The archive.

Interest rates, Rothbard insists, are prices in credit markets, not headlines to be read off the last few weeks of Fed activity, a habit he mocks with the Marxist term impressionism. The essay's decisive distinction separates a genuine fall in rates, driven by real saving and lower time preference, from an artificial one manufactured by bank-credit expansion that only mimics thrift. From there follows the Austrian cycle: cheap credit validates capital-intensive projects the economy has not actually saved for, until rising prices force an inflation premium onto rates and expose the malinvestments. Extending the logic to capital flows, exchange rates, and the gold standard, he argues that government money is what makes interest-rate signals unstable, needlessly complicating what price theory would otherwise render simple.

Without the interference of government, the entire topic would be duck soup.

Economists wait for the National Bureau of Economic Research to pronounce the economy in or out of recession, and Rothbard's quarrel is with that deference. The Bureau advertises a Baconian method, no theories, only facts averaged into leading, coincident, and lagging indicators, but its procedures, he argues, smuggle in arbitrary choices at every step. Selecting a single peak and trough month from a flat or ambiguous plateau, then dividing the interval into equal parts, forces irregular movement into neat sawtoothed lines; averaging cycles across decades assumes a stable population of events that economic history, with its shifting institutions and monetary regimes, never supplies. Invoking Burns and Mitchell's Measuring Business Cycles as measurement without theory, he challenges the legitimacy of letting a statistical authority define the cycle.

Everyone waits for the National Bureau to speak; when the oracle finally makes its pronouncement, it is accepted without question.

Modern liberalism, in Rothbard's satire, runs as a machine for converting ordinary scarcity, hangnails, unaffordable BMWs, a fable of federally funded beri-beri, into public emergencies whose every failure only justifies tripled funding. Against that ratchet he defends a distinction conservatives forgot: a subsidy hands you money taken from others, while a tax credit merely lets an earner keep his own. When conservatives joined liberals after the 1986 Tax Reform Act in scorning credits as loopholes and subsidies, they surrendered one of the few devices limiting state extraction. Tracing the tactic through the 1988 childcare debate, Rothbard urges not the closing of loopholes but their endless widening, until the federal revenue system becomes one vast opening and the tax state is structurally hollowed out.

Modern liberalism works in a simple but effective manner: liberals Find Problems.

Against the split between academic economics and applied policy—between 'neutral' analysis without theory and scholarship detached from public life—Rothbard offers the Mises Institute as the cure. Part institutional history, part manifesto, the essay recounts a founding in the fall of 1982 with no endowment and no billionaires, then narrates the post-1974 Austrian revival after Hayek's Nobel and the softening 'Austrianism' that whispered Mises had been too dogmatic, too extreme. Rothbard accepts the charge as praise: dogmatism means fidelity to truth. He describes the journals, seminars, fellowships, and Auburn programs not as administration but as the infrastructure a living discipline requires, and treats the word 'Austrian' itself as contested ground nearly captured from within. His conclusion reclaims it—uncompromisingly Misesian, free-market, and radical.

Above all, Austrian economics is once again, as it ever shall be, Misesian.

In a world built on conquest and land seizure, one man's riches really did explain another's want—and there, Mises concedes, the logic of class conflict held. This short radio address argues that a market economy overturns that logic entirely: the gifted can no longer command tribute but must serve the masses better than their rivals, so profit becomes the reward for satisfying consumers rather than plunder taken from labor. Saved and reinvested, that profit raises the capital per worker, lifts the marginal productivity of labor, and cheapens goods for everyone. Mises presses the point further—the typical American wage earner is himself a saver and investor, bound to business prosperity through bonds, insurance, and savings. Employers and employees, he concludes, do not face off across a divide; prosperity carries them together.

In those days the affluence of the rich was the cause of the poverty of the poor.

Every version of welfare economics has tried to judge institutions and legislation from a standpoint above any single person's interest — and every version, Kirzner argues, smuggles in a fiction: that society is a choosing agent facing one allocative problem. Revisiting terrain Murray Rothbard mapped in 1956, he tests classical wealth-maximization, the Marshall-Pigou aggregate of utility, and Pareto optimality against three Austrian commitments — methodological individualism, subjectivism, attention to process — and finds each wanting. Hayek's dispersed-knowledge argument delivers the decisive blow, dissolving the very notion of social efficiency. In its place Kirzner builds a normative economics around coordination: the dovetailing of individual plans, and the entrepreneurial discovery of 'genuine error' — opportunities overlooked even when they cost nothing to grasp. Welfare analysis becomes a question of which institutions best provoke that discovery.

Society, as such, neither possesses goals of its own nor deliberately engages in allocative choice.

Born in London and trained under the hard-money economist Edwin Cannan at the London School of Economics, William Harold Hutt built a body of work that Rothbard here rescues from neglect, treating its obscurity as a verdict on the profession rather than on the man. Hutt emerges as a unified theorist of market coordination: The Theory of Collective Bargaining argued that unions cannot raise wages generally, only redistribute them by displacing less privileged labor; his writing on South Africa read apartheid economically, as compulsory racial labor cartelization; and The Theory of Idle Resources recast Keynesian unemployment as capacity withheld from the market, not proof of deficient demand. Across labor, race, money, and Say's Law runs one conviction—that waste and exclusion arise from coercive privilege, not from free exchange—and it places Hutt beside the Austrian revival he supported.

Indeed, he showed that industrial apartheid was imposed by a successful general strike in 1922 led by William H. Andrews, head of the Communist Party of South Africa under the slogan “Whites Unite and Fight for a Workers’ World”!

Americans save too little, the late-1980s refrain ran, falling behind thrifty Germans and Japanese and starving the country of investment. Rothbard grants the statistics may be right and then dissolves the question behind them: no economist or politician can name the proper rate of saving from outside individual time preference, and moral exhortations to thrift carry neither weight nor content. The real distortion, he argues, is coercive, taxes, spending, capital-gains taxation, and the 1986 repeal of IRA deductibility all shove resources from saving toward state-directed consumption. He rejects the accounting convention that counts government spending as investment, reserving that word for production aimed at future consumers. The cure is not preaching but stripping away government's own coercive tilt against saving.

What is really needed is a drastic reduction of all government taxation and spending, state, local, and federal, across the board.

Imperial Vienna after the collapse of the Habsburg monarchy — Kelsen's Pure Theory of Law, Mises's seminar, the Geistkreis, Freud's circle — forms the opening scene of these recollections, dictated from 1973 interviews and read less as memoir than as intellectual anamnesis. Voegelin narrates his passage through neo-Kantian legal theory, a brief youthful Marxism, and Max Weber's value-free science toward a lifelong effort to recover political science from ideology. Dismissal after the 1938 Anschluss and a narrow escape from the Gestapo turn the story into diagnosis: National Socialism as a deformation of reason and language that constructs "second realities" and forbids questioning. The collapse of his projected History of Political Ideas drives the decisive turn — from detachable ideas to the experiences from which symbols arise.

Ideologies are not science, and ideals are no substitute for ethics.

Does opposition to political corruption imply a commitment to state-enforced civic virtue? In this brief review of Terence Ball and J. G. A. Pocock’s edited collection, Murray N. Rothbard challenges that inference, arguing that honest government is compatible with commerce and Lockean liberalism. His criticism of the collection’s “linguistic turn” turns on a related demand: historians should take eighteenth-century thinkers’ own assumptions about language seriously. Yet his polemic makes room for praise, notably for Gerald Stourzh’s account of how “constitution” came to mean an overriding limit on governmental power. The review offers a sharply drawn liberal objection to the civic-humanist interpretation of founding-era thought, showing precisely where Rothbard believes an argument about corruption becomes an unwarranted argument about virtue.

Much of the moral force behind restricting markets comes from the charge that capitalist incomes are unjust, and that charge, Kirzner contends, rests on bad economics rather than bad ethics. Theories of distributive justice from Rawls to Nozick imagine social output as a given pie, or as given ingredients awaiting allocation, and so overlook the category of discovered gain. Distinguishing discovery from both deliberate search and routine production, he argues that pure entrepreneurial profit arises from utter ignorance, not knowing what one failed to know, and is therefore best judged by a finders-keepers ethic under which discovering an opportunity is a way of creating it. Mises's theory of profit as superior judgment supplies the economic foundation; Locke's labor-mixing and Clarkian marginal productivity do not. Capitalism, he concludes, must be assessed as discovered rather than merely given output.

The finders-keepers rule asserts that an unowned object becomes the justly-owned private property of the first person who, discovering its availability and its potential value, takes possession of it.

The hurricane was natural; the disaster, Rothbard contends, was substantially manufactured by government. Taking Hugo's 1989 landfall as a case study in libertarian political economy, he moves outward through the layers of intervention: FEMA relief that forces distant taxpayers to underwrite reconstruction on a known high-risk coast; compulsory evacuations and mayors barring owners from their own damaged homes; Charleston's anti-gouging law that turned rising prices, the market's rationing signal, into Eastern-European lines and empty shelves. His fiercest fire is reserved for beachfront rebuilding restrictions, which he treats not as ecological prudence but as uncompensated confiscation, citing litigation over whether the state may forbid an owner to build without paying for the taking. The storm, in his reading, is merely the occasion; the state's assault on property is the subject.

Perhaps the worst blow to the coastal residents was the intervention of those professional foes of humanity—the environmentalists.