The Value of Taking Risks

  Curiosity and Its Twelve Rules for Liveby F. H. BuckleyEncounter Books, 2021xx + 228 pages Frank Buckley, a Canadian-born lawyer who teaches at the Scalia School of Law at George Mason University, has given us in this remarkable book a philosophy of life, based on unusually wide knowledge and penetrating reflection. In what follows, I shall discuss only a few of the topics he covers, concentrating on his observations about politics and economics. In doing so, I risk conveying a wrong impression of the book, as these topics by…

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Understanding the "Private" in "Private Security"

Recently in the pages of the Mises Wire, Jason Morgan argued that private security isn’t enough in terms of ensuring personal security and that America needs militias. While I agree with much of the spirit of Dr. Morgan’s essay, there are a few things I wish to clarify and say in defense of private security. We Should Be Clear about What We Mean by “Private Security” The word “private” is often used to describe (and conflate) things that are quite different. Your barber’s private business is quite distinct from a…

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Thanks to Federal Megaspending, the Trade Deficit Has Only Gotten Worse

President Trump’s protectionist trade measures against China and other external partners have not caused a reduction of the total US trade deficit. The latter actually grew further as China’s exports found indirect ways into the US and massive domestic spending schemes were expanded during the pandemic. Almost three years after the Trump administration unleashed the trade war on China, hostilities have not ended, but only entered a truce with the Phase One trade deal signed in January 2020. The US tariff hike on more than $360 billion of Chinese goods has remained in…

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They Don’t Hate Gold Because It’s Gold. They Hate It Because It’s Not Government Money.

Ludwig von Mises Ludwig von Mises was the acknowledged leader of the Austrian school of economic thought, a prodigious originator in economic theory, and a prolific author. Mises’s writings and lectures encompassed economic theory, history, epistemology, government, and political philosophy. His contributions to economic theory include important clarifications on the quantity theory of money, the theory of the trade cycle, the integration of monetary theory with economic theory in general, and a demonstration that socialism must fail because it cannot solve the problem of economic calculation. Mises was the first…

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