Karlheinz Muhr Library

The Complete “Austrian School of Economics” Collection


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2,793 works, 150 years of economic thought. Each one summarized and searchable, with cited passages inside.

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1–12 of 37 matches · 2,793 works totalPage 1 of 4; every summary opens into its work.
  1. 1956
    The Literature of Freedom

    The Literature of Freedom

    Henry Hazlitt · 2 sections

    Conceived as an introduction to The Free Man's Library, this 1956 essay pairs a bibliography of individualist and classical-liberal writing with a warning about how easily its lessons are forgotten. Hazlitt's target is the modern progressive who champions freedom of thought and speech while dismantling economic liberty, not seeing that the two cannot be separated. He reclaims the word liberal for Adam Smith, Bastiat, Cobden, and Herbert Spencer, sets historic liberalism's Rule of Law against the drift toward planning and bureaucracy, and quotes Hamilton to the effect that power over a man's subsistence is power over his will. The essay's provocation is its final inversion: the intelligent conservative, defending inherited liberties against expanding state power, has become the truer heir of the liberal tradition.

    Liberty is a whole, and to deny economic liberty is finally to destroy all liberty. Socialism is irreconcilable with freedom.

  2. 1962
    "Planning" vs. the Free Market

    "Planning" vs. the Free Market

    Henry Hazlitt · 10 sections

    'Plan or no plan?' is the wrong question, Hazlitt argues in this 1962 Mont Pelerin Society address; the real one is whose plan. Consumers, workers and entrepreneurs plan ceaselessly, and a government's master design becomes meaningful only when it coerces different outcomes than free choice would yield. From this premise he dismantles two cases for planning: Galbraith's claim that markets make the wrong goods, and the growth planners' faith that merely announcing a four or five percent target can produce it. His sharpest reversal renames the debate, since Galbraith's 'private sector' is really the voluntary sector and his 'public sector' the coercive one. Real growth, Hazlitt maintains, follows from sound money, secure property and rewarded production, not from bureaucratic command dressed up as statistics.

    The welfare state, as Bastiat put it with uncanny clairvoyance more than a century ago, is the great fiction by which everybody tries to live at the expense of everybody else.

  3. 1964
    Reflections at 70

    Reflections at 70

    Henry Hazlitt · 7 sections

    Looking back from his seventieth birthday in 1964, Hazlitt counts himself a fortunate man, luckiest, he says, in his friends. The address moves from memoir into intellectual genealogy: a poverty-forced start at The Wall Street Journal, the discovery through Philip Wicksteed that economics is a rigorous science of human action, and the decisive debt to Benjamin Anderson, H. L. Mencken, and above all Ludwig von Mises. Yet the mood darkens into civilizational diagnosis. Separating genuine scientific and material progress from what he sees as decadence in art, morals, and politics, he reclaims the word 'liberal' for the defenders of limited government and free markets, then turns the reproach on his own side. Invoking Orwell's Winston Smith, he insists the duty to say two plus two equals four cannot be retired.

    But the hard thing must be said that, collectively, we just haven't been good enough.

  4. 1964
    Rights

    Rights

    Henry Hazlitt · 11 sections

    Strip away the metaphysics, and a right is a legally protected sphere of action that imposes a matching duty on everyone else — this reciprocity is the spine of Hazlitt's 1964 essay in legal and political philosophy. From it he dissolves the fashionable quarrel between 'property rights' and 'human rights,' since both are claims of persons against persons, and rereads natural rights not as self-evident heavenly gifts but as ideal legal rights a just order ought to secure. His sharpest fire falls on 'pseudo-rights': Roosevelt's freedom from want and fear, or the United Nations' rights to paid holidays, which name desirable goods without saying who is obliged to supply them. Rights are inviolable, he concludes, not by mystical descent but because durable social peace depends on principled adherence to them.

    Law and Right are correlative terms.

  5. 1966
    Income Without Work

    Income Without Work

    Henry Hazlitt · 18 sections

    A group of reformers, impatient with the patchwork of anti-poverty measures, proposed to abolish poverty at a stroke: guarantee every citizen an income sufficient to live "with dignity," worked for or not. Assembling his 1966 reply alongside the proposals of Robert Theobald's circle and the federal automation commission, Hazlitt treats the guaranteed income not as administrative tidying but as a new theory of rights—one enforced against producers and taxpayers. His counter is to translate "income" back into goods and services that someone must still produce. Fears that cybernation would soon erase jobs he dismisses as a recurring fallacy; static cost estimates he faults for assuming behavior would not change. Even Friedman's negative income tax, he warns, would swell under political pressure into an unconditional floor, severing reward from effort and eroding the surplus relief depends on.

    Nearly all of them seem to share the belief, for example, that the growth of automation and "cybernation" is eliminating jobs so fast (or soon will be) that there soon just won't be jobs for even the most industrious.

  6. 1967
    How Should Prices Be Determined?

    How Should Prices Be Determined?

    Henry Hazlitt · 10 sections

    Because needs, supplies, and costs never stop shifting, any price a government fixes by law is soon an obsolete one — which is why Hazlitt's blunt answer to his title question, that the market should set prices, forecloses most schemes to raise, lower, or freeze them. No price stands alone; each is knotted to every other through joint production, substitution, and the competition of all goods for the consumer's dollar. Export supports for rubber or wheat must choke supply into quotas that breed bureaucracy and invite substitutes; wartime ceilings on necessities drain margins until controls metastasize across wages, imports, and inputs. Flexibility is the corrective, since a soaring price both rations scarce goods and summons new supply. He carries the case into monopoly and antitrust, doubting any court can price a competition that never existed.

    Price control always reduces, unbalances, distorts, and discoordinates production.

  7. 1968
    The Task Confronting Libertarians

    The Task Confronting Libertarians

    Henry Hazlitt · 11 sections

    What one person can do against the drift toward socialism is the easy question; the harder one is what defenders of liberty must do together. Hazlitt reframes the problem strategically: interventionism survives not through bad arguments alone but through entrenched institutions—agencies, beneficiaries, pressure groups, and paid experts, some 2,133 federal bureaus by the Hoover Commission's 1954 count—each defending its own program with specialized authority. His remedy is a division of intellectual labor: general principles cannot substitute for detailed mastery of farm policy, labor law, monetary policy, and taxation. He distrusts business as a reliable ally, invokes Bastiat on the state as the fiction by which everyone lives at everyone else's expense, and settles on honest money as the single front where every libertarian can concentrate.

    The war must be fought on a thousand fronts, and the true libertarians are grossly outnumbered on practically all these fronts.

  8. 1969
    From Spencer's 1884 to Orwell's 1984

    From Spencer's 1884 to Orwell's 1984

    Henry Hazlitt · 8 sections

    Rereading Herbert Spencer's The Man Versus the State from the vantage of 1969, Hazlitt recovers a thinker usually dismissed as a laissez-faire relic and finds instead an uncanny prophet of the welfare state. Two surprises drive the essay: how precisely Spencer foresaw coming state encroachments, and how many supposedly modern interventions, from compulsory insurance and nationalized railways to rent control and state education, had already begun by 1884. The engine of decline Spencer named is political momentum, in which each intervention becomes precedent for the next and every failure is read not as a verdict against coercion but as a reason to expand it. Following Spencer, Hazlitt argues that redistribution rests on the hidden premise that earnings are held only by the community's permission. Spencer's coming slavery finds its completed form, he suggests, in Orwell's 1984.

    Failure does not destroy faith in the agencies employed, but merely suggests more stringent use of such agencies or wider ramifications of them.

  9. 1969
    Uruguay: Welfare State Gone Wild

    Uruguay: Welfare State Gone Wild

    Henry Hazlitt · 8 sections

    Small, literate, European in origin and once counted among Latin America's prosperous nations, Uruguay is Hazlitt's chosen exhibit of a country needlessly ruined by welfare policy. Rather than build a model, this 1969 essay assembles six chronological snapshots from firsthand observers between 1956 and 1969, letting their repetition become the argument: the same deficits, swollen state payrolls, pension claims, strikes, and collapsing peso recur in every report. His central move is to show how a subsidy or pension, once granted, hardens into a "right" that becomes politically impossible to reduce whatever the fiscal crisis. A statistical appendix translates the dossier into monetary collapse, with consumer prices rising 88, then 49, then 136 percent in successive years. Uruguay becomes his universal caution against a welfarism easy to launch and nearly impossible to reverse.

    No politician here can hope to get a majority by advocating austerity, harder work, and the sacrifice of even some of the Welfare State features.

  10. 1970
    Foreign Investment vs. Foreign Aid

    Foreign Investment vs. Foreign Aid

    Henry Hazlitt · 14 sections

    Two kinds of foreign money confront each other in this 1970 pamphlet: private investment that works through ownership, prices, and profit-and-loss discipline, and government aid allocated by political fiat. Hazlitt defends the first as an intensified form of trade—capital arrives with management, technical skill, and the market test of possible loss, and it answers the "taking money out" complaint by first creating the wages, purchases, and productive capacity that make any profit possible. Aid embodies the opposite principle. He treats the Marshall Plan as an emergency wrongly made permanent and Point Four as the globalization of that error, crediting West Germany's recovery to Erhard's currency reform rather than to grants. Financed by taxes, borrowing, or inflation, aid diverts capital, empowers planners, and pauperizes the recipients who come to depend on it.

    We cannot grow rich by giving our goods or our dollars away. We can only grow poorer.

  11. 1970
    Private Property, Public Purpose

    Private Property, Public Purpose

    Henry Hazlitt · 13 sections

    A privately owned railroad cannot enrich its owner unless it carries the public and their goods, and that homely fact carries Hazlitt's thesis that property used in market production already serves a public purpose more faithfully than state ownership. Grounding the argument in Adam Smith and illustrating it with Henry Ford's reinvested profits, he shows that income saved and put to work in tractors, furnaces and housing benefits society as fully as any nationalization. From property he turns to saving, mounting a sustained attack on Keynes's 'cake' analogy: saving is not permanent nonconsumption but the precondition of capital formation, and a world where thrift was sin would grow steadily poorer. His austere conclusion is that the rich do most good not through extravagance or expropriation but by living simply and investing productively.

    What the advocates of all expropriation schemes fail to realize is that property in private hands used for the production of goods and services for the market is already for all practical purposes public wealth.

  12. 1971
    Defining Poverty

    Defining Poverty

    Henry Hazlitt · 5 sections

    Before poverty can be relieved it must be defined, and this 1971 essay argues that loose, relative definitions turn a real but bounded problem into an endlessly expanding political claim. To call the bottom fifth or third 'poor' confuses inequality with poverty and guarantees the problem can never be solved, since some group is always comparatively worse off. Hazlitt dissects the Johnson-era war on poverty's shifting thresholds, leaning on Rose D. Friedman's recalculation that, adjusting for family size and food-spending patterns, roughly halved the official poverty rate. Applied backward to 1929 or outward to India, today's American thresholds redescribe historic abundance as mass want. Poverty, he concludes, should be pegged to subsistence sufficient for health and strength, not to median income, lest relief outrun what work can earn and dependency become rational.

    It is obvious, however, that all merely relative definitions of poverty make the problem insoluble.

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