Millennials are disgruntled, and it’s no wonder. In 2008 they turned out in record numbers in support of a presidential candidate who used the most leftish-sounding rhetoric of any Democratic candidate since McGovern. This president came into office with a seemingly filibuster-proof Democratic Congressional majority, by the largest Democratic electoral margin since LBJ beat Goldwater….

Foundation The Industrial Revolution is typically regarded as a story of capitalism, free enterprise, and progress in technology and living standards. This paper attempts to disentangle the threads of capitalism, free enterprise, and progress, in the context of the Industrial Revolution, with a focus on Britain and the United States. It aims to bring some historical perspectives into…

“At this festive season of the year, Mr. Scrooge,” said the gentleman, taking up a pen, “it is more than usually desirable that we should make some slight provision for the poor and destitute, who suffer greatly at the present time. Many thousands are in want of common necessaries; hundreds of thousands are in want…

During the late 1880s, a fierce debate broke out in the pages of the libertarian periodical Liberty over egoistic versus natural-rights approaches to anarchism. (The various contributions to this debate will eventually be available in the Molinari Institute’s online library; in the meantime, for details see Frank H. Brooks’ The Individualist Anarchists: An Anthology of Liberty (1881-1908) or Wendy McElroy’s The Debates of Liberty:…

The main plotline of the Star Wars prequel trilogy concerns an apparent conflict between the central government (the Senate) on the one hand and a coalition of mercantile interests (the Trade Federation, the Commerce Guild, etc.) on the other. As events unfold, however, it quickly becomes obvious to the audience (though much less quickly to the protagonists)…

Montaigne famously held that one person’s profit always involves another person’s loss, and this apothegm has won him some hostility from libertarians; see Mises, for example, here, here, and here. But I think Montaigne’s meaning has been misunderstood. When the claim is taken out of context, it is easy to assume, first, that Montaigne is attacking profit, and…

Last week’s TGIF, “One Moral Standard for All,” drew a curious response from Matt Bruenig, a contributor to the Demos blog, Policy Shop. In reading his article, “Libertarians Are Huge Fans of Initiating Force,” one should bear in mind that the aim of my article was not to defend the libertarian philosophy, but to show that most people live…

Libertarians make a self-defeating mistake in assuming that their fundamental principles differ radically from most other people’s principles. Think how much easier it would be to bring others to the libertarian position if we realized that they already agree with us in substantial ways. What am I talking about? It’s quite simple. Libertarians believe that…

Advocating liberty means opposing the use of force to restrain peaceful, voluntary exchange. But it doesn’t have to mean calling a system of peaceful, voluntary exchange “capitalism.” Some people, of course, think this is obviously what “capitalism” means. And I can’t prove they’re wrong, because the word means different things to different people. I’m confident, though, that…

Amia Srinivasan has four questions for free-market moralists, specifically those who accept something like a Nozickian account of individual rights. My own take is more Rothbardian than Nozickian, but that still seems close enough to give her four answers, and to ask four questions in return about the assumptions that underlie her essay. Amia begins by asking: 1….

In a syndicated column last October, television journalist John Stossel lamented the downgrading from sixth to eighth place—“behind Canada!”—of the United States on the Heritage Foundation/Wall Street Journal Index of Economic Freedom. The Index is based on several metrics, including freedom of movement of capital, the degree of business regulation, and levels of taxes and spending….

The Progressive movement at the turn of the twentieth century—the doctrine from which the main current of modern liberalism developed—is sometimes erroneously viewed as an “anti-business” philosophy. It was anti-market to be sure, but by no means necessarily anti-business. Progressivism was, more than anything, managerialist. The American economy after the Civil War became increasingly dominated…

Tyler Cowen’s thesis is that economic growth is leveling off and rates of return decreasing because we’ve already picked the “low-hanging fruit” (meaning innovations and investments that have high returns). The stagnation in GDP and median income in recent decades means “the pace of technological development has slowed down,” and the general population is benefiting…

This article won the 2011 Beth A. Hoffman Memorial Prize for Economic Writing. Although critics on the left are very astute in describing the evils of present-day society, they usually fail to understand either the root of those problems (government intervention) or their solution (the operation of a freed market). In Progressive commentary on energy,…

In The Wealth of Nations Adam Smith famously wrote, “People of the same trade seldom meet together, even for merriment and diversion, but the conversation ends in a conspiracy against the publick, or in some contrivance to raise prices.” It may seem strange that history’s best-known advocate of the free market would cast such aspersions on business…

I should know better than to take seriously the insipid words of presidential speechwriters, especially those who composed an inaugural address. Still, I can’t let some of the words President Obama read at Monday’s inauguration pass without comment. For example, Obama said this: Preserving our individual freedoms ultimately requires collective action. For the American people can…

Back in 1974, the newly-formed Libertarian Party adopted what’s now called the “Dallas Accord.” The Dallas Accord was intended to make the LP platform compatible with both minarchism and anarchism by keeping the LP officially silent on whether or not governments should exist, in the end; hence the platform focused mainly on what ought to be repealed,…

Defense: How? How should a free nation defend itself from foreign aggression? Defense: Why? This question presupposes a prior question: would a free nation need to defend itself from foreign aggression? Some would answer no: the rewards of cooperation outweigh the rewards of aggression, and so a nation will probably not be attacked unless it first acts…

The Argument for Market Failure A public good, as economists define the concept, is any good from whose enjoyment non-contributors cannot be excluded. The theory of public goods is of interest to libertarians for two reasons: first, because a great many things we care about – highways, education, law enforcement, fire protection, national defense, etc. – are widely thought…

In his classic essay, “The Use of Knowledge in Society,” F.A. Hayek explains the concept of distributed knowledge. Every individual has unique knowledge shaped by their experiences and preferences, knowledge that may not be accessible to others, no matter how well educated they may be. Hayek writes: “Today it is almost heresy to suggest that…