One of the great myths of US history is that Herbert Hoover was a laissez-faire president. In truth, he intervened in the economy more than any of his predecessors, creating the crisis known as the Great Depression. His successor made things even worse.
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Bastiat versus MMT
2024-01-20
Proponents of modern monetary theory (MMT) are back in action after a quiet spell during the embarrassing (for them) record price inflation of 2021–23. They are here to tell us that the mountain of government spending and debt is nothing to worry about; the government’s red ink is the private sector’s black ink, they say. Private sector growth emanates from public sector deficits, and since the US government has a gigantic money printer, there’s no reason to ever fear a default or debt crisis.
Frédéric Bastiat, the great proto-Austrian French economist, provided an excellent framework for us to evaluate this claim about the consequences of government spending.
In the department of economy, an act, a habit, an institution, a law, gives birth not only to an effect, but to a series of
Reflections on the Libertarian Role in Society
2024-01-18
With the advent of language artificial intelligence like ChatGPT that are trained on online information, one can find backing for a hypothesis regarding society. General political thought is leftist leaning since the political answers given by the app are left oriented. The victory of self-proclaimed anarchocapitalist Javier Milei in the presidential elections of Argentina seems to be showing a pushback against the progressives, but the same is not happening in the rest of the world—the fire of liberty is still weak.
The global trend of political thought and the libertarian counterrevolution in Argentina invite us to ponder what role learned libertarians should take. The purpose of this article is not to argue in favor of one or another strategy for liberty but to point out a necessary
The Decisive Driving Force to Victory for Javier Milei
2024-01-17
Much has been written in the international press, including within Argentina, about recently inaugurated Argentinian president Javier Milei, mostly about how he is an extreme right-winger (really wanting to taint him as a fascist among left-wing circles). Some independent journalists and observers have commented on how his announced plans could transform Argentina into a prosperous country by following classical liberal policies. One significant feature that has been neglected in the media to date is probably the deciding factor in his meteoric rise to political prominence and power: his conceptual clarity.
Milei says he is a theoretical anarchocapitalist, with practical political actions in the realm of minarchism. This is due to the enormous economic hardship that over 40 percent of
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