You do not defend a world that is already lost. When was it lost? That you cannot say precisely. It is a point for the revolutionary historian to ponder. We know only that it was surrendered peacefully, without a struggle, almost unawares. There was no

I – Classical Economic Theory It is my goal to reconstruct some basic truths regarding the process of economic development and the role played in it by employment, money, and interest. These truths neither originated with the Austrian school of economics nor are an integral part

The Human Action Podcast wraps up the year with none other than the venerable Professor Paul Gottfried! This is our final show focused on the Old Right, the early 20th century political tradition which animated later libertarian figures like Murray Rothbard. How was this great legacy

According to Ayn Rand’s ethics, the only basis for value is an individual’s survival as a rational being. In order to live as a rational being, you must respect the rights of others as rational beings each aiming at his own survival. As Harry Binswanger, a

Your gift will help us do more in 2022. With your gift of $25 or more, you will receive a copy of Hans-Hermann Hoppe's What Must Be Done. Recurring donors of $5 or more will also receive a copy of What Must Be Done and renew their Membership through 2022.

First, we must define inflation: it is the increase in the quantity of money, currency, and credit. It is not an increase in prices. Changes in the general price level is the consequence of a combination in changes of the quantity of deposit currency and

[Originally published in American Affairs, April 1948.] "Public money is like holy water. Every man helps himself." ~ Italian proverb As the hungry dollar devours its own purchasing power we may think we are going to find out what happened to the fabulous snake that swallowed itself. But

By popular thinking, the key driver of economic growth is increases in the total demand for goods and services. It is also held that the overall output increases by a multiple of the increase in expenditure by government, consumers and businesses. Following this way of thinking

As a libertarian, I have long objected to being characterized on a left-right political spectrum (as with studies of political affiliations that group libertarians with republicans or conservatives on the right). In response to inquiries about where I fit in that framework, over the years,

[Excerpt from Murray N. Rothbard, A History of Money and Banking in the United States: The Colonial Era to World War II (Auburn, AL: Mises Institute, 2005), part 4, pp. 400–24.] By the end of 1925, Montagu Norman and the British Establishment were seemingly monarch of