Political Theory

President Bush’s invasion of Iraq made many observers gasp with amazement. What could have motivated such hasty and ill-advised action? 

No institution has worked more consistently to obliterate property rights than the federal courts, making certain political groups very happy. Thus, it's no surprise that Democrats on Capital Hill are blocking the confirmation of a judge to the U.S. Court of Appeals for the District of Columbia Circuit who — wonder of wonders — believes in property rights.

Politicians believe that the size of the economy is fixed and they only have to decide how to divide it up, writes Richard Teather. Austrian economists, with their focus on the real world and human nature, know better; wealth does not just exist, it has to be created, and the disincentive effects of government actions do not just distribute wealth—they actively destroy it.

As any reporter knows, U.S. attorneys on a regular basis illegally leak information to the press, which dutifully reports it as the unvarnished truth. By empowering the prosecution, the press is not protecting individuals but rather is creating an atmosphere in which government employees can readily break the law and be untouchable at the same time.

Gary Galles draws attention to writings that heavily influenced 18th century American politics.

The fundamental issue in banking and monetary policy, writes Guido Hülsmann, is whether government can improve the monetary institutions of the unhampered market. All government intervention in this field boils down to schemes that increase the quantity of money beyond what it otherwise would be. Such schemes confer no social benefit but rather only serve redistributive purposes.

Mises was quite clear on the dividing line between psychology and praxeology:  Psychology deals with theories to explain why people choose certain ends, or how people will act in certain settings.  Praxeology, on the other hand, deals with the logical implications of the fact that people have ends and the fact that they act to achieve them. Robert Murphy explains.

Remedies for government failure must be radical in nature. Wishing and waiting for an "army" of Mr. Smiths or pre-Beltway Phil Gramm thinkalikes to arrive in Washington D.C. is naïve. Better public-sector outcomes must wait not upon better people but upon a better system that does not permit some to live at others' expense.

Michael Otsuka endeavors to combine two fundamental principles of political philosophy, usually considered polar opposites. In my view, his ingenious attempt does not succeed; but his failure has much to teach us.

Ludwig von Mises devoted much attention to methodology. Many people interested in Austrian economics turn from his discussions of the a priori and verstehen in bafflement and boredom. "Enough of these philosophical abstractions," they say; "what we want is economics".  No greater mistake can be imagined if one wishes to understand Mises's work.