Tag Archives: Inflationism

Why we are Where we Are – Part Two


Why we are Where we Are – Part Two

By Duncan Whitmore

In Part One of this two-part series of essays we explained how events in the nineteenth and twentieth centuries shifted Western society from a preponderance of the “economic means” to the “political means” characterised by a transition away from the tendencies on the right hand side of the following table to those on the left hand side:

Fig. A

In this essay, we will explore the moral and cultural gulfs that are now swallowing Western society (addressing the puzzling question of why the right has been so defenceless against it), before examining how Western liberal democratic polity over the past thirty years has produced the situation in which we find ourselves today. Read more

Why we are Where we are – Part One


Why we are Where we are – Part One 

By Duncan Whitmore

Margaret Thatcher is supposed to have once said that “the facts of life are conservative”. An equivalent for libertarians is “the facts of life are Austrian”. We may well dispute the justice, inevitability or even desirability of the libertarian ethic of non-aggression, but one cannot escape the fact that the corpus of economic law, derived from the self-evident proposition that individuals act, is undeniably true. So however much you may yearn for some form of centralised economic planning or state management to abolish all “exploitation” before building castles in the land of milk and honey, this economic law cannot be defied for ever and, eventually, reality must come back to bite you on the arse. Amongst the myopia of COVID-19 and the furore of the culture war, a broader perspective of the era we are living through – and probably have been living through since 2008 at the latest – will reveal a culminating fight between a massive reassertion of economic law on the one hand and increasing attempts to continue the defiance on the other.

This essay, the first of two parts, will explore the paths that have been taken prior to our arrival at the political, economic and social situation in which we find ourselves in the early twenty-first century. In Part Two we will look specifically at the ongoing culture war before examining the consequences of all of these dynamics. From this, readers may be able to see how year’s this calamities – barely imaginable just six or seven months ago – have resulted from the choices that have been made in the past. Read more

Why Libertarians Should Read Mises – Part Three


Why Libertarians Should Read Mises 

Part Three 

By Duncan Whitmore

In this final part of three essays exploring the importance of Ludwig von Mises’ for libertarian thought, we will examine Mises’ views on the fundamental importance of economics in society, and the meaning of this for understanding the particular nature of the state and statism in our own time. We will then conclude (in a separate post) with an annotated bibliography of Mises’ major works.

 The Fundamental Importance of Economics in Society

Mises had a particularly insightful understanding of the special, foundational status of economics and the influence of economic theory in human society. In his own words:

Economics […] is the philosophy of human life and action and concerns everybody and everything. It is the pith of civilization and of man’s human existence.

[…]

Economics deals with society’s fundamental problems; it concerns everyone and belongs to all. It is the main and proper study of every citizen.

[…]

The body of economic knowledge is an essential element in the structure of human civilization; it is the foundation upon which modern industrialism and all the moral, intellectual, technological, and therapeutical achievements of the last centuries have been built. It rests with men whether they will make the proper use of the rich treasure with which this knowledge provides them or whether they will leave it unused. But if they fail to take the best advantage of it and disregard its teachings and warnings, they will not annul economics; they will stamp out society and the human race.1

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