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Three of the leading voices for liberty and the free society in the 20th century were F. A. Hayek, Ludwig von Mises and Ayn Rand Three names are widely associated with the cause of human freedom and economic liberty in the twentieth century: Friedrich A. Hayek, Ludwig von Mises, and Ayn Rand. Indeed, it can be argued that Hayek’s  Road to Serfdom (1944) and  Constitution of Liberty (1960), Mises’s  Socialism (1936) and  The Fountainhead (1943) and  Atlas Shrugged (1957) did more to turn the intellectual tide of opinion away from collectivism in the second half of the twentieth c...

President Joe Biden has promised to raise the minimum wage from $7.25 to $15 per hour.  Some economists are of the view that the increase in the minimum wage could cause an increase in unemployment. Other economists think that the increase is unlikely to harm the labor market. Hence, they are of the view that raising the minimum wage could lift the workers' living standards.  For example, in a study conducted in the 1990s, economists David Card and Alan Krueger examined a minimum wage rise in New Jersey by comparing fast-food restaurants there and in an adjacent part of Pennsylvania.1 They...

Inflation Breeds Even More Inflation I. Warning against Fiduciary Media Early in the 20th century, Ludwig von Mises warned against the consequences of granting the government control over the money supply. Such a regime inevitably creates money through bank credit that is not backed by real savings—a type of money that Mises termed “fiduciary media.” In 1912, Mises wrote, It would be a mistake to assume that the modern organization of exchange is bound to continue to exist. It carries within itself the germ of its own destruction; the development of the fiduciary medium must necessarily...

home > archive > 2021 > this article Loading By Alex Horsman “War is mass murder. Conscription is slavery. Taxation is robbery.” Renowned Austrian school economist. Founder and former leading theoretician of anarcho-capitalism. Passionate historical revisionist. Arguably the preeminent libertarian thinker of the 20th century. Whenever you see the colors black and yellow laid side by side, the first man who comes to your mind should be Murray Newton Rothbard. And needless to say, when you read Murray Rothbard quotes you should pay attention. Rothbard was born in 1926 to Jewish immi...

Niger Business Posted on: I. Warning against Fiduciary Media Early in the 20th century, Ludwig von Mises warned against the consequences of granting the government control over the money supply. Such a regime inevitably creates money through bank credit that is not backed by real savings—a type of money that Mises termed “fiduciary media.” In 1912, Mises wrote, It would be a mistake to assume that the modern organization of exchange is bound to continue to exist. It ...