Economics

Adam Smith and Ayn Rand are widely considered to offer merely different flavors of pro-capitalist thought. But their differences are greater—and far more consequential—than their similarities.

“The key to remaining an optimist,” says Norberg, “is to ignore politics, at least a little. . . . Read a science magazine to look at the interesting research and the innovations that are taking place. You’ll realize that even under the worst of circumstances, the worst politics and the nastiest tempers, people continue to improve the world.”

Ayn Rand’s case for capitalism stands in marked contrast to what might be termed the classical defense of capitalism. “The classical economists attempted a tribal justification of capitalism on the ground that it provides the best ‘allocation’ of a community’s ‘resources,’” she wrote.

At Students for Liberty’s Freer Future Fest in Nashville, I spoke with Dr. Bryan Caplan about freedom and innovation. Caplan is a professor of economics at George Mason University, a scholar at Cato Institute, and the author of four books (plus several in progress), most recently Open Borders: The Science and Ethics of Immigration.

A king is only a king if he maintains his rule through force. An entrepreneur cannot resort to force; his means of success is voluntary exchange. Next time you hear someone criticize “tech moguls” or the “king” of any given industry, this distinction may come in handy.

“Money rests on the axiom that every man is the owner of his mind and his effort.” —Ayn Rand

Despite some of Hamilton’s surprising errors, such as his support for mercantilism, his programs prevented the new republic from floundering, as Dianne Durante has shown. Hamilton is worthy of our admiration, and so is Dr. Durante for having done such a fine job of bringing Hamilton and his policies to life.

The restrictions on travel imposed during the COVID-19 pandemic devastated the aviation industry. Now, environmental crusaders and governments threaten to deal it a mortal blow. Can you imagine what the future will be like if they succeed and we lose the many benefits of aviation?

California legislators have not only cut ties with reality—failing to see that they’re heading for ever more blackouts—they also want to cut their citizens’ last lifeline to reliable power when blackouts inevitably occur.

Anyone interested in philosophy, politics, or economics will benefit from reading Where Have All the Capitalists Gone? It is an important and accessible explanation of capitalism, which clearly shows why it is the only social system for a free and prosperous future.