Blog

The Market and Morality: Is the Market Moral?

Individual morality (and that of small groups) differs from the morality of large systems. It is important to have good social rules that are applicable to all, and which create the right incentives for responsible economic and political behavior.

Catholic Social Teaching: Out of Touch with Economic Thought

Human history is deeply marked by mass poverty. This was only overcome by the capitalistic industrial revolution. Catholic ethicists and theologians would be wise to learn about the economic factors that have lifted people out of poverty and continue to increase the general standard of living.

Why the Market Economy, Political Freedom and Democracy Belong Together—Even if Not without Tension

A liberal economic order is based on free markets, entrepreneurial initiative and personal responsibility. The prerequisites for this, in turn, are legal certainty and, above all, economic freedom.

“All Initial Fears about the Euro Have Come True” – Interview with Jörg Guido Hülsmann

An interview with the economist Jörg Guido Hülsmann in which he discusses the European monetary union, the state’s monopoly on money, and other economic and political matters

Elon Musk’s Reach for the Stars: Why Eccentric Entrepreneurs Also Benefit the Rest of Us

Elon Musk might rub some people the wrong way, but this eccentric entrepreneur has accomplished some things that many believed were unlikely or even impossible. And ultimately society has benefited.

In Our Heads We Are All Marxists—How Marx’s Myths Shape Our Affluent Society

Even though few self-identify as Marxists, many of the Marx’s ideas remain in fashion. In particular, his denigration of capitalists and entrepreneurs as stealing from workers, and his failure to identify their effective beneficence, remain quite popular.

On the Abuse of Monetary Policy

The euro has been a political project since its inception. That is why the independence of the European Central Bank was also in danger from the outset. In the end, it always came down to the alternative “Cambridge or Vienna” or, rather, “Keynes or Hayek.” The option for Keynes led to an increasing politicization of monetary policy in the European Monetary Union.

Freedom of Expression and Democracy: Opening Lecture at the Students for Liberty Regional Conference

Freedom of expression is a fundamental right without which a free and democratic society cannot exist. We all grew up in this culture of freedom. But Political Correctness and conformism endanger it.

Commodity Speculation: Does it Harm the Poor?

Pope Francis’ Encyclical “Laudato si’” and other Vatican documents have criticized speculation in food markets for being damaging to the interests of the poor. There is, however, no evidence for this. In fact, the opposite is likely to be the case.

The Ethics of the Market Economy: A Critical Appraisal of Ludwig von Mises’ Utilitarian Interpretation (Academic paper)

Mises’ interpretation of market capitalism is flawed. In truth, Mises is best interpreted in a non-utilitarian way.

The True Meaning of ‘Social Justice’: A Catholic View of Hayek (Academic paper)

Hayek’s dismissal of the concept of “social justice” is well-known. While we can basically agree with Hayek’s critique, we should not entirely reject this concept. There exists a true meaning of social justice.

Crony Capitalism: Inefficient, Unjust, and Corrupting

Donald Trump’s candidacy has brought many topics to greater public attention. One subject, however, that has gained significant traction because of the Trump campaign is the problem of crony capitalism—or, more simply, cronyism.