We claim that macroeconomic modeling in terms of financial assets is superior to the more traditional model of loanable funds. One advantage of this perspective is that it allows us to take cognizance of the fact that the world is complex: there are many more than one market involved. It also...

At the inception of the Jesuit order in the 16th century, they played an important role (along with the Dominicans) in the formation of the School of Salamanca. The economic philosophy undergirding this institution was far more radically free enterprise oriented than even Smith (1776). Yet, in...

Abraham Lincoln was the great centralizer. His War of 1861 was only the tip of the iceberg in this regard. This core of his philosophy can also be seen in his “contributions” to class warfare, the American “system” of public works, strong tariff protection, public lands policy, welfare...

In the view of Boettke (1998), Coase (1960) casts lights of understanding in a myriad of fields, including, preeminently, property rights theory and the Soviet system of economics. The claim of the present author, in sharp contrast, is that this seminal article of Coase’s is a snare and a...

Fair trade gains popularity, while free trade is undergoing more and more criticism. Since international free trade supposedly pollutes the environment, promotes the utilization of sweatshops, exploits child labor, and impoverishes developing countries, fair trade is a preferable alternative...

According to libertarian homesteading theory, in order to convert unowned virgin territory into ownership status, one must mix one’s labor with it, thus transforming it through his efforts into land that can be better used by humanity than what was initially there. But, what about acreage...

Coase (1974) claimed that private lighthouses were operational in the 18th and early 19th centuries. Barnett and Block (2007) took the position that Coase’s (1974) understanding of the difference between private and public enterprises was confused,and that as a result his thesis was false....

Young (2005) attempted to test Austrian Business Cycle Theory (ABCT). Murphy, Barnett and Block (hence, MBB, 2009) criticized Young (2005) on the ground that his model failed on its own terms. MBB (2009) found significantly different parameter estimates using the same data as did Young (2005)....

Purpose: For most commentators, creating jobs is a good thing. The more jobs the better, the fewer the worse. Public policies are commonly evaluated on this basis. The purpose of the present paper is to argue the exact reverse: employment is bad, albeit it a necessary evil. Forced unemployment...