Table Of ContentThe Economics of Liberty
Edited by
Llewellyn H. Rockwell
The Ludwig von Mises Institute
Auburn, Alabama 36849
The Ludwigvon Mises Institute gratefully acknowledges
the Patronswhose generositymade the publicationof
this book possible:
a.p.Alford, III JamesW. Frevert RobertE. Miller
MorganAdams, Jr. JohnB. Gardner A. Minis, Jr.
TheAdamsFund Martin Garfinkel
Dr. K. LyleMoore
Anonymous (4)
ThomasE. Gee
Dr. FrancisPowers
Dr. J.e. Arthur
BernardG. Geuting
JoeBaldinger DonaldMosbyRembert
W.B. Grant
V.S. Boddicker AANGSCo. JamesM. Rodney
TheBoddicker W. Grover CatherineDixonRoland
InvestmentCo.
FreewayFasteners
SheldonRose
BrendaBretan
Dr. RobertM. Hansen
FranklinM. Buchta DwightRounds
HarryH. Hoiles
E.O. Buck GaryG. Schlarbaum
CharlesHollinger
Mrs. HaroldB. Chait StanleySchmidt
T.D. James
J.E. Coberly, Jr. G.E. Johnson CharlesK. Seven
WilliamB. Coberly,Jr. MichaelL. Keiser VincentJ. Severini
Coberly-WestCo.
John F. Kieser E.D. Shaw, Jr.
Dr. EverettS. Coleman
H.E. King Shaw OxygenCo.
ChristopherP. Condon
TheM.H. King RussellShoemaker
MorganCowperthwaite Foundation Shoemaker'sCandies
CharlesG. Dannelly W.H. Kleiner AbeSiemens
CarlA. Davis Julius andEmma
ClydeA. Sluhan
Davls-Lynch,Inc. KleinerFoundation
RobertE. Derges Dr. RichardJ. DonaldR. Stewart
JohnDewees Kossmann DavidF. Swain, Jr.
John L. Kreischer
WilliamA. Diehl WalterF. Taylor
RobertH. Krieble
RobertT. Dofflemyer Dr.BenjaminH.
KrtebleAssociates
Dr. WilliamA. Dunn Thurman
NormaR. Lineberger
DunnCapital C.S. Trosper
Management RobertD. Love
Mrs. CardG. Elliott,Jr. LoveBoxCo. EdgarJ. Uihlein
Mr. & Mrs. C.R. Estes William Lowndes, III LawrenceVan
TheLowndesCorp. Someren, Sr.
EstesEnterprises
Jason H. Fane WalterMarcyan CharlesH.Wacker, III
Alice B. Fawcett ForrestE. Mars, Sr. FrederickG.Wacker,Jr.
WillardFischer WilliamW. Massey, Jr. W.F. &SueT.Whitfield
Mr. & Mrs. JamesR. RichardA. Maussner Trammell-WhitfieldCo.
Focht Ellice McDonald, Jr. TomZignego
JohnG. Ford Dr. J.L. McLean TheZignegoCo.
Copyright © 1990 byThe Ludwigvon Mises Institute
All rights reserved. Written permission must be se
cured from the publisher to use or reproduce any partof
this book, except for brief quotations in critical reviews
or articles.
LibraryofCongressCatalogCardNumber: 90-062-46
ISBN: 0-945466-08-0
DEDICATION
To O. P. ALFORD, III,
entrepreneur and activist
for liberty
Contents
Introduction
Llewellyn H. Rockwell 13
1. ECONOMIC TRUTH VS. POLITICAL POWER
Outlawing Jobs: The Minimum Wage,
Once More
Murray N. Rothbard 17
The Scourge ofUnionism
Llewellyn H. Rockwell 21
Keynesianism Redux
Murray N. Rothbard 27
The Keynesian Dream
Murray N. Rothbard 32
The Free-Rider Confusion
Tom Bethell . 35
Property Rights, Taxation, and
the Supply-Siders
Tom Bethell . . 41
The Regulatory Attack on the Market
Llewellyn H. Rockwell .... 47
Are Savings Too Low?
Murray N. Rothbard . 51
The "We" Fallacy
Sheldon L. Richman . 55
U.S. Trade Law: Losing Its Bearings
Alex Tabarrok 59
7
8 THEECONOMICSOFLIBERTY
Statistics: Destroyed from Within?
Murray N. Rothbard 63
The Truth About Economic Forecasting
Graeme B. Littler 66
Michael R. Milken: Political Prisoner?
Llewellyn H. Rockwell 70
The Economic Wisdom ofthe Late Scholastics
Jeffrey A. Tucker 73
2. DEBUNKING THE BANKERS
Bring Back the Bank Run!
James Grant 79
Nick and Jim Dandy to the Rescue
Bradley Miller 84
Q&A on the S&L Mess
Murray N. Rothbard 88
Inflation Redux
Murray N. Rothbard 95
Faustian Economics
John \Z Denson .. .. 98
A Gold Standard for Russia?
Murray N. Rothbard . 101
The Source ofthe Business Cycle
Jeffrey A. Tucker 104
The Key to Sound Money
Edwin Vieira, Jr. 108
Foreclose on the World Bank
E. Cort Kirkwood ......................................... 112
3. UNMASKING THE BUREAUCRATS
Why Bureaucracy Must Fail
Llewellyn H. Rockwell 119
CONTENTS 9
Your Visit to Our Nation's Capital
Llewellyn H. Rockwell 124
The Case Against NASA
Sheldon L. Richman .. 127
Kemp at HUD: Should Free-Marketeers
Be Optimistic?
Greg Kaza ...... 132
Government and Hurricane Hugo:
A Deadly Combination
Murray N. Rothbard . 136
Big Government: An Unnatural Disaster
Llewellyn H. Rockwell 140
In Defense ofCongress
Llewellyn H. Rockwell 144
Exxon: Biggest Victim ofthe Alaskan Oil Spill
Llewellyn H. Rockwell 148
"Mraid to Trust the People With Arms"
Stephen P. Halbrook 153
4. THE GOVERNMENT MESS
Back to First Principles
Joseph Sobran 159
Why Government Grows
Llewellyn H. Rockwell 169
Our Tentative Economic Freedoms
Llewellyn H. Rockwell 174
The Great Society and 25 Years ofDecline
William Murchison 178
Civil Rights and the Politics ofTheft
Joseph Sobran 182
Triumph ofLiberty? Not in the U.S.
Robert Higgs 187
