We’re filling up so much of kids’ time with extracurriculars and studying that they don’t have time to play—and without play, it’s harder to develop the self-starter instincts and resilience of an entrepreneur… This election cycle, liberal Democrats are rallying around the idea of socialized higher education. Democratic socialist firebrand Alexandria Ocasio-Cortez is leading the [...]
We study history to learn from it. If we can discover what worked and what didn’t work, we can use this knowledge wisely to create a better future. But when propaganda is the goal, accuracy is the victim. Cornelius Vanderbilt Capitalism Worked, But We Were Told It Didn’t We study history to learn [...]
Romanticizing and moralistic contempt of the economy, including contempt of the impulses which move the market economy and the institutions which support it, must be as far from our minds as economism, materialism, and utilitarianism... Editor's Note: The following excerpt comes from Wilhelm Röpke's excellent book, A Humane Economy: The Social Framework of the Free Market, first published [...]
The whole notion of a global problem requiring a global solution is rooted in a false logic. Effectively it is saying that because bigness causes problems we need even more bigness to solve them. Distributism as a derivative of the principle of subsidiarity offers the only real alternative to the cult of bigness in the [...]
Editor’s Note: We invite you to join Thomas Jefferson (portrayed by Bill Barker) as he explores the remarkable history of the early American Republic and the principles that undergird it. From Jamestown to Plymouth, from the American Revolution to the Louisiana Purchase, the promise of free enterprise has driven the course of human history on [...]
Destruction is always a net negative. Whether it’s a hurricane, tornado or earthquake or even a war, there is no silver lining in destroying capital. As Hurricane Harvey, now tropical storm Harvey, makes its way across the southern U.S., estimates have already come in as to the cost of the storm. According to AccuWeather, Harvey is expected [...]
In their drive to provide abundance, mass markets suppress variety. Far from enriching a culture, mass markets can impoverish it… One of the benefits of modern mass markets is supposed to be the proliferation of choices. The modern consumer can choose from so many things available on a variety of platforms, be it off or [...]
Friedrich Hayek believed that the very institutions of liberalism and republicanism, when misused, can foster the totalitarianism of democracy… The Road to Serfdom by F.A. Hayek (University of Chicago Press, 1944) Professor Friedrich August von Hayek (1899-1992) wrote The Road to Serfdom while a professor at the London School of Economics as the allied war [...]
Albert Jay Nock believed that the Jeffersonian project depended on the improvability of citizens through education, but that the ordinary mass of humans simply could not be so improved. In Zen Buddhism, the lineage of student to master is extremely important—it is the channel through which the Dharma is transmitted. There is a story of [...]
Russell Kirk posed as one of the “canons” of conservatism the existence of orders in society. Critics have responded for decades that such a view shows that traditional conservatives are by nature aristocratic in their orientation, that they are in some sense “un-American” in their rejection of egalitarianism. The assumption appears to be that a [...]
James R. Otteson, the Thomas W. Smith Presidential Chair in Business Ethics at Wake Forest University, possesses one of the greatest minds in defense of classical liberalism in the modern era. He has authored two definitive works on Adam Smith, a clear rebuttal of the ethics of Peter Singer, and now a crucial attack on [...]
Economic efficiency is one of the most important concepts economists use to classify and understand the social world. Unfortunately, it is also one of the most misused. There are two aspects of economic efficiency, the positive and the normative, both of which must be understood in order to apply the concept fruitfully. The former involves [...]
The effect of actions based on self-interest turned loose from any anchor in morality is not an adequate basis of economic or social organization. The sphere of legitimate market activity must be limited so that it harmonizes with the rest of the community and with other values. Today’s offering in our Timeless Essay series affords [...]
We have been hearing a great deal about income inequality in recent days, particularly from Senator Bernie Sanders. Part of this interest is fueled by many examples of excess at the top. J.P. Morgan Chase, after a year immersed in scandal, decided to award its chief executive, Jamie Dimon, $20 million in compensation for 2013. [...]