September 2019 ISSUE

The Role of the Economist in a Free Society: The Art of Political Economy

By Peter J. Boettke

Economics in the hands of its masters is an expert critique of rule by expertise. And even among its masters, there are many differing visions of the role of economics. —Pete Boettke Robert Skidelsky wrote a magisterial three-volume biography of John Maynard Key...

Rehabilitating Self-Help: Why Hayek Was Wrong about Samuel Smiles

By Roger Donway

In 1976, Friedrich Hayek effectively read Samuel Smiles out of the classical-liberal movement. In The Mirage of Social Justice, Hayek said that the work of Samuel Smiles (1812-1904) constitutes a snare and a delusion for pro-capitalists. Smiles's defense of free ent...

Humanomics: Moral Sentiments and Wealth of Nations for the Twenty-First Century.

By Maria Pia Paganelli

What is Humanomics?1 It sounds like a combination of human and economics. And indeed this book by Vernon Smith and Bart Wilson can be read as an attempt to reintroduce the human component into economics. It can be read as a criticism of modern economics and as the p...

Encourage Dissent

By Arnold Kling

Much of the time, it is in the interest of the individual to follow the crowd but in the social interest for individuals to say and do what they think best. Well-functioning institutions take steps to discourage conformity and to promote dissent, partly to protect...
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