Economics

Book Review: The Making of Modern Economics

by Richard M. Ebeling July 1, 2001

The Making of Modern Economics: The Lives and Ideas of the Great Thinkers by Mark Skousen (Armonk, N.Y.: M.E. Sharpe, 2001); 485 pages; $25. IN THE EARLY DECADES OF THE 19TH CENTURY, Thomas Carlyle was the first one to call economics “the dismal science.” He considered the study of the market economy “dismal” because it emphasized individualism and freedom of association ...

Book Review: Basic Economics

by Richard M. Ebeling April 1, 2001

Basic Economics: A Citizen’s Guide to the Economy by Thomas Sowell (New York: Basic Books, 2000); 366 pages; $30. WHEN ADAM SMITH completed his criticisms of mercantilism, the 18th-century system of government planning and control, in The Wealth of Nations, he expressed a deep pessimism that the free-trade ideal that he had defended, instead of the regulated economy, would ever be ...

Book Review: From Subsistence to Exchange and Other Essays

by Richard M. Ebeling August 1, 2000

From Subsistence to Exchange and Other Essays by Peter Bauer (Princeton, N.J.: Princeton University Press, 2000); 153 pages; $24.95. FREE-MARKET ECONOMIST Peter T. Bauer is 85 years old this year. During the 55 years since the end of the Second World War, Bauer has been one of the most articulate and insightful critics of economic planning and government intervention in the ...

Government: Creator of Uncertainty

by Sheldon Richman July 1, 2000

THE STOCK MARKET tumbles of recent months are a reminder that when it comes to economic phenomena, subjectivism reigns. One of the pillars of the Austrian school of economics is the principle that in explaining economic events, objective entities and quantities in themselves dont count. What counts is what human beings make of them. As F.A. Hayek wrote, It is ...

Book Review: 15 Great Austrian Economists

by Richard M. Ebeling June 1, 2000

15 Great Austrian Economists edited by Randall G. Holcombe (Auburn, Ala.: Ludwig von Mises Institute, 1999); 258 pages; $15.95. TWENTY-SIX YEARS AGO, in June 1974, I was fortunate enough to be invited by the Institute for Humane Studies to be one of 40 people who attended a week-long conference on Austrian economics in South Royalton, Vermont. After a decades long hiatus, ...

ATM Tyranny

by Sheldon Richman February 1, 2000

Some years ago, when gas stations began replacing free air pumps with coin operated models, some motorists objected. "But air is free," one protested. To which a gas station owner replied, "Fine; blow the tire up yourself." I'm reminded of that story by the current flap over fees for ATMs. Here's a controversy tailored-made for demagogic political leaders looking for ...

Book Review: Hayek

by Richard M. Ebeling July 1, 1999

Hayek: A Commemorative Album compiled by John Raybould (London: Adam Smith Institute, 1999); 120 pages; $19.95. I first met Friedrich A. Hayek in 1975, the year after he received the Nobel Prize in economics. I had had the exceptionally good fortune to be awarded summer fellowships for 1975 and 1977 at the Institute for Humane Studies when their offices were ...

Housing Discrimination Laws and the Continuing Erosion of Property Rights

by George Leef May 1, 1999

Not so long ago in this country, you could stay out of legal trouble by refraining from aggression against other people. The law of torts, crimes, and property was well established and under those bodies of law, you committed no offense unless you acted ...

Book Review: Problemas Economicos de Mexico

by Richard M. Ebeling January 1, 1999

Problemas Economicos de Mexico by Ludwig von Mises (Mexico City: Instituto Cultural Ludwig von Mises); 125 pages; $20. In December 1941, Austrian economist Ludwig von Mises was invited by Luis Montes de Oca, a former director of the Mexican central bank, to deliver a series of lectures in Mexico during January and February 1942. The Mexico visited by Mises was ...

Book Review: J.B. Say

by Richard M. Ebeling May 1, 1998

J.B. Say: An Economist in Troubled Times writings translated and selected by R.R. Palmer (Princeton, N.J.: Princeton University Press, 1997); 164 pages; $39.95. Whatever economic freedom we enjoy in the world today is due, to a great extent, to the ideas and efforts of the classical liberals and economists of the first half of the 19th century. Inspired by the ...

Book Review: The Logic of Action

by Richard M. Ebeling April 1, 1998

The Logic of Action, Volume 1: Method, Money and the Austrian School by Murray N. Rothbard (Lyme, N.H.: Edward Elgar Publishing, Inc., 1997); 452 pages; $80. During the past 40 years, one of the most important contributors to the Austrian school of economics was Murray Newton Rothbard. He was also one of the major figures in the revival and renaissance ...

From the New Mercantilism to Economic Fascism

by Richard M. Ebeling August 1, 1991

February 1991 saw the release of the latest annual Economic Report of The President. Prepared by the President's Council of Economic Advisors, the report is meant to provide a detailed summary of where the American economy has been during the past twelve months and to offer various projections as to where the economy is heading for the next twelve ...