Mises Fans

Author: Daniel Morena Viton. Read the full article at the Mises Institute . Article preview: A concrete example of an anarchic order existed within Spain, on the current border between Spain and Portugal, in the kingdoms of Castilla and Galicia. By “anarchy” I mean the abolition of centralized power, not the abolition of authority as leftists conceive it to be. One such regime was called Coto Mixto. It was a small territory located in the basin of the Salas River. Coto Mixto’s residents avoided the control of Spain and Portugal from approximately 1143 to 1868. It measured thirty square kilometers and was part of the Orense diocese. The one thousand inhabitants of Coto Mixto (according to the 1864 census) did not have a king or feudal lord and maintained historic privileges. Its social structures could be considered anarchic because...

Author: Daniel Kowalski Read the full article at the Mises Institute . Article preview: We are faced today with a concentrated attack on the great thinkers of the Western tradition, who are dismissed as “dead white European males.” Robert Nozick used to say that what offended him most in this phrase was the word “dead.” It’s not nice to beat up on people who can’t fight back because they are no longer here! But the attack I’m talking about is no joke. A free society depends on certain principles, and Western thinkers played a major role in their development, though they have counterparts in other civilizations as well. And there is something even more essential. In order to find out about the principles of a free society, we need to think. We must use our reason. But reason is under attack by the “woke” crowd, who dismiss rational thought as just the expression of class prejudice. The ideas of those who shaped the Western tradition are dismissed because they come from a “privileged” cl

Author: Julian Adorney. Read the full article at the Mises Institute . Article preview: Kimberlé Crenshaw, one of the founders of Critical Race Theory, recently decried what she called the "war on wokeness" (by which she seems to mean, a war on CRT). According to her, this "war on wokeness" is "the road to an authoritarian state that’s paved through the history of white supremacy." It's true that the "war on wokeness" has taken on authoritarian overtones of late. Many Republicans are rejecting the ideas of pluralism and free speech that underpin the American ideal and pushing through broad laws aimed at banning the teachings of CRT. In their desire to stop "wokeness" these laws often muzzle dissenters, and are so broadly written that they can throw the baby out with the bathwater. Free speech advocates have roundly condemned t...

Author: David Gordon. Read the full article at the Mises Institute . Article preview: The eminent economist Edmund Phelps is a “liberal” in the modern sense, not a libertarian, but in his recent book My Journeys in Economic Theory (Columbia University Press, 2023), he makes a number of points that those of us who are libertarians will find useful. Opponents of rights-based libertarianism like Andrew Koppelman in his book Burning Down the House say that without government welfare programs, the poor would perish. This outcome is fine with libertarians, Koppelman thinks. Those who can’t take care of themselves deserve to die. Supporters of the free market respond, however, that private charity would not be lacking in a free society. Phelps points out that people voluntarily donate substantial amounts of money to charity: Standa...

Author: Ryan McMaken. Read the full article at the Mises Institute . Article preview: In an excellent display of how US foreign policy can be used as a means of pandering to domestic interest groups, the Biden administration has threatened to impose sanctions on Uganda as punishment for that regime's adoption of new laws criminalizing some types of homosexual behavior.  While it is abundantly clear that this move from the Ugandan state presents absolutely no threat to any vital US interest, the Biden administration apparently believes the situation requires immediate action by the US regime. According to Axios, the Biden Administration's proposed actions includ[e] whether the U.S. will continue to safely deliver services under the U.S. President’s Emergency Plan for AIDS Relief and other forms of assistance and investments. ...

Author: Frank Shostak. Read the full article at the Mises Institute . Article preview: According to some commentators, the US banking crises is over, or at least can be easily managed by the Federal Reserve System. In addition, the Fed chairman has vouched for the health of the US banking sector. However, the banking crisis is likely in its early stages. What has started as the collapse of regional banks is likely to spread to national banks. The key reason for that is the decline in the pool of savings and continuation of fractional reserve lending in which banks are legally permitted to use money placed with them in demand deposits in lending activities. Banks treat deposits as though they were loaned to them. Although permitted by law, from an economic point of view, this results in money creation leading to consumption no...

Author: Joseph Summerhays. Read the full article at the Mises Institute . Article preview: Like snobby teenagers claim of themselves, many say that “nobody understands artificial intelligence (AI).” For example, in a recent interview between Jordan Peterson and Brian Roemmele about ChatGPT, Jordan Peterson claimed that “The system is too complex to model” and each AI system is not only incomprehensible but unique. He further claims that “some of these AI systems, they’ve [AI experts] managed to reduce what they do learn to something approximating an algorithm. . . . [but] Generally the system can’t be and isn’t simplified.” Brian Roemmele concurred: “nobody really understands precisely what it’s doing and what is called the hidden layer. It is so many interconnections of neurons that it essentially is a black box. . . .” The crit...

Author: Ryan McMaken. Read the full article at the Mises Institute . Article preview: After countless predictions of economic armaggeddon and panicky entreaties to raise the debt ceiling with no strings attached, the Biden White House and Congressional Republicans agreed on a new budget deal this week that does virtually nothing at all to change the status quo. The deal in no way returns federal spending to pre-covid levels. At best, the deal does "limit" spending by placing tentative caps on spending which—assuming they are not abandoned in the face of some new economic or geopolitical "emergency"—allow for a one-percent increase in spending each year over the next two years. At the same time, however, the deal abolishes the debt ceiling altogether until 2025. As summarized by the Associated Press:  The agreement would keep...

Author: Gary Galles. Read the full article at the Mises Institute . Article preview: Americans have long thought of themselves as people of action. As Leonard Read noted in his article “How to Gain Liberty,” the sentiment “I want less talk and more action” is (or at least once was) common among Americans. It even extends to situations when people recognize that their liberties are threatened. But then the question arises as to what sorts of action are appropriate in defense of our liberties: Thus speak Americans when they suddenly awaken to the fact that their liberties are endangered. Talk, they say, is useless; only action counts. But perhaps talk and action aren’t necessarily opposites. What if studying, talking, writing, and explaining should turn out to be the only worthwhile action there is? What then? The issue arise...

Author: Benjamin Seevers. Read the full article at the Mises Institute . Article preview: Recently, I had the pleasure of attending a debate about the morality of capitalism between James Otteson and Michael Anton, a defender of economic nationalism. Otteson made a good case for capitalism; however, Anton derailed the debate by choosing to focus on specific policies rather than ethical concerns. Ironically, Anton admits that he has hardly ever picked up an economics textbook. Throughout the debate, Anton made claims that were either misleading or false. I will address the most egregious here. Tariffs and Free Trade Anton’s foremost claim is that tariffs are, in fact, beneficial for economic development. Without giving much evidence, he merely appeals to the authority of Alexander Hamilton and the infant industry argument. Perhap...