Tuesday, October 14, 2014

Five Libertarian Ideas #27 - Austrian Economics for New Libertarians

Libertarian approach to economics
Many people are sympathetic to libertarian ideas but don't know economics very well. Here's a guide to approaching economic policy as a libertarian: Is something that belongs to you being taken away? Who's supposedly benefiting, and who else is actually getting richer (or poorer)? Economics is human action, meaning individual people doing what they think benefits them the most. –10/5

They voted for big government
Many folks on the left have been shocked and appalled at police conduct and police militarization as seen in Ferguson, Missouri. The problem is that the left (and even some on the right) support the idea of big government. More, bigger government means more government offices and employees, more laws and regulations, and more law enforcement. These people voted for big government and Ferguson got it. –10/5

Rich people: producers vs. looters
I hold no grudge towards wealthy capitalists if they're responsible for creating value by producing goods or services people want or need. I could spend thousands on the machines and raw materials for making toothbrushes. But unless I'm going into the toothbrush business, I'm a lot better off spending $1 on a toothbrush at the store and using my time and money on other projects. The toothbrush capitalist has made my life easier and he got rich fair and square. However, if a capitalist uses government connections to shut down a competitor's factory, or takes a government loan against businesses who didn't get that loan, that capitalist becomes a LOOTER. –10/6

A Hong Kong independence movement?
The Chinese Communist Party is back to its age-old tactics of using organized crime "pro-government" mobs to attack protestors in Hong Kong. I certainly hope the people of Hong Kong start a bona fide independence movement. Let Hong Kong become an independent state, same with Macau. The Chinese nation would be better off economically and morally, with more Chinese leaving Communist autocracy and becoming citizens of free states like Hong Kong and Taiwan. –10/13

Competing currencies in action
One of the things I like about crypto-currency like Bitcoin and Litecoin is that it's very hard to crack down on the use thereof. Three years ago a man in North Carolina was federally convicted of fraud. His crime was making the "Liberty Dollar," a private medium of exchange to which new members could buy in voluntarily. The real reason the feds wanted this man gone: the Liberty Dollar was backed by gold and much stronger than the U.S. Dollar. –10/14

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Socialism graphic courtesy of Secrets of the Fed blog.  Hong Kong Tent City photo by Calvin YC, obtained from Wikimedia Commons, and used via CC BY 2.0 license.

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