austrian-school-of-economics

He who is unfit to serve his fellow citizens wants to rule them.

The free market punishes irresponsibility. Government rewards it.

Nowadays the job of the judge is not to do justice. The judge is more of a functionary . He's like a civil servant whose job is to interpret words written down by another branch of the government, whether those words are just or not.

The disdain of profit is due to ignorance, and to an attitude that we may if we wish admire in the ascetic who has chosen to be content with a small share of the riches of this world, but which, when actualised in the form of restrictions on profits of others, is selfish to the extent that it imposes asceticism, and indeed deprivations of all sorts, on others.

What is a price? It is a proposed point of agreement between a buyer and seller. The proposal is the key. It is not a marching order. Past prices represent deals done in history. Current prices represent possible deals in the future. Prices embed vast information about perceived realities: resource availability, consumer demand, cultural biases and habits, speculations about the future. The price is also an amazing tool. It provides an objective basis for accounting and the assessment of profit and loss. Without prices, real prices rooted in real market experience, we__ been lost.

If any of the socialist chiefs had tried to earn his living by selling hot dogs, he would have learned something about the sovereignty of the consumers.

While liberals are in favor of any sexual activity engaged in by two consenting adults, when these consenting adults engage in trade or exchange, the liberals step in to harass, cripple, restrict, or prohibit that trade. And yet both the consenting sexual activity and the trade are similar expressions of liberty in action.

Taxation is theft, purely and simply even though it is theft on a grand and colossal scale which no acknowledged criminals could hope to match. It is a compulsory seizure of the property of the State__ inhabitants, or subjects.

In the same way that central banking nearly wrecked the world and created one calamity after another, bitcoin can save the world one transaction at a time.It is time for a new beginning.

Here is a principle to use in all aspects of economics and policy. When you find a good or service that is in huge demand but the supply is so limited to the point that the price goes up and up, look for the regulation that is causing it. This applies regardless of the sector, whether transportation, gas, education, food, beer, or daycare. There is something in the way that is preventing the market from working as it should. If you look carefully enough, you will find the hand of the state making the mess in question.

No people and no part of a people shall be held against its will in a political association that it does not want.

It is be­cause freedom means the renun­ciation of direct control of individual efforts that a free society can make use of so much more knowledge than the mind of the wisest ruler could comprehend.

There are two and only two ways that any economy can be organized. One is by freedom and voluntary choice__he way of the market. The other is by force and dictation__he way of the State.

The demoralization that the debase­ment of the currency left in its wake played a major role in bring­ing Adolf Hitler into power in 1933.

Ultimately, all arguments against markets are arguments against anarchy. Marx understood this much, at least.

Recall that the minimum wage was initially conceived as a method to exclude undesirables from the workforce.

The very term __ublic utility_ _ is an absurd one. Every good is useful __o the public,_ and almost every good _ may be considered __ecessary._ Any designation of a few industries as __ublic utilities_ is completely arbitrary and unjustified.

I define anarchist society as one where there is no legal possibility for coercive aggression against the person or property of any individual.