August 2021 ISSUE

150 Years of the Austrian School of Economics

By Caleb Fuller

Carl Menger Is 1871 the most important year in the history of social science? I think so. That year, Austrian financial journalist Carl Menger published his Grundsätze der Volkswirtschaftslehre—or Principles of Economics. Later that year another eminent British ec...

Liberty, Not Licensing: John Milton’s Areopagitica

By Sarah Skwire

A Liberty Classic Book Review of Areopagitica and Other Political Writings of John Milton.1 What does it take for a book to get banned? The Newbery Award-winning children's book, The Higher Power of Lucky, has been the center of a storm of this kind of d...

Should Humans Be More Like Machines?

By Arnold Kling

System noise, that is, unwanted variability in judgments that should ideally be identical, can create rampant injustice, high economic costs, and errors of many kinds. —Noise: A Flaw in Human Judgment, by Daniel Kahneman, Olivier Sibony, and Cass R. S...

The Power and Pervasiveness of Spontaneous Order

By Elaine Sternberg

According to Nobel Laureate economist James Buchanan (1977, p.96): ... there is only one principle in economics that is worth stressing.... Apart from this principle there would be no basis for general public support for economics as a legitimate academic disci...

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