Category Archives: Economics (Austrian)

The Overpopulation Myth


The Overpopulation Myth

By Duncan Whitmore

In addition to the alleged problem of human induced climate change, the leftist/elitist/environmentalist/anti-human monologue is beginning to make increasingly explicit noises about the equally mythical problem of overpopulation. “Too many people” is often blamed on a number of apparent calamities, right from the shortage of particular (usually “essential”) resources all the way up to the outright poverty of entire continents, not to mention the effect of population growth upon the supposed “climate emergency” itself. Although few states have enacted explicit policies in order to stop their citizenry from procreating, factoids such as the suggestion that a dozen earths would be needed for every single human to enjoy a Western lifestyle attempt to create an unwarranted degree of hysteria. Of course, the fact that the notion of population control jars with the liberal attitude towards open borders (which can lead to the very real problem of local overpopulation), and that those calling for population reduction never seem willing to offer their own necks for the chopping block are both challenges that are seldom raised. Indeed, in response to the proclamation of Harry and Meghan, the Duke and Duchess of Wokeness, that they will have only two children in order to “save the planet”, one is tempted to ask why they are bothering to breed at all if the problem is really that serious. Very few of the rest of us, no doubt, would have a great deal of concern if the liberal-left refused to pass its genes on to future generations.

As we shall see here, overpopulation can never be a serious or long lasting issue when there is a society distinguished by free market capitalism. It does, however, have the potential to be a serious problem when a society is blighted by state interference (although the primary effects are still likely to be local rather than general). Read more

Why the State Shouldn’t Manage a Crisis


Why the State Shouldn’t Manage a Crisis

By Duncan Whitmore

Many libertarians, especially at lewrockwell.com, have written of their scepticism to the draconian responses of states around the world to the recent outbreak of coronavirus (COVID-19). It is not difficult to share this scepticism given that at least some analyses – particularly of infections on cruise ships, which, given the unavoidably close social proximity, present the closest thing to a worst case scenario – suggest there is little cause for any heightened alarm. Indeed, for the very vast majority of us, there is probably more to be feared from state overreaction than there is from the virus itself. Even mainstream commentators, such as Matthew Parris in Saturday’s Times, are beginning to question the wisdom of trashing your economy to prevent the spread of an infection that is, at least at the moment, affecting only a relative minority of people of advanced age and/or with underlying health conditions (in common with many other inflictions). States always have ulterior motives when dealing with (apparent) crises as they always see them as an opportunity to expand the ambit of their power over the populace, given that a scared people is nearly always willing to sacrifice its liberty for the sake of security. In fact, if the true medical seriousness of this current virus turns out to be only a hill of beans then it may well have served as a dress rehearsal that has merely tested our pliability for some later calamity.

This essay, however, will not concern whether the spread of COVID-19 is quite the crisis it is being made out to be. Instead, let us assume, for argument’s sake, that the world was to be threatened by a very real and very serious pandemic threat. Would such a disaster warrant stronger, co-ordinated, globalised solutions managed by states and enhanced state powers to deal with the problem? Read more

LGBTs, Leftists and Libertarians


LGBTs, Leftists and Libertarians

By Duncan Whitmore

In a previous essay posted on this blog, the present writer explored the poisonous proliferation of identity politics in today’s political discourse. One of the themes of that essay was that identity politics has served to create false group identities which misrepresent the interests of the individuals who are supposed to make up those groups, solely for the purpose of being able to pit each group against other groups for political gain. The actual interests of the individuals within each group are served poorly, if at all.

Continuing on a similar theme, we will, in the present essay, examine how various minority groups that have been championed by the left – many of which, such as those characterised by race, religion or sexual orientation, have won genuine and much needed victories against prior legal repression – are being exploited by the left in the current culture war. Although libertarians are right to welcome a renaissance of traditional, local, cultural and religious values as bulwarks against the metastasising growth of the state, it is not minority groups (or the vindication of their rights) per se which are a threat to traditional cultures; rather, the genuine threat is the attempt by straight, white, middle class virtue signalling liberals to grant legal privileges to these groups in an attempt to attack and weaken what remains of Western civilisation. Far from having their own, long term interests preserved by allying themselves with the left, these minorities may well be leading themselves over a cliff edge if they are swept up in the backlash against leftism that is manifest in the resurgence of populism, nationalism, traditionalism and anti-globalism. Consequently, we shall why it is libertarianism that can allow minority groups to flourish, and why members of minority groups should become libertarians. Read more

Globalisation – the Baby and the Bathwater


Globalisation – the Baby and the Bathwater

By Duncan Whitmore

If the liberal-left was hoping that the recent state visit to the UK by Donald Trump would provide the perfect opportunity to (once again) castigate him for his supposed “racism”, “misogyny”, and a fervour for “nationalism” that apparently puts him on par with Hitler, they have probably been left disappointed. In fact, the visit seems to have come off rather well for the 45th President. Sadiq Khan, London’s leftist mayor, succeeded only in burying himself in a Twitter spat that began before Air Force One even touched down on the tarmac. The anti-Trump protests in Parliament Square – at which, for want of imagination, the Trump “baby blimp” was re-deployed (and subsequently burst by a Trump sympathiser) – failed to attract the anticipated attendance. Instead, news reports of Trump being received warmly by the Queen, behaving graciously and courteously at the state banquet, and delivering a positive and optimistic joint press conference with the Prime Minister about the future of the US-UK relationship, have most likely lent him an air of statesmanship that he has previously lacked. Even the BBC was forced to concede that the trip has, somehow, “normalised” Trump, and that, rather than banishing the orange-faced “fascist” from our shores forever, we should probably recognise that he is “here to say and [so we] had better get used to him”. Read more

“Austrian” Business Cycle Theory – an “Easy” Explanation


“Austrian” Business Cycle Theory – an “Easy” Explanation

 By Duncan Whitmore

Compared to the simple and straightforward siren songs of “underconsumptionist” and “underspending” theories of boom and bust, “Austrian” business cycle theory (ABCT) can seem unduly complex. The former types of theory, associated with “mainstream” schools of economics, at least have the advantage of the veneer of plausibility, in spite of their falsehood. A glut of business confidence and spending will, it seems, naturally lead to an economic boom, a boom that can only come crashing down if these aspects were to disappear. For what could be worse for economic progress if people just don’t have the nerve do anything? Add in all of the usual traits of “greed” and “selfishness” with which people take pride in ascribing to bankers and businessmen (again, with demonstrable plausibility) and you have a pretty convincing cover story for why we routinely suffer from the business cycle. ABCT, on the other hand, with its long chains of deductive logic, can seem more impenetrable and confusing. Is there a way in which Austro-libertarians can overcome this problem? Read more

What about the Poor?!


What about the Poor?!

By Duncan Whitmore

When discussing the virtues of a free society libertarians are able to expound with enthusiasm the benefits of private property, free exchange and non-violence. Most of the nagging questions – “how would policing work?”; “how would we regulate unscrupulous companies?”; or the clichéd classic “who will build the roads?!” – can be dealt with fairly straightforwardly as it is not difficult to show how such a free society would deal with these matters in a vastly superior way to one that is imbued with statism. Indeed, the struggle in this regard has less to do with formulating convincing arguments and more to do with tackling an inherent unwillingness to consider radical solutions.

However, there is one question that always presents a seemingly insurmountable difficulty – what would happen to the poor? By this, we do not just mean the accusations of a free economy being “sink or swim” or “dog eat dog”, which, again, are relatively juvenile sound bites that can be disposed of fairly easily. (Indeed, it is social democracies that are the true zero sum games as any redistribution of wealth or gain of power to the benefit of one must necessarily come at the expense of another). Rather, what we mean is the fact that a free world has no means of “caring” for the poor. In particular, there would be no “official” institution or “social safety net” to help those who were genuinely less fortunate. A libertarian might mumble a few words about the importance of charity but, with an outright declaration by one’s opponent that such a system is necessary, one may be tempted to concede that this is the Achilles’ heel of a libertarian society. After all, statists excel at conjuring the illusion that all of the care and compassion is on their side while they are able, quite easily, to paint proponents of the free market as little more than selfish money grabbers.

It is high time that libertarians (and their free market oriented fellow travellers) took the offensive against this problem by turning an apparent weakness into an advantage. By offensive, we mean not just constructing adequate rebuttals to the charge that capitalism cannot care for the poor. Rather, we need to set ourselves the more ambitious goal of proving that capitalism benefits the least well off as its primary effect, and that the poor do not benefit merely as an incidental consequence of making the rich richer. Read more

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