He was, however, willing to recommend was he felt were the least bad policies given the central banks existence. This is a distortion Rothbard has done on many occasions; if an economist advocated Policy A as a superior alternative to Policy B, Rothbard would often declare that the economist viewed A as an ideal, first best solution, even if the economist repeatedly declared that a free market was the best option of all. What Rothbard did, however, was not honest. I half agree with fundamentalist. Blackadder, I could be wrong. Do you have info that the sales figures are for a recent period and not all time figures?
As of right now, the top seller on Amazon. If a book that was published earlier this month can make it into the top slot, then there is almost certainly some weighting in favor of recent sales.
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The sales rankings are current sales, not total sales. It was only published last July. However, when I read critics of Austrian econ I usually see factual errors.
David Friedman's Defense of His Father
For example Coordination Problem blog recently had a discussion about a critique of Austrian econ by Krugman and Cowen. Krugman and Cowen assert that Mises and Hayek wrote that consumption and investment could not increase at the same time. However, a casual reader of Mises, Hayek, Rothbard or any other Austrian economist will know that they have all insisted that consumption and investment in fact do rise at the same time.
So how can Krugman and Cowen assert emphatically that Austrians claim investment and consumption cannot rise at the same time when every Austrian economist who has ever written on the business cycle insists that they do? So the figures provided by David Friedman are books sales for the past month? Though as someone mentioned a lot of Rothbard readers are getting the books for free at Mises.
But if Friedman is selling so much better than Rothbard, where did the Economist writer get the idea that Rothbard is such an influence? That way, he can paint all Austrians as nuts and their monetary theory as nutty by association without having to deal with the very sound monetary theory of Mises and Hayek and other good Austrian economists. Which finally led him to the letter to Greg Mankiw , three months before he died, where Friedman argued:.
Which is almost like a gold standard. I think my main gripe with monetarists is that they seem to think the money supply will never contract unless the Fed forces it to contract. That is clearly not the case. Credit one component of money will easily contract just before a depression because a few debtors default causing bankers get scared and quit lending or even call in some loans.
More people get scared and start paying off loans. As a result the money supply contracts faster than the Fed can act. Or it simply stops growing. And the Fed does not enjoy absolute control over money or prices. As Friedman wrote, the lags between policy and effect are long and variable. Greenspan said the same thing on a recent CNBC interview.
He said the Fed models show a lag of 3 years.
So they end up acting many months after the fact. Add in the lags and their policies tend to become pro-cyclical. This is not the monetarist position. Rather, I think what Friedman would say is that central bank system the Fed can and should prevent this from happening. I think of myself as an Austrian and I disagree with Milton Friedman in some important areas. It gives Austrian economics a bad name. Milton Friedman was a great champion of liberty.
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Blackadder, yes, Friedman would have said that the Fed should prevent a contraction of money, but at the same time he recognized that a long lag existed between Fed decisions and their impact. That means the Fed would have to see the contraction coming at least three years before it happened and it never had the forecasting tools to do it. At one point in the midst of the Great D he succumbed to pressure and suggested that the Fed should find what he called secondary deflation, but that was all. Later he back peddled on that because of the long lags and the inflation that results from pro-cyclical policies.
I agree with Milton Friedman that once the Crash had occurred, the Federal Reserve System pursued a silly deflationary policy. I am not only against inflation but I am also against deflation. So, once again, a badly programmed monetary policy prolonged the depression. Though I am sometimes accused of having represented the deflationary cause of the business cycles as part of the curative process, I do not think that was ever what I argued. What I did believe at one time was that a deflation might be necessary to break the developing downward rigidity of all particular wages which has of course become one of the main causes of inflation.
The Case Against the Fed (LvMI)
I no longer think this is a politically possible method and we shall have to find other means to restore the flexibility of the wage structure than the present method of raising all wages excep those which must fall relatively to all others. There is no way Rothbard has a broader appeal among non-economists than Milton Friedman. Friedman did so much to expand libertarianism, while Rothbard did much to divide the libertarian movement with his fixation on purity.
I suspect a lot of the vitriol the anarcho-capitalists direct towards Milton Friedman is because he is especially beloved by the Koch-funded groups, Cato Institue, Reason Foundation, etc. Can you point to someplace where he came out against free banking? I can report pointing out to him that, at least in a simplified model, a competitive market for privately issued currency produced the equilibrium behavior of the money supply which he had argued for in his Optimal quantity of money essay.
He did not disagree. He claimed that private fractional reserve banking could and should be banned. That meant that he wanted to constrain, by force, the terms on which individuals voluntarily dealt with each other. The figures I posted were current Amazon rankings, so evidence that the books are selling today. What is your reason for supposing, and asserting, the contrary? I expect the ratio would be considerably higher for total copies ever sold. Jim Collins has isolated what it takes to build a really great company. Broken down into three themes — discipled people, disciplined thought and disciplined action — this is a must read business book for any serious business student.
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Peter Thiel is known for being an early Paypal investor, and for his role as the first V. This is a must read for any startup entrepreneur. Get Zero to One at Amazon. It was the crucial act in creating a mixed economy run by Big Government, a system of state monopoly capitalism run by the central government in collaboration with Big Business and Big Unionism. Rothbard's colleague Joseph Stromberg notes that Rothbard made two exceptions to his general condemnation of war: "the American Revolution and the War for Southern Independence , as viewed from the Confederate side".
Grant and other Union leaders for "open[ing] the Pandora's Box of genocide and the extermination of civilians" in their war against the South. Rothbard warned that the Middle East conflict would draw the United States into a world war. Rothbard criticized the Camp David Accords for having betrayed Palestinian aspirations and opposed Israel's invasion of Lebanon.
On the one hand there are the Palestinian Arabs, who have tilled the soil or otherwise used the land of Palestine for centuries; and on the other, there are a group of external fanatics, who come from all over the world, and who claim the entire land area as "given" to them as a collective religion or tribe at some remote or legendary time in the past.
There is no way the two claims can be resolved to the satisfaction of both parties. There can be no genuine settlement, no "peace" in the face of this irrepressible conflict; there can only be either a war to the death, or an uneasy practical compromise which can satisfy no one. That is the harsh reality of the Middle East. Rothbard embraced "historical revisionism" as an antidote to what he perceived to be the dominant influence exerted by corrupt "court intellectuals" over mainstream historical narratives.
Full text of "The Case For Legalizing Capitalism"
In addition to broadly supporting his historical views, Rothbard promoted Barnes as an influence for future revisionists. Rothbard's endorsing of World War II revisionism and his association with Barnes and other Holocaust deniers have drawn criticism from within the political right. Kevin D. Williamson wrote an opinion piece published by National Review which condemned Rothbard for "making common cause with the 'revisionist' historians of the Third Reich", a term he used to describe American Holocaust deniers associated with Rothbard, such as James J.
Martin of the Institute for Historical Review. The piece also characterized "Rothbard and his faction" as being "culpably indulgent" of Holocaust denial, the view which "specifically denies that the Holocaust actually happened or holds that it was in some way exaggerated". In an article for Rothbard's 50th birthday, Rothbard's friend and Buffalo State College historian Ralph Raico stated that Rothbard "is the main reason that revisionism has become a crucial part of the whole libertarian position".
In the Ethics of Liberty , Rothbard explores issues regarding children's rights in terms of self-ownership and contract. He also holds children have the right to run away from parents and seek new guardians as soon as they are able to choose to do so. He asserted that parents have the right to put a child out for adoption or sell the rights to the child in a voluntary contract in what Rothbard suggests will be a "flourishing free market in children". He believes that selling children as consumer goods in accord with market forces—while "superficially monstrous"—will benefit "everyone" involved in the market: "the natural parents, the children, and the foster parents purchasing".
In Rothbard's view of parenthood, "the parent should not have a legal obligation to feed, clothe, or educate his children, since such obligations would entail positive acts coerced upon the parent and depriving the parent of his rights". However, according to Rothbard, "the purely free society will have a flourishing free market in children". In a fully libertarian society, he wrote, "the existence of a free baby market will bring such 'neglect' down to a minimum". Economist Gene Callahan of Cardiff University , formerly a scholar at the Rothbard-affiliated Mises Institute, observes that Rothbard allows "the logical elegance of his legal theory" to "trump any arguments based on the moral reprehensibility of a parent idly watching her six-month-old child slowly starve to death in its crib".
Rothbard consistently advocated for abolition of the subpoena power, court attendance, contempt of court powers, coerced testimony of witnesses, compulsory jury duty and the bail system, arguing that all these functions of the judiciary were violations of natural rights and American common law.
He instead advocated that until a defendant is convicted, he or she should not be held in prison or jails, writing that "except in those cases where the criminal has been caught red-handed and where a certain presumption of guilt therefore exists, it is impossible to justify any imprisonment before conviction, let alone before trial.
And even when someone is caught red-handed, there is an important reform that needs to be instituted to keep the system honest: subjecting the police and the other authorities to the same law as everyone else.
If everyone is supposed to be subject to the same criminal law, then exempting the authorities from that law gives them a legal license to commit continual aggression.