Let us be clear on one point: the usual defenders of the free market—the Friedmans, Hayeks and Mises—are not primarily concerned with private property or liberty. They are firstly concerned with economic growth which mainly means continuous economic, technical and social change. For example, when airplanes became popular, air travel would have been very difficult [...]
The concept of “substitution” is a familiar one in economics. Many products are used as substitutes for others such as margarine for butter and tea for coffee. If the price of one becomes too high the other product may be used even though it isn’t perfect. Economic substitution provides people with alternative options which make [...]
Some writers link the names of Ludwig von Mises and Wilhelm Roepke as if there were no important differences between them. Roepke is co-opted into the camp of more or less libertarian thinkers whose position is further enhanced by whatever weight or prestige his name may give. Since Roepke was an Austrian economist and former [...]
Wilhelm Roepke The brass mouth trumpeting the virtues of the General Agreement on Tariffs and Trade (GATT) is Ben Wattenburg. His views display the kind of thick-headedness that Wilhelm Roepke fought against so valiantly. What’s this impenetrable cloud made of that compels him and his kind to stumble along like the proverbial blind [...]
Every nation has its “founding myth,” as we are apt to hear from post-modern quarters. But is this ever true when it comes to our economic history. In curricula from K-12 to history graduate school, it is staple fare that as a new nation in the early nineteenth century, the United States nurtured its “infant [...]
During World War II, philosopher Arthur Lovejoy tried to explain the reasons for the international crisis and the totalitarianism in Germany. According to his view, the roots of the trouble could be found in the German Romantic period which ranged approximately between the years 1780 to 1830. During this time certain relatively new ideas took [...]
In educating for democracy, we must also educate for economy. This follows from the fundamental truth that government and economy have an indivisible relationship. We are not free to mix any form of government with any economic form. In the present context, we will apply this truth to three possible visions of economy: the globalist, [...]
Remember when people were saying that the old Republican ideas, the venerable supply-side reforms that first made their mark in the Ronald Reagan era of the 1980s, were no longer relevant in terms of getting us out of our rut today, on account of their already having been made policy? It was only yesterday that [...]
R.R. Reno, quite an astute conservative public intellectual, claims that those with eyes to see know that the big news these days is the global victory of capitalism. I’m not following Reno in every respect here, but going with what I would say in support of his position. The good news is that productivity has [...]
Wilhelm Roepke How can a German economist be called a Southerner? Obviously not geographically but in the important sense that Southern Agrarians came to understand, as a possession of the mind and spirit. That Wilhelm Roepke’s mind and spirit, embodying the best of the German tradition, share significantly in the essential features of [...]
A question has haunted the aftermath of the Great Recession: where is all the inflation? If the Federal Reserve is going to spike the money supply most massively in the context of minimal economic growth, as it has since 2008, it would seem that a severe price inflation must ensue. Yet the consumer price index [...]
My topic is a theological appreciation of the notion of “gift”, and how this throws light on what something is, which to our usual way of thinking would seem to be a matter for philosophy or science rather than theology. The sense of being as “gift” and ourselves as primarily “receivers” of this gift of existence, which carries [...]
Wilhelm Roepke’s work is an exposition of the essence of Western thought that can be summed up in the word “liberal” properly understood. Much of Wilhelm Roepke’s work can be understood as an exposition of the essence of Western, Occidental thought, a contribution to civilization that can be summed up in the word “liberal” properly [...]
The dollar—that thing the Federal Reserve has been printing like mad the last few years—is in one of the worst spells in its history, short, medium, and long-term. Against the world’s major currencies, the dollar’s rate of exchange is down 5% since the Great Recession started, 32% from the 2001 peak, and 15% from the [...]