02-19">Paul Krugman. [http://krugman.blogs.nytimes.com/2008/02/19/bush-is-right-about-something "Bush is right about something"], ''Conscience of a Liberal: New York Times Blog'', February 19, 2008. Referenced 2011-01-26.</ref></blockquote>

2005-05-27:<blockquote>As Mr. McCulley predicted, interest rate cuts led to soaring home prices, which led in turn not just to a construction boom but to high consumer spending, because homeowners used mortgage refinancing to go deeper into debt. All of this created jobs to make up for those lost when the stock bubble burst.
Now the question is what can replace the housing bubble.<ref name="Housing Bubble 2005-05-27">Paul Krugman. [http://www.nytimes.com/2005/05/27/opinion/27krugman.html "Running Out of Bubbles"], ''The New York Times'', May 5, 2007. Referenced 2011-01-26.</ref></blockquote>

==References==
<references/>

==Links==
* [http://mises.org/daily/3194 Consumers Don't Cause Recessions] by Robert P. Murphy, November 2008, about 'demand-side' economics
* [[Wikipedia:Paul Krugman|Paul Krugman]] on Wikipedia
* [http://topics.nytimes.com/top/opinion/editorialsandoped/oped/columnists/paulkrugman/index.html "Paul Krugman Columnist Page - The New York Times"]
* [http://pkarchive.org/ "pkarchive - The Unofficial Paul Krugman Archive"]
* [http://mises.org/daily/5086/Caught-Krugmans-Shifting-Arguments Caught: Krugman's Shifting Arguments] by Robert P. Murphy, March 2011

{{DEFAULTSORT:Krugman, Paul}}
[[Category:Economists]]
[[Category:Nobel Prize in Economics]]

File:Paul Krugman.jpeg

2011-03-07T13:12:36Z

Shard: Portrait for Paul Krugman Source: http://commons.wikimedia.org/wiki/File:Paul_Krugman-press_conference_Dec_07th,_2008-8.jpg

Portrait for Paul Krugman

Source: http://commons.wikimedia.org/wiki/File:Paul_Krugman-press_conference_Dec_07th,_2008-8.jpg

Government

2011-03-07T13:07:07Z

Shard: Created Government page and imported content from wikipedia

{{Wikipedia text||417344622}}

In the [[social sciences]], the term '''government''' refers to the particular group of people, the administrative [[bureaucracy]], who control a [[Nation-state|(nation-)]][[state (polity)|state]] at a given time, and the manner in which their governing organizations are structured.<ref>{{Cite book|chapter=government|title=Oxford English Dictionary|edition=Online|publisher=Oxford University Press|date=November 2010}}</ref><ref>{{cite book|editor=Bealey, Frank|chapter=government|title=The Blackwell dictionary of political science: a user's guide to its terms|publisher=Wiley-Blackwell|year=1999|isbn=9780631206958|page=147|url=http://books.google.com/books?id=6EuKLlzYoTMC&pg=PA147}}</ref> That is, governments are the means through which state power is employed. States are served by a continuous succession of different governments.<ref>{{cite book|authors=Flint, Colin & Taylor, Peter|title=Political Geography: World Economy, Nation-State, and Locality|edition=5th|publisher=Pearson/Prentice Hall|year=2007|isbn=978-0-13-196012-1|page=137|url=http://books.google.com/books?id=GXz9xHdHeZcC}}</ref>

Each successive government is composed of a specialized and privileged body of individuals, who monopolize political decision-making, and are separated by status and organization from the population as a whole. Their function is to enforce existing [[laws]], legislate new ones, and arbitrate conflicts via their monopoly on violence. In some societies, this group is often a self-perpetuating or hereditary class. In other societies, such as [[democracies]], the political roles remain, but there is frequent turnover of the people actually filling the positions.<ref>{{cite book|author=Barclay, Harold|title=People Without Government: An Anthropology of Anarchy|publisher=Left Bank Books|year=1990|isbn=1871082161|page=31}}</ref>

In most Western societies, there is a clear distinction between a government and the state. Public disapproval of a particular government (expressed, for example, by not re-electing an incumbent) does not necessarily represent disapproval of the state itself (i.e. of the particular framework of government). However, in some [[totalitarian]] regimes, there is not a clear distinction between the regime and the state. In fact, leaders in such regimes often attempt to deliberately blur the lines between the two, in order to conflate their own selfish interests with those of the polity.<ref>{{cite book|author=Holsti, Kalevi Jaako|title=The state, war, and the state of war|publisher=Cambridge University Press|year=1996|isbn=9780521577908|pages=84–85|url=http://books.google.com/books?id=5S_jQSUghsYC&pg=PA84}}</ref>

The 14th century [[Arab]] scholar [[Ibn Khaldun]] defined the government as "an institution which prevents injustice other than such as it commits itself". The British philosopher-anthropologist [[Ernest Gellner]] considered Ibn Khaldun's definition to be the best in the history of [[political theory]]. For Ibn Khaldun, government should be restrained to a minimum for as a necessary evil, it is the constraint of men by other men.<ref>{{cite book |last=Gellner |first=Ernest |authorlink=Ernest Gellner |title=Plough, Sword, and Book |url=http://books.google.com/books?id=CwZFV7J7Id8C&pg=PA239&dq=Gellner+Plough+Sword+and+Book+Ibn+Khaldun%27s+definition#v=onepage&q=&f=false |page=239 |year=1992 |publisher=University of Chicago Press |isbn=0226287027 |quote=(Ibn Khaldun's definition of government probably remains the best:...)}}</ref>

==References==
{{Reflist}}

{{stub}}

Murray N. Rothbard

2011-03-07T13:00:50Z

Shard: Added Portrait image of Murray Rothbard

[[File:Murray Rothbard.jpeg|thumb|right|Murray Rothbard]]
{{Quote|On the free market, everyone earns according to his productive value in satisfying consumer desires. Under statist distribution, everyone earns in proportion to the amount he can plunder from the producers.|Murray N. Rothbard|''[[Power and Market]]''}}

'''Murray Newton Rothbard''', a scholar of extraordinary range who made major contributions to [[economics]], political philosophy ([[libertarianism]] in particular), economic history and legal theory. He developed and extended the Austrian economics of [[Ludwig von Mises]], in whose seminar he was a main participant for many years. He established himself as the principal Austrian theorist in the latter half of the twentieth century and applied Austrian analysis to historical topics such as the [[Great Depression]] of 1929 and the history of American banking.

Rothbard combined Austrian economics with a fervent commitment to individual liberty. He developed a unique synthesis that combined themes from nineteenth-century American individualist-anarchists such as [[Wikipedia:Lysander Spooner|Lysander Spooner]]<ref name="Rothbard_Spooner">Murray N. Rothbard. [http://mises.org/rothbardintros/spooner.asp "Introduction by Murray N. Rothbard"], ''[[Mises Institute]]'', referenced 2009-05-27.</ref> and [[Wikipedia:Benjamin Tucker|Benjamin Tucker]] with Austrian economics. A new political philosophy was the result, and Rothbard devoted his remarkable intellectual energy, over a period of some forty-five years, to developing and promoting his style of libertarianism. In doing so, he became a major American public intellectual.

Building on the Austrian School's concept of [[spontaneous order]], support for a [[free market]] in [[money creation|money production]] and condemnation of [[central planning]],<ref>[http://www.mises.org/store/Free-Market-Monetary-System-A-P553.aspx?AFID=14 ''Free Market Money System''] by F.A. Hayek</ref> Rothbard advocated abolition of [[coercion|coercive]] government control of the economy. He considered the [[monopoly]] force of government the greatest danger to liberty and the long-term well-being of the populace, labeling [[State (polity)|the State]] as nothing but a "a bandit gang writ large"—the locus of the most immoral, grasping and unscrupulous individuals in any society.<ref>[http://mises.org/rothbard/ethics/twentytwo.asp The Ethics of Liberty], Murray Rothbard</ref><ref name="Hans-Hermann Hoppe">{{cite web|url=http://mises.org/rothbard/ethics/hoppeintro.asp|title=The Ethics of Liberty|author=[[Hans-Hermann Hoppe]]|publisher=[[Ludwig von Mises Institute]]}}</ref><ref>[http://mises.org/article.aspx?Id=1423 Repudiating the National Debt], Murray Rothbard</ref><ref>[http://www.lewrockwell.com/rothbard/rothbard200.html To Save Our Economy From Destruction], Murray Rothbard</ref>

Rothbard concluded that all services provided by [[monopoly]] [[government]]s could be provided more efficiently by the private sector. He viewed many regulations and laws ostensibly promulgated for the "public interest" as self-interested power grabs by scheming government bureaucrats engaging in dangerously unfettered self-aggrandizement, as they were not subject to [[price mechanism|market disciplines]]. Rothbard held that there were inefficiencies involved with government services and asserted that [[price mechanism|market disciplines]] would eliminate them, if the services could be provided by competition in the private sector.<ref>[http://www.lewrockwell.com/rothbard/rothbard40.html The Great Society: A Libertarian Critique], Murray Rothbard</ref><ref>[http://www.lewrockwell.com/rothbard/rothbard53.html The Noble Task of Revisionism], Murray Rothbard</ref><ref>[http://www.lewrockwell.com/rothbard/rothbard37.html The Fallacy of the 'Public Sector'], Murray Rothbard</ref>

Rothbard was equally condemning of state [[Corporatocracy|corporatism]]. He criticized many instances where business elites co-opted government's monopoly power so as to influence laws and regulatory policy in a manner benefiting them at the expense of their competitive rivals.<ref>''For a New Liberty'', Chapter 3</ref>

He argued that [[taxation]] represents coercive theft on a grand scale, and "a compulsory [[monopoly]] of force" prohibiting the more efficient voluntary procurement of defense and judicial services from competing suppliers.<ref name="Hans-Hermann Hoppe"/><ref>[http://www.lewrockwell.com/rothbard/rothbard24.html Tax Day], Murray Rothbard</ref> He also considered [[central bank]]ing and [[fractional reserve banking]] under a monopoly [[fiat money]] system a form of state-sponsored, legalized financial [[embezzlement|fraud]], antithetical to [[Libertarianism|libertarian]] principles and ethics.<ref>Rothbard, Murray. [http://www.mises.org/Books/mysteryofbanking.pdf ''The Mystery of Banking''] Ludwig von Mises Institute. 2008. p. 111</ref><ref>{{cite news |url=http://www.accessmylibrary.com/coms2/summary_0286-2737288_ITM |title=Has fractional-reserve banking really passed the market test? (Controversy). |date=January 2003 |format= |work= Independent Review|accessdate=}}</ref><ref>[http://www.fff.org/freedom/0999c.asp The Case for the 100% Gold Dollar], Murray Rothbard</ref><ref>See also Murray Rothbard articles: [http://www.lewrockwell.com/rothbard/rothbard191.html Private Coinage]; [http://www.lewrockwell.com/rothbard/rothbard190.html Repudiate the National Debt]; and [http://www.lewrockwell.com/rothbard/rothbard181.html Taking Money Back]</ref> Rothbard opposed military, political, and [[economic interventionism]] in the affairs of other nations.<ref name="Rothbard on War">[http://www.antiwar.com/orig/rothbard_on_war.html Rothbard on War], excerpts from a 1973 [[Reason (magazine)|Reason Magazine]] article and other materials, published at [[Antiwar.com]], undated.</ref><ref name="For a New Liberty">Murray N. Rothbard ''[http://mises.org/rothbard/newlibertywhole.asp#p263 For a New Liberty]'', p. 265.</ref>

==Life and career==
Murray Rothbard was born March 2, 1926, the son of David and Rae Rothbard. He was a brilliant student even as a young child; and his academic record at Columbia University, where he majored in mathematics and economics, was stellar. In the Columbia economics department, Rothbard did not receive any instruction in Austrian economics, and Mises was no more than a name to him. In a course on price theory given by [[Wikipedia:George Stigler|George Stigler]], however, he encountered arguments against such then popular measures as price and rent control. These arguments greatly appealed to him; and he wrote to the publisher of a pamphlet that Stigler and [[Milton Friedman]] had written on rent control.

===Economist===
The publisher in question was the [[Wikipedia:Foundation for Economic Education|Foundation for Economic Education]]; and visits to this group’s headquarters led Rothbard to a meeting with Ludwig von Mises. Rothbard was at once attracted to Mises’s laissez-faire economics, and when Mises’s masterwork [[Human Action]] appeared in 1949, it made a great impression on him. He was henceforward a praxeologist: here in Mises’s treatise was the consistent and rigorous defense of a free economy for which he had long been in search. He soon became an active member of Mises’s seminar at [[Wikipedia:New York University|New York University]]. Meanwhile, he continued his graduate studies at Columbia, working toward his Ph.D. His mentor was the eminent economic historian Joseph Dorfman, and Rothbard received the degree in 1956, with a thesis on The Panic of 1819 that remains a standard work ([http://mises.org/books/panic1819.pdf ''The Panic of 1819: Reactions and Policies''], pdf, is based on it).

As he deepened his understanding of laissez-faire economics, he confronted a dilemma. The arguments for market provision of goods and services applied across the board. If so, should not even protection and defense be offered on the market rather than supplied by a coercive monopoly? Rothbard realized that he would either have to abandon laissez-faire or embrace individualist anarchy. The choice, arrived at in the winter of 1949, was not difficult.

Rothbard soon attracted the attention of the [[Wikipedia:William Volker Fund|William Volker Fund]], the main group that supported classical liberal scholars in the 1950s and early 1960s. He began a project to write a textbook to explain Human Action in a fashion suitable for college students; a sample chapter he wrote on money and credit won Mises’s approval. As Rothbard continued his work, he transformed the project. The result, [[Man, Economy, and State]] (1962), was a central work of Austrian economics.

Rothbard was entirely in accord with Mises’s endeavor to deduce the whole of economics from the axiom of action, combined with a few subsidiary postulates. In much more detail than Mises had done, he carried out the deduction; and in the process, he contributed major theoretical innovations to [[praxeology]]. He showed that the socialist [[Economic calculation|calculation]] argument applies, not only to a governmentally controlled economy, but to a single private firm owning the entire economy as well. It too could not calculate. He also integrated [[Wikipedia:Frank Fetter|Frank Fetter]]’s<ref name="Herbener_Fetter">Jeffrey Herbener. [http://mises.org/about/3231 "Frank A. Fetter (1863-1949): A Forgotten Giant"], ''[[Mises Institute]]'', referenced 2009-05-27.</ref> theory of rent with Austrian capital theory; and argued that a [[monopoly]] price could not exist on the free market. Further, he offered a brilliant criticism of Keynesian economics, and he anticipated much of the "rational expectations" revolution for which [[Wikipedia:Robert Lucas, Jr.|Robert Lucas]] later won a Nobel Prize.

As Rothbard originally planned [[Man, Economy, and State]], it was to include a final part that presented a comprehensive classification and analysis of types of government intervention. The section also subjected to withering criticism the standard canons of justice in taxation; a brief but brilliant passage refuted in advance the anti-market arguments based on "luck" that were to prove so influential in the later work of [[Wikipedia:John Rawls|John Rawls]] and his many successors. Unfortunately, the part appeared in the original edition only in a severely truncated form. Its full publication came only in 1972, under the title ''Power and Market''. The complete version of [[Man, Economy, and State]], as Rothbard originally intended it to appear, is now available from the [[Mises Institute]].

This masterly work was far from exhausting Rothbard’s contributions to economic theory. In a major paper, "Toward a Reconstruction of Utility and Welfare Economics" (1956, [http://mises.org/rothbard/toward.pdf pdf]), he showed that if one takes seriously the fact that utility is ordinal and not cardinal, then the anti-market views of most modern welfare economists must be abandoned. Strict application of demonstrated preference allows one to say that the participants to a voluntary exchange expect ex ante to benefit. Further than this, the economist, so long as he remains value-free, cannot go. His main papers on economic theory are available in the posthumously published two-volume collection ''The Logic of Action'' (1997).

Rothbard devoted close attention to monetary theory. Here he emphasized the virtues of the classical [[gold standard]] and supported 100% reserve banking. This system, he held, would prevent the credit expansion that, according to the Austrian theory of the business cycle developed by Mises and [[Friedrich Hayek]], led to inevitable depression. He summarized his views for the general public in the often-reprinted pamphlet [[Wikipedia:What Has Government Done to Our Money?|What Has Government Done to Our Money?]] (1964; [http://mises.org/money.asp text], [http://www.mises.org/books/whathasgovernmentdone.pdf pdf]) and also wrote a textbook, [[Wikipedia:The Mystery of Banking|The Mystery of Banking]] (1983; [http://mises.org/mysteryofbanking/mysteryofbanking.pdf pdf]).

Rothbard showed the illumination that Austrian theory could bring to economic history in [[Wikipedia:America's Great Depression|America’s Great Depression]] (1963; [http://mises.org/books/agd.epub text], [http://mises.org/rothbard/agd.pdf pdf]). Far from being a proof of the failures of unregulated capitalism, the 1929 Depression illustrates rather the dangers of government interference with the economy. The economic collapse came as a necessary correction to the artificial boom induced by the [[Federal Reserve System]]’s monetary expansion during the 1920s. The attempts by the government to "cure" the downturn served only to make matters worse.

In making this argument, Rothbard became a pioneer in "Hoover revisionism". Contrary to the myths promoted by [[Wikipedia:Herbert Hoover|Hoover]] himself and his acolytes, Hoover was not an opponent of big government. Quite the contrary, the economic policies of the "Engineer in Politics" prefigured the [[Wikipedia:New Deal|New Deal]]. Rothbard’s view of Hoover is now widely accepted.

For Rothbard, banking policy was a key to American economic history. Like [[Wikipedia:Jules Michelet|Michelet]], he believed that history is a resurrection of the flesh; and his discussions are no dry-as-dust presentations of statistics. He was always concerned to identify the particular actors and interests behind historical decisions. The struggle between the competing [[Wikipedia:J. P. Morgan|Morgan]] and [[Wikipedia:Rockefeller family|Rockefeller]] banking circles figures again and again in his articles in this field, collected in his [[Wikipedia:A History of Money and Banking in the United States (book)|A History of Money and Banking in the United States]] (1999; [http://mises.org/books/historyofmoney.pdf pdf]).

== Austrian School writings ==

The [[Austrian School]] attempts to discover axioms of human action (called "[[praxeology]]" in the Austrian tradition). It supports [[free market economics]] and criticizes [[command economy|command economies]]. Influential advocates were [[Eugen von Böhm-Bawerk]], [[Friedrich Hayek]], and [[Ludwig von Mises]]. Rothbard argued that the entire Austrian economic theory is the working out of the logical implications of the fact that humans engage in purposeful action.<ref>Grimm, Curtis M.; Hunn, Lee; Smith, Ken G. Strategy as Action: Competitive Dynamics and Competitive Advantage. New York Oxford University Press (US). 2006. p. 43</ref> In working out these axioms he came to the position that a monopoly price could not exist on the free market. He also anticipated much of the “[[rational expectations]]” viewpoint in economics.

In accordance with his free market views Rothbard argued that individual protection and national defense also should be offered on the market, rather than supplied by government’s [[coercive monopoly]]. Rothbard was an ardent critic of [[Keynesian]] economic thought<ref>See Robthbard's essay [http://www.mises.org/etexts/keynestheman.pdf Keynes the Man], originally published in ''Dissent on Keynes: A Critical Appraisal of Keynesian Economics'', Edited by Mark Skousen. New York: Praeger, 1992, 171–198; Online edition at The [[Ludwig von Mises Institute]].</ref> as well as the [[utilitarian]] theory of [[philosopher]] [[Jeremy Bentham]].<ref>See Rothbard's essay, "Jeremy Bentham: The Utilitarian as Big Brother" published in his work, ''Classical Economics''.</ref>

In ''Man, Economy, and State'' Rothbard divides the various kinds of state intervention in three categories: "autistic intervention", which is interference with private non-exchange activities; "binary intervention", which is forced exchange between individuals and the state; and "triangular intervention", which is state-mandated exchange between individuals. According to [[Sanford Ikeda]], Rothbard's typology "eliminates the gaps and inconsistencies that appear in Mises's original formulation."<ref>Ikeda, Sanford, ''Dyamics of the Mixed Economy: Toward a Theory of Interventionism'', Routledge UK, 1997, 245.</ref><ref>Murray Rothbard, [http://mises.org/rothbard/mes/chap14.asp Chapter 2 "Fundamentals of Intervention"] from ''Man, Economy and State'', [[Ludwig von Mises Institute]].</ref>

Rothbard also was knowledgeable in history and political philosophy. Rothbard's books, such as ''Man, Economy, and State'', ''[[Power and Market]]'', ''[[The Ethics of Liberty]]'', and ''[[For a New Liberty]]'', are considered by some to be classics of [[natural law]] and [[libertarian]] thought, combining [[libertarian]] [[natural rights]] philosophy, anti-government [[anarchism]] and a [[free market]] perspective in analyzing a range of contemporary social and economic issues. He also possessed extensive knowledge of the history of economic thought, studying the pre-[[Adam Smith]] free market economic schools, such as the [[Scholastics]] and the [[Physiocrats]] and discussed them in his unfinished, multi-volume work, ''[[An Austrian Perspective on the History of Economic Thought]]''.

Rothbard writes in ''[[Power and Market]]'' that the role of the economist in a free market is limited, but the role and power of the economist in a government which continually intervenes in the market expands, as the interventions trigger problems which require further diagnosis and the need for further policy recommendations. Rothbard argues that this simple self-interest prejudices the views of many economists in favor of increased government intervention.<ref>Peter G. Klein, [http://www.mises.org/story/2318 Why Intellectuals Still Support Socialism], [[Ludwig von Mises Institute]], November 15, 2006</ref><ref>[http://www.mises.org/rothbard/mes/chap19.asp Man, Economy, and State, Chapter 7-Conclusion: Economics and Public Policy], [[Ludwig Von Mises Institute]].</ref>

Rothbard also created "Rothbard's law" that "people tend to specialize in what they are worst at. [[Henry George]], for example, is great on everything but land, so therefore he writes about land 90% of the time. [[Milton Friedman|Friedman]] is great except on money, so he concentrates on money."<ref>[http://mises.org/journals/aen/aen11_2_1.asp Interview with Murray N. Rothbard], [[Ludwig von Mises Institute]], Summer 1990.</ref>

===Self-ownership===
In ''The Ethics of Liberty'', Rothbard asserts the right of total [[self-ownership]], as the only principle compatible with a moral code that applies to every person—a "universal ethic"—and that it is a [[natural law]] by being what is naturally best for man.<ref>Rothbard, Murray Newton. The Ethics of Liberty. NYU Press. 2003. pp. 45 - 45</ref> He believed that, as a result, individuals owned the fruits of their labor. Accordingly, each person had the right to exchange his property with others. He believed that if an individual mixes his labor with unowned land then he is the proper owner, and from that point on it is private property that may only exchange hands by trade or gift. He also argued that such land would tend not to remain unused unless it makes economic sense to not put it to use.<ref>Kyriazi, Harold. Reckoning With Rothbard (2004). ''American Journal of Economics and Sociology'' 63 (2), 451</ref>

===Egalitarianism===
The title essay of Murray Rothbard’s 1974 book ''[[Egalitarianism as a Revolt Against Nature and Other Essays]]'' held that “Equality is not in the natural order of things, and the crusade to make everyone equal in every respect (except before the law) is certain to have disastrous consequences.” In it Rothbard wrote, “At the heart of the egalitarian left is the pathological belief that there is no structure of reality; that all the world is a [[tabula rasa]] that can be changed at any moment in any desired direction by the mere exercise of human will.”<ref>George C. Leef, [http://www.thefreemanonline.org/departments/book-review-egalitarianism-as-a-revolt-against-nature-and-other-essays-by-murray-rothbard-edited-by-david-gordon/# Book Review of Egalitarianism as a Revolt Against Nature and Other Essays by Murray Rothbard, edited by David Gordon (2000 edition)], [[The Freeman]], July 2001.</ref><ref>Murray Rothbard, [http://www.lewrockwell.com/rothbard/rothbard31.html Egalitarianism as a Revolt Against Nature and Other Essays], essay published in full at [[Lewrockwell.com]], 2003. See also Rothbard’s essay [http://mises.org/daily/3007 The Struggle Over Egalitarianism Continues], the 1991 introduction to republication of "Freedom, Inequality, Primitivism, and the Division of Labor", [[Ludwig Von Mises Institute]], 2008.</ref> Rothbard also expressed his views that statists suppressed academic research on race in order to support their goal of using the state to enforce egalitarian goals.<ref>Murary Rothbard, [http://www.lewrockwell.com/rothbard/ir/Ch75.html Race! That Murray Book], [[LewRockwell.com]], December 1994.</ref>

In a 1963 article called the “Negro revolution” Rothbard wrote that “the Negro Revolution has some elements that a libertarian must favor, others that he must oppose. Thus, the libertarian opposes compulsory segregation and police brutality, but also opposes compulsory integration and such absurdities as ethnic quota systems in jobs.”<ref>Murray N. Rothbard, [http://oll.libertyfund.org/?option=com_staticxt&staticfile=show.php%3Ftitle=2136&chapter=195367&layout=html&Itemid=27 The Negro Revolution], New Individualist Review, Volume 3, Number 1, Summer 1963.</ref> According to Rothbard biographer [[Justin Raimondo]], Rothbard considered [[Malcolm X]] to be a “great black leader” and [[Martin Luther King]] to be favored by whites because he “was the major restraining force on the developing Negro revolution.” Rothbard also compared [[Lyndon Baines Johnson|U.S. President Lyndon Baines Johnson]]’s use of troops to crush urban rioters in 1968 after King’s assassination to Johnson’s use of American troops against the [[Vietnam War|Vietnamese]].<ref>[[Justin Raimondo]], ''An Enemy of the State'', p. 167-168, Prometheus Books, 2000.</ref>

===Anarcho-capitalism===
Rothbard began to consider himself a private property anarchist in the 1950s and later began to use "[[anarcho-capitalism|anarcho-capitalist]]".<ref name="Crocetta">Roberta Modugno Crocetta, [http://mises.org/journals/scholar/roberta.pdf Murray Rothbard's anarcho-capitalism in the contemporary debate. A critical defense], [[Ludwig Von Mises Institute]].</ref><ref>Michael Oliver, [http://www.lewrockwell.com/rothbard/rothbard103.html 'Exclusive Interview With Murray Rothbard], originally published in "The New Banner: A Fortnightly Libertarian Journal", February 25, 1972.</ref> He wrote: "Capitalism is the fullest expression of anarchism, and anarchism is the fullest expression of capitalism."<ref>[http://www.lewrockwell.com/rothbard/rothbard103.html "Exclusive Interview With Murray Rothbard"] ''The New Banner: A Fortnightly Libertarian Journal'' (February 25, 1972)</ref> In his anarcho-capitalist model, a system of protection agencies compete in a free market and are voluntarily supported by consumers who choose to use their protective and judicial services. Anarcho-capitalism would mean the end of the state [[monopoly on force]].<ref name="Crocetta"/>

Rothbard was equally condemning of relationships he perceived between big business and big government. He cited many instances where business elites co-opted government's monopoly power so as to influence laws and regulatory policy in a manner benefiting them at the expense of their competitive rivals. He wrote in criticism of Ayn Rand's "misty devotion to the Big Businessman" that she: "is too committed emotionally to worship of the Big Businessman-as-Hero to concede that it is precisely Big Business that is largely responsible for the twentieth-century march into aggressive statism..."<ref>''For A New Liberty'' (1973), p. 17</ref> According to Rothbard, one example of such cronyism included grants of monopolistic privilege the railroads derived from sponsoring so-called conservation laws.<ref>''For A New Liberty'' (1973), Power and Market ch. 3</ref>

===Free market money===
:''See also [[Free banking]] and [[Gold standard]]''
Rothbard believed the [[monopoly power]] of government over the issuance and distribution of [[money]] was inherently destructive and unethical. The belief derived from [[Ludwig von Mises]] and [[Friedrich Hayek]]'s [[Austrian Business Cycle Theory|Austrian theory]] of the [[business cycle]], which holds that undue [[credit expansion]] inevitably leads to a gross misallocation of capital resources, triggering unsustainable [[credit bubble]]s and, eventually, [[economic depression]]s. He therefore strongly opposed [[central banking]] and [[fractional reserve banking]] under a [[fiat money]] system, labeling it as "legalized counterfeiting"<ref>[http://www.fff.org/freedom/0999c.asp The Case for a 100% Gold Dollar], Murray Rothbard</ref> or a form of institutionalized [[embezzlement]] and therefore inherently [[fraud]]ulent.<ref>"It should be clear that modern [[fractional reserve banking]] is a [[shell game]], a [[Ponzi scheme]], a [[fraud]] in which fake warehouse receipts are issued and circulate as equivalent to the cash supposedly represented by the receipt." Rothbard, Murray. [http://www.mises.org/Books/mysteryofbanking.pdf ''The Mystery of Banking''], pp. 96-97, 89-94</ref><ref name="What is Money">[http://www.lewrockwell.com/north/north769.html What is Money?], [[Gary North]]</ref> He characterized the government-enforced prohibition on citizens using [[gold as money|commodity currencies]] as legal tender a compulsory [[Ponzi scheme]], a [[Ponzi scheme]] from which no citizen could escape.<ref name="What is Money"/><ref>Rothbard, Murray. [http://www.mises.org/Books/mysteryofbanking.pdf ''The Mystery of Banking''], pp. 96-97, 89-94</ref>

He strongly advocated [[full reserve banking]] ("100 percent banking")<ref>[http://mises.org/story/3480 The Case Against the Fed], Murray Rothbard: 'A [[gold standard|gold-coin standard]], coupled with instant liquidation for any bank that fails to meet its contractual obligations, would bring about a [[free banking]] system so “[[hard currency|hard]]” and sound, that any problem of [[monetary inflation|inflationary]] credit or [[counterfeit money|counterfeiting]] would be minimal. It is perhaps a “second-best” solution to the ideal of treating [[fractional-reserve banking|fractional-reserve bankers]] as [[embezzlement|embezzlers]], but it would suffice at least as an excellent solution for the time being, that is, until people are ready to press on to [[full reserve banking|full 100 percent banking]].'</ref> and a voluntary, nongovernmental [[gold standard]]<ref>See also these Rothbard articles: [http://www.mises.org/money.asp What Has Government Done to Our Money?], [http://www.mises.org/story/1829 The Case for the 100% Gold Dollar]; [http://www.lewrockwell.com/rothbard/cartelization.pdf The Fed as Cartel], [http://www.lewrockwell.com/rothbard/rothbard191.html Private Coinage], [http://www.lewrockwell.com/rothbard/rothbard190.html Repudiate the National Debt]; [http://www.lewrockwell.com/rothbard/rothbard181.html Taking Money Back], [http://www.lewrockwell.com/rothbard/rothbard163.html Anatomy of the Bank Run], [http://www.lewrockwell.com/rothbard/rothbard128.html Money and the Individual]</ref> or, as a second best solution, [[free banking]] (which he also called "free market money").<ref>Rothbard, Murray. [http://www.mises.org/Books/mysteryofbanking.pdf ''The Mystery of Banking''], Ludwig von Mises Institute. 2008. p. 111, 278</ref>

In relation to the current [[central bank]]-managed [[fractional reserve banking|fractional reserve]] [[fiat currency]] [[debt-based monetary system|system]], he stated the following:<ref>Rothbard, Murray. [http://www.mises.org/Books/mysteryofbanking.pdf ''The Mystery of Banking''], p. 261</ref>

{{quote|Given this dismal monetary and banking situation, given a 39:1 pyramiding of checkable deposits and currency on top of gold, given a Fed unchecked and out of control, given a world of fiat moneys, how can we possibly return to a sound noninflationary market money? The objectives, after the discussion in this work, should be clear: (a) to return to a gold standard, a commodity standard unhampered by government intervention; (b) to abolish the Federal Reserve System and return to a system of free and competitive banking; (c) to separate the government from money; and (d) either to enforce 100 percent reserve banking on the commercial banks, or at least to arrive at a system where any bank, at the slightest hint of nonpayment of its demand liabilities, is forced quickly into bankruptcy and liquidation. While the outlawing of fractional reserve as fraud would be preferable if it could be enforced, the problems of enforcement, especially where banks can continually innovate in forms of credit, make free banking an attractive alternative.}}

==Other pursuits==
Rothbard ranged far beyond economics in his historical work. In a four-volume series, [[Wikipedia:Conceived in Liberty|Conceived in Liberty]] (1975-1979; volumes [http://www.mises.org/books/conceived1.pdf I.], [http://www.mises.org/books/conceived2.pdf II.], [http://www.mises.org/books/conceived3.pdf III.], [http://www.mises.org/books/conceived4.pdf IV.] in pdf), he presented a detailed account of American colonial history that stressed the libertarian antecedents of the [[Wikipedia:American Revolution|American Revolution]]. As usual, he challenged mainstream opinion. He had little use for [[Wikipedia:New England#New England and political thought|New England Puritanism]], and the virtues and military leadership of [[Wikipedia:George Washington|George Washington]] did not impress him. For Rothbard, the [[Wikipedia:Articles of Confederation|Articles of Confederation]] were not an overly weak arrangement that needed to be replaced by the more centrally focused [[Wikipedia:United States Constitution|Constitution]]. Quite the contrary, the Articles themselves allowed too much central control.

Although Rothbard usually found himself in close agreement with Mises, in one area he maintained that Mises was mistaken. Mises contended that ethical judgments were subjective: ultimate ends are not subject to rational assessment. Rothbard dissented, maintaining that an objective ethics could be founded on the requirements of human nature. His approach, based on his study of [[Wikipedia:Aristotelianism|Aristotelian]] and [[Wikipedia:Thomism|Thomist philosophy]], is presented in his major work [[Wikipedia:The Ethics of Liberty|The Ethics of Liberty]] (1982; [http://mises.org/rothbard/ethics/ethics.asp text]), his major study of political philosophy.

In his system of political ethics, [[Wikipedia:Self-ownership|self-ownership]] is the basic principle. Given a robust conception of self-ownership, a compulsory government monopoly of protective services is illegitimate; and Rothbard endeavors to refute the arguments to the contrary of supporters of a minimal state, [[Wikipedia:Robert Nozick|Robert Nozick]] chief among them. He contributes important clarifications to problems of libertarian legal theory, such as the nature of contracts and the appropriate standard of punishment. He explains why Mises’s instrumental argument for the market does not fully succeed, though he finds much of value in it; and he criticizes in careful detail Hayek’s view of the rule of law.

===Noninterventionism===
Believing like [[Randolph Bourne]] that "war is the health of the state" Rothbard opposed aggressive foreign policy. He criticized imperialism and the rise of the American empire which needed war to sustain itself and to expand its global control. His dislike of U.S. imperialism even led him to eulogize and lament the [[CIA]]-assisted execution of [[Marxist]] revolutionary [[Che Guevara]] in 1967, proclaiming that "his enemy was our enemy".<ref>[http://mises.org/journals/lar/pdfs/3_3/3_3_1.pdf ''Ernesto Che Guevara R.I.P.''] by Murray Rothbard, Left and Right: A Journal of Libertarian Thought, Volume 3, Number 3 (Spring-Autumn 1967)</ref> Rothbard believed that stopping new wars was necessary and knowledge of how government had seduced citizens into earlier wars was important. Two essays expanded on these views "War, Peace, and the State" and "The Anatomy of the State". Rothbard used insights of the [[elitism]] theorists [[Vilfredo Pareto]], [[Gaetano Mosca]], and [[Robert Michels]] to build a model of state personnel, goals, and ideology.<ref>Joseph R. Stromberg, [http://antiwar.com/stromberg/?articleid=4296 Murray Rothbard on States, War, and Peace: Part I] (also see [http://www.antiwar.com/stromberg/?articleid=4420 Part II]), [[Antiwar.com]], originally published June 2000.</ref><ref>See both essays, Murray N. Rothbard, [http://www.lewrockwell.com/rothbard/rothbard26.html War, Peace, and the State], first published 1963; [http://www.lewrockwell.com/rothbard/rothbard62.html Anatomy of the State], first published 1974, both at [[LewRockwell.com]].</ref> In an obituary for historian [[Harry Elmer Barnes]] Rothbard explained why historical knowledge is important:<ref>Murray N. Rothbard, [http://www.lewrockwell.com/rothbard/rothbard165.html Harry Elmer Barnes, RIP], from "Left and Right" final issue, 1968, republished at [[LewRockwell.com]].</ref>

{{quote|Our entry into World War II was the crucial act in foisting a permanent militarization upon the economy and society, in bringing to the country a permanent garrison state, an overweening military-industrial complex, a permanent system of conscription. It was the crucial act in creating a mixed economy run by Big Government, a system of state-monopoly capitalism run by the central government in collaboration with Big Business and Big Unionism.}}

Rothbard discussed his views on the principles of a libertarian foreign policy in a 1973 interview: "minimize State power as much as possible, down to zero, and [[isolationism]] is the full expression in foreign affairs of the domestic objective of whittling down State power." He further called for "abstinence from any kind of American military intervention and political and economic intervention."<ref name="Rothbard on War"/> In ''For a New Liberty'' he writes: "In a purely libertarian world, therefore, there would be no 'foreign policy' because there would be no States, no governments with a monopoly of coercion over particular territorial areas."<ref name="For a New Liberty"/>

In "War Guilt in the Middle East" Rothbard details Israel's "aggression against Middle East Arabs," confiscatory policies and its "refusal to let these refugees return and reclaim the property taken from them."<ref>Murray Rothbard, [http://mises.org/journals/lar/pdfs/3_3/3_3_4.pdf War Guilt in the Middle East], "Left and Right", Vol. 3 No. 3 (Autumn 1967) ([http://mises.org/rothbard/1967-1969.asp cited here].)</ref> Rothbard also criticized the “organized Anti-Anti-Semitism” that critics of the state of Israel have to suffer.<ref>Murray N. Rothbard, [http://www.lewrockwell.com/rothbard/ir/Ch6.html Pat Buchanan and the Menace of Anti-anti-semitism], December 1990, from ''The Irrepressible Rothbard'', published at [[LewRockwell.com]].</ref> Rothbard criticized as [[state terrorism|terrorism]] the actions of the United States, Israel, and any nation that "retaliates" against innocents because they cannot pinpoint actual perpetrators. He held that no retaliation that injures or kills innocent people is justified, writing "Anything else is an apologia for unremitting and unending mass murder."<ref>Murray N. Rothbard, [http://www.lewrockwell.com/rothbard/rothbard110.html Who Are the Terrorists?], first published in the ''[[Libertarian Party (United States)|Libertarian Party]] News'', March/April 1986, reproduced at [[LewRockwell.com]].</ref>

===Political views===
Rothbard modified the famous dictum of [[Wikipedia:Karl Marx|Marx]]: he wished both to understand and change the world. He endeavored to apply the ideas he had developed in his theoretical work to current politics and to bring libertarian views to the attention of the general public. One issue for him stood foremost. Like [[Wikipedia:Randolph Bourne|Randolph Bourne]], he maintained that "war is the health of the state"; he accordingly opposed an aggressive foreign policy.

His support for nonintervention in foreign policy led him to champion the [[Wikipedia:Old Right (United States)|Old Right]]. [[Wikipedia:John T. Flynn|John T. Flynn]]<ref name="Raimondo_Flynn">Justin Raimondo. [http://mises.org/story/2890 "Who is John T. Flynn?"], ''[[Mises Institute]]'', referenced 2009-05-27.</ref>, [[Wikipedia:Garet Garrett|Garet Garrett]]<ref name="Tucker_Garett">Jeffrey A. Tucker. [http://mises.org/story/2751 "Who Is Garet Garrett?"], ''[[Mises Institute]]'', referenced 2009-05-27.</ref> and other pre-World War II "isolationists" shared Rothbard’s belief in the close connection between state power and bellicose foreign policy.

The situation was quite otherwise with postwar conservatism. Although Rothbard was an early contributor to [[Wikipedia:William F. Buckley, Jr.|William Buckley]]’s [[Wikipedia:National Review|National Review]], he rejected the aggressive pursuit of the [[Wikipedia:Cold War]] advocated by Buckley and such members of his editorial staff as [[Wikipedia:James Burnham|James Burnham]] and [[Wikipedia:Frank S. Meyer|Frank S. Meyer]]. He broke with these self-styled conservatives and thereafter became one of their strongest opponents. For similar reasons, he condemned their [[Wikipedia:Neoconservatism|neoconservative]] successors. He followed a pragmatic policy of temporary alliances with whatever groups were, at a given time, opposed to militarism and foreign adventures. He set forward the basis for his political stance in a key essay, "Left and Right: The Prospects for Liberty" ([http://mises.org/story/910 text]). This appeared in an important scholarly journal, [[Wikipedia:Left and Right: A Journal of Libertarian Thought|Left and Right]] ([http://mises.org/journals/left-right.asp main page]), which he established. This contained major essays on revisionist history and foreign policy, but unfortunately lasted only from 1965-1968.

In an effort to widen the influence of libertarian thought in the academic world, Rothbard founded the [[Wikipedia:Journal of Libertarian Studies|Journal of Libertarian Studies]] ([http://mises.org/periodical.aspx?Id=3 main page]) in 1977. The journal began auspiciously with a symposium on Robert Nozick’s [[Wikipedia:Anarchy, State, and Utopia|Anarchy, State, and Utopia]]. Down to the present, it has remained the most important journal hospitable to libertarian ideas.

Rothbard established in 1987 another journal, the Review of Austrian Economics ([http://mises.org/periodical.aspx?Id=5 main page]), to provide a scholarly venue for economists and others interested in Austrian theory. It too is the key journal in its area of specialty. It has continued to the present, after 1997 under the new name [[Wikipedia:Quarterly Journal of Austrian Economics|Quarterly Journal of Austrian Economics]] ([http://mises.org/periodical.aspx?Id=4 main page]).

In his comments on current events, Rothbard displayed an ability to digest vast quantities of information on whatever subject interested him. Whether, e.g., the question was competing factions in [[Wikipedia:Afghanistan|Afghanistan]] or the sources of investment in oil in the [[Wikipedia:Middle East|Middle East]], he would always have the relevant data at his command. A sample of his columns, taken from the Rockwell Rothbard Report, is available in The Irrepressible Rothbard (2000; [http://mises.org/misesreview_detail.aspx?control=174 review]). Another journal that he founded, [[Wikipedia:The Libertarian Forum|The Libertarian Forum]] ([http://mises.org/journals/libertarianforum.asp main page]), provides his topical comments for the period 1969-1984. He presented a comprehensive popular account of libertarianism in [[Wikipedia:For A New Liberty|For A New Liberty]] (1973; [http://mises.org/rothbard/newlibertywhole.asp text], [http://mises.org/books/newliberty.pdf pdf]).

One last academic triumph remained for Rothbard, though sadly it appeared only after his death. In two massive volumes, [[Wikipedia:An Austrian Perspective on the History of Economic Thought|Economic Thought Before Adam Smith and Classical Economics]] (1995; volume [http://mises.org/books/histofthought1.pdf I.] and [http://mises.org/books/histofthought2.pdf II.] pdf), he presented a minutely detailed and erudite account of the history of economic theory. [[Adam Smith]]<ref name="Rothbard_Smith">Murray N. Rothbard. [http://mises.org/story/2012 "The Adam Smith Myth"], ''[[Mises Institute]]'', referenced 2009-05-27.</ref>, contrary to general belief, was not the founder of modern economics. His defense of a labor theory of value, modified and continued by his Ricardian successors, shunted economics onto the wrong path. The heroes of Rothbard’s study were the [[Wikipedia:School of Salamanca|Spanish scholastics]], who long before Smith had developed a subjective theory of value, and such later figures as [[Richard Cantillon|Cantillon]], [[Anne Robert Jacques Turgot|Turgot]], and [[Jean-Baptiste Say|Say]]. He dissects the heretical religious thought that prefigured Marxism and gives a mordant portrayal of the personality and thought of [[Wikipedia:John Stuart Mill|John Stuart Mill]].

Rothbard was closely associated with the [[Mises Institute|Ludwig von Mises Institute]] from its founding in 1982 by [[Wikipedia:Lew Rockwell|Llewellyn H. Rockwell, Jr]]. This organization became the main vehicle for the promotion of his ideas, and he served as its Academic Vice-President.

He taught at [[Wikipedia:Polytechnic Institute of New York University|Brooklyn Polytechnic Institute]] from the mid 1960s to the mid 1980s; from 1986 to his death on January 7, 1995, he was S.J. Hall Distinguished Professor of Economics at the [[Wikipedia:University of Nevada, Las Vegas|University of Nevada, Las Vegas]].

The "indispensable framework" for the life and work of this creative genius and polymath was his beloved wife, JoAnn Rothbard. His combination of scholarly achievement and engaged advocacy on behalf of freedom is unmatched.

<small>[http://mises.org/about/3249 Original text] written by David Gordon, used with generous permission of the [[Mises Institute]].</small>

==Curriculum Vitae==

=====Academic Degrees=====
*B.A. Mathematics, Columbia University (1945)
*M.A. Economics, Columbia University (1946)
*Ph.D. Economics, Columbia University (1956)

=====Academic Appointments=====
*Instructor, City College of New York (1948-1949)
*Professor of Economics, Polytechnic Institute of Brooklyn (1963-1985)
*Vice President for Academic Affairs, Ludwig von Mises Institute (1982-1995)
*S.J. Hall Distinguished Professor of Economics, University of Nevada, Las Vegas (1986-1995)

=====Other Positions=====
*Senior Analyst, William Volker Fund (1951-1962)
*Editor, Left and Right (1965-1968)
*Founder, Center for Libertarian Studies (1976)
*Resident Scholar, The Cato Institute (1977)
*Founder, Journal of Libertarian Studies (1977)
*Editor, Journal of Libertarian Studies (1977-1995)
*Consultant, U.S. Commission on Gold (1981-1982)
*Founder, The Review of Austrian Economics (1987)
*Editor, The Review of Austrian Economics (1987-1995)

==References==
{{Reflist}}

==External links==
* [http://mises.org/content/mnrbib.asp The complete Rothbard bibliography]
* [http://mises.org/literature.aspx?action=author&Id=299 Books and Essays by Rothbard]
* [http://mises.org/content/mnrasidof.asp A Scholar in Defense of Freedom], a bibliographic essay
* Tributes and Essays to Rothbard by [http://mises.org/content/blockonmnr.asp Walter Block], [http://mises.org/etexts/hhhonmnr.asp Hans Hoppe], [http://mises.org/web/2013 Lew Rockwell] and [http://mises.org/article.aspx?Id=1708 Jeffrey A. Tucker]
* Media: Rothbard's [http://mises.org/media.aspx?action=showname&ID=299 Audio Economics Course] and [http://mises.org/rothspeak/murray.asp Short Clips]

{{DEFAULTSORT:Rothbard, Murray N.}}
[[Category:Anarcho-capitalists]]
[[Category:Economists]]
[[Category:Historians]]
[[Category:Political theorists]]

File:Murray Rothbard.jpeg

2011-03-07T12:59:17Z

Shard: Portrait of murray Rothbard Source is the mises institue: http://picasaweb.google.com/MisesInstitute/RothbardImages#5400734163285108978

Portrait of murray Rothbard

Source is the mises institue: http://picasaweb.google.com/MisesInstitute/RothbardImages#5400734163285108978

Republican Party (United States)

2011-03-07T12:53:56Z

Shard: Added redirect to Republican Party

#REDIRECT [[Republican Party]]

Austrian school

2011-03-07T12:52:45Z

Shard: Added redirect to Austrian School]

#REDIRECT [[Austrian School]]

User:Shard

2011-03-07T12:43:07Z

Shard: Some basic info for myself

Who am i? Well i subscribe to the [[Austrian School]] like most people here, Im an [[anarcho-capitalist]] and work as a programmer by day and night.

Libertarians

2011-03-07T12:34:27Z

Shard: Added redirect to Libertarianis

#REDIRECT [[Libertarianism]]

Thomas DiLorenzo

2011-03-07T12:31:21Z

Shard: Added Portrait image of Thomas DiLorenzo

File:Thomas DiLorenzo.jpeg

2011-03-07T12:29:27Z

Shard: Author Thomas DiLorenzo at CPAC in Washington, D.C. Found at http://en.wikipedia.org/wiki/File:Thomas_DiLorenzo_by_Gage_Skidmore.jpg, Attributed to Gage Skidmore

Author Thomas DiLorenzo at CPAC in Washington, D.C.

Found at http://en.wikipedia.org/wiki/File:Thomas_DiLorenzo_by_Gage_Skidmore.jpg, Attributed to Gage Skidmore

Tom DiLorenzo

2011-03-07T12:24:31Z

Shard: Added redirect to Thomas DiLorenzo

#REDIRECT [[Thomas DiLorenzo]]

Henry Hazlitt

2011-03-07T12:22:40Z

Shard:

[[File:Hazlitt.jpg|right|thumb]]
'''Henry Hazlitt''' (1894–1993) was a journalist and economist of the [[Austrian School]], probably best known for his book [[Economics in One Lesson]], where he expounds the lesson from [[Frédéric Bastiat|Bastiat's]] essay ''What is Seen and What is Not Seen''.

==External links==
* [http://mises.org/about/3233 "Henry Hazlitt (1894-1993)"], a biography
* [[Wikipedia:Henry Hazlitt|Henry Hazlitt]] and [[Wikipedia:Economics in One Lesson|Economics in One Lesson]] on Wikipedia
* the complete [http://mises.org/hazlitt/hazlittbib.asp Bibliography]
* [http://mises.org/literature.aspx?action=author&Id=170 Online works]
* [http://mises.org/daily/3962 Hazlitt's Logic, For Those Who Care About Freedom] by Garet Garret, 1946

{{Stub}}

[[Category:Economists]]
[[Category:Journalists]]
[[Category:Libertarians]]
[[Category:Novelists]]
{{DEFAULTSORT:Hazlitt, Henry}}

Anarcho-capitalist

2011-03-07T12:21:44Z

Shard: Added redirection to anarcho-capitalism

#REDIRECT [[Anarcho-capitalism]]

Barack Obama

2011-03-07T12:18:46Z

Shard: Moved Portrait to correct location

[[File:Official_portrait_of_Barack_Obama.jpg|thumb|right|Barack Obama]]

'''Barack Obama''' (born August 4, 1961) is the 44th and current [[President of the United States of America]].

==Presidency==
President Obama was inaugurated on January 20, 2009, the day that President George W. Bush's term expired.

===Economic Policy===

On February 17, 2009 President Obama signed the American Recovery and Reinvestment Act of 2009, a $787 billion fiscal stimulus attempt including $140 billion in tax credits, $87 billion to help states with Medicaid, $70 billion to prevent use of the alternative minimum tax, $55 billion to pay for state education costs, $47 billion in unemployment benefit extensions, and $40 billion to subsidize health care insurance. The Act's statement of purposes included "To preserve and create jobs and promote economic recovery," "to assist those most impacted by the recession," "to provide investments needed to increase economic
efficiency by spurring technological advances in science and health," "to invest in transportation, environmental protection,
and other infrastructure that will provide long-term economic benefits," and "to stabilize State and local government budgets, in
order to minimize and avoid reductions in essential services and counterproductive state and local tax increases." After its passage, real GDP numbers showed little improvement while the federal deficit grew from 3.2% of GDP to 9.9%. The federal deficit was the larget since 1945, the last year of World War II.

On March 23, 2010 President Obama signed the Patient Protection and Affordable Care Act, an act intended to subsidize premiums for the health insurance of most Americans starting January 1, 2014.

==Links==
* [http://mises.org/daily/5035/The-Presidents-Own-Dumb-Rules The President's Own Dumb Rules] by Nick Ottens, March 2011

{{stub}}

{{DEFAULTSORT:Obama, Barack}}
[[Category:Interventionists]]
[[Category:Presidents of the United States]]

Barack Obama

2011-03-07T12:17:14Z

Shard: Added Portrait image of barack obama

'''Barack Obama''' (born August 4, 1961) is the 44th and current [[President of the United States of America]].

==Presidency==
[[File:Official_portrait_of_Barack_Obama.jpg|thumb|right|Barack Obama]]
President Obama was inaugurated on January 20, 2009, the day that President George W. Bush's term expired.

===Economic Policy===

On February 17, 2009 President Obama signed the American Recovery and Reinvestment Act of 2009, a $787 billion fiscal stimulus attempt including $140 billion in tax credits, $87 billion to help states with Medicaid, $70 billion to prevent use of the alternative minimum tax, $55 billion to pay for state education costs, $47 billion in unemployment benefit extensions, and $40 billion to subsidize health care insurance. The Act's statement of purposes included "To preserve and create jobs and promote economic recovery," "to assist those most impacted by the recession," "to provide investments needed to increase economic
efficiency by spurring technological advances in science and health," "to invest in transportation, environmental protection,
and other infrastructure that will provide long-term economic benefits," and "to stabilize State and local government budgets, in
order to minimize and avoid reductions in essential services and counterproductive state and local tax increases." After its passage, real GDP numbers showed little improvement while the federal deficit grew from 3.2% of GDP to 9.9%. The federal deficit was the larget since 1945, the last year of World War II.

On March 23, 2010 President Obama signed the Patient Protection and Affordable Care Act, an act intended to subsidize premiums for the health insurance of most Americans starting January 1, 2014.

==Links==
* [http://mises.org/daily/5035/The-Presidents-Own-Dumb-Rules The President's Own Dumb Rules] by Nick Ottens, March 2011

{{stub}}

{{DEFAULTSORT:Obama, Barack}}
[[Category:Interventionists]]
[[Category:Presidents of the United States]]

File:Official portrait of Barack Obama.jpg

2011-03-07T12:15:50Z

Shard: Official photographic portrait of US President Barack Obama Found at: http://commons.wikimedia.org/wiki/File:Official_portrait_of_Barack_Obama.jpg

== Summary ==
Official photographic portrait of US President Barack Obama

Found at: http://commons.wikimedia.org/wiki/File:Official_portrait_of_Barack_Obama.jpg
== Licensing ==
{{CC-BY}}