Newsletter of The Independent Institute

Volume 22, Number 4 Fall 2012 A Passion for Economic Liberty By o the Austrians, econom- the level in the bathtub that was consistent with Tics is not a tool of social full employment. control. My latest book, Living economists Economics: Yesterday, Today, and stood in complete opposition and Tomorrow, describes free- to that view. What Mises and Hayek understood thinking economic study as a is that this whole way of framework for helping us un- thinking about the econo- derstand humanity, its history, and our plight in my reflects a “pretence of the world. Nobel Laureate F.A. Hayek knowledge”—that we can said that the curious task of econom- somehow know what the ics is “to demonstrate to men how little full employment output they really know about what they imag- level would be, that we ine they can design.” The could know exactly how economist is nothing more much water to let in and than a student of society. how much to let out. In reality, if we That understanding and make a mistake with any part of that approach to analyzing past equation, the water comes gushing out and present economic is- all over our bathroom floor, or it drains sues are the essence of Liv- completely out and we have nothing. This belief ing Economics. that social sciences should be like social physics In the mid-twentieth is built on an assumption that Mises said you century, and going up through the 1970s, the could not make. economy was envisaged like a bathtub. One As I examine in Living Economics, our true spigot was monetary policy and the other was free-market heritage can be found in the earlier fiscal policy, and an economist’s task was to turn writings of Thomas Aquinas and other Christian those spigots on to make sure the water rose to scholars in the Middle Ages; later Adam Smith, Jean-Baptiste Say, and Frederic Bastiat; then Aus- Peter J. Boettke is a Research Fellow at The Independent Institute, University Professor of trian School founder Carl Menger, and Mises and Economics and Philosophy at George Mason Hayek in the twentieth century. University, Senior Research Fellow at the Mercatus In recent years, many have questioned the Center, and author of Living Economics: Yesterday, market’s inherent ability to recover from recession Today, and Tomorrow. without government intervention. Currently, we find ourselves on the road to economic ruin, with IN THIS ISSUE big bailouts that have failed to restore consumer confidence. Americans have this big bill in the A Passion for Economic Liberty ...... 1 form of a crippling national debt. There’s anger President’s Letter ...... 2 out there—that politics is no longer connected to The Independent Review ...... 3 the people, but rather to special-interest groups. Independent Institute in the News ...... 4 However, they aren’t just frustrated with Nancy New Books from the Institute ...... 5 Pelosi and Harry Reid—they’re not big fans of Student Seminars’ Global Reach ...... 6 George W. Bush’s record, either. Their quest for Donors Proudly Support Ideas Over Politics ...... 8 (continued on page 7) 2 The INDEPENDENT EXECUTIVE STAFF DAVID J. THEROUX, Founder, President, and Chief Executive Officer MARY L. G. THEROUX, Senior Vice President President’s Letter MARTIN BUERGER, Vice President and Chief Operating Officer ALEXANDER TABARROK, Ph.D., Research Director BRUCE L. BENSON, Ph.D., Senior Fellow IVAN ELAND, Ph.D., Senior Fellow Ending the Era of ANTHONY GREGORY, Research Fellow, Student Programs Director ROBERT HIGGS, Ph.D., Senior Fellow ROBERT H. NELSON, Ph.D., Senior Fellow CHARLES V. PEÑA, Senior Fellow Big Government BENJAMIN POWELL, Ph.D, Senior Fellow WILLIAM F. SHUGHART II, Ph.D. Senior Fellow Randy T. Simmons, Ph.D. Senior Fellow ALVARO VARGAS LLOSA, Senior Fellow he 2012 elections are indeed RICHARD K. VEDDER, Ph.D., Senior Fellow LINDSAY BOYD, Marketing and Communications Director historic and the issues of Big ROY M. CARLISLE, Acquisitions Editor T CARL P. CLOSE, Research Fellow, Senior Editor SARAH GALT, Associate Director of Development Government and Obamacare are GAIL SAARI, Publications Director BOARD OF DIRECTORS critical. American voters should gilbert i. collins, Private Equity Manager John Hagel iii, Co-Chairman, Center for the Edge, Deloitte & Touche USA LLC be outraged over runaway sally s. harris, Vice Chairman of the Board, Albert Schweitzer Fellowship PETER A. HOWLEY, Chairman, Howley Management Group PHILIP HUDNER, ESQ., Of Counsel, Botto Law Group, LLC government spending that has GARY G. SCHLARBAUM, Ph.D., CFA, Managing Director, Palliser Bay Investment Management put the U.S. $16 trillion in debt. Isabella P. Speakman, President, The Curran Foundation W. Dieter Tede, President, Hopper Creek Winery Yet, neither Congress nor the President has DAVID J. TEECE, Ph.D., Chairman and CEO, Berkeley Research Group, LLC David J. Theroux, Founder and President, The Independent Institute Mary L. G. Theroux, Former Chairman, Garvey International even raised meaningful proposals to end the SALLY von behren, Businesswoman massive federal deficits—the yearly increase BOARD OF ADVISORS Leszak balcerowicz in the debt—much less total government debt Professor of Economics, Warsaw School of Economics jonathan bean Professor of History, Southern Illinois University itself. In response, the Independent Institute herman belz Professor of History, University of Maryland is moving the needle in public opinion toward thomas bethell Author, The Noblest Triumph: Property and Prosperity Through the Ages Thomas Borcherding opposing runaway spending. Our books, Professor of Economics, Claremont Graduate School Boudewijn Bouckaert including Crisis and Leviathan (by Robert Higgs; Professor of Law, University of Ghent, James M. Buchanan Nobel Laureate in Economic Science, see p. 5), Boom and Bust Banking (edited by ALLAN C. CARLSON President, Howard Center for Family, Religion, and Society David Beckworth; see p. 5) and Financing Failure ROBERT D. COOTER Herman F. Selvin Professor of Law, University of California, Berkeley Robert W. Crandall (by Vern McKinley), are at the forefront in Senior Fellow, Brookings Institution RICHARD A. EPSTEIN discrediting the fallacious belief in government New York University George Gilder Senior Fellow, Discovery Institute mandates, spending binges, and bailouts. Nathan Glazer Professor of and Sociology, Our Government Cost Calculator at STEVE H. HANKE Professor of Applied Economics, Johns Hopkins University JAMES J. HECKMAN MyGovCost.org reveals the personal costs of Big Nobel Laureate in Economic Science, University of Chicago wendy kaminer Government for any American. MyGovCost’s Contributing Editor, The Atlantic Monthly LAWRENCE A. KUDLOW Chief Executive Officer, Kudlow & Company total print impressions exceed more than 7.25 JOHN R. MacARTHUR Publisher, Harper’s Magazine million, with broadcast impressions reaching DEIRdre N. McCloskey Distinguished Professor of Liberal Arts and Sciences, Univ. of Illinois at Chicago J. Huston McCulloch about 2 million people. Our fan base on Professor of Economics, Ohio State University Thomas Gale Moore the MyGovCost Facebook page has reached Senior Fellow, Hoover Institution Charles Murray Senior Fellow, American Enterprise Institute over 122,000 followers. Combined with the Michael Novak Jewett Chair in Religion and Public Policy, American Enterprise Institute Independent Institute Facebook page of 170,000 JUNE E. O’NEILL Director, Center for the Study of Business and Government, Baruch College P. J. o’rourke fans, posts from just any one week alone have Author, Peace Kills: Americas Run New Imperianlism and Pariliament of Whores Tom Peters received more than 27,000 likes, 10,000 shares Co-Author, In Search of Excellence: Lessons from America’s Best-Run Companies Charles E. Phelps Provost and Professor of Political Science and Economics, University of Rochester of content, and 500,000 views on Facebook. Paul Craig Roberts Chairman, Institute of Political Economy To accelerate this work—especially during Nathan Rosenberg Fairleigh S. Dickinson, Jr. Professor of Economics, Stanford University PAUL H. RUBIN these difficult economic times resulting from Professor of Economics and Law, Emory University BRUCE M. RUSSETT Big Government—we really need your help! Dean Acheson Professor of International Relations, Yale University Pascal Salin Professor of Economics, University of Paris, France Please join with us as an Independent Associate VERNON L. SMITH Nobel Laureate in Economic Science, George Mason University Member. With your tax-deductible membership, Joel H. Spring Professor of Education, State University of New York, Old Westbury Richard L. Stroup you can receive a FREE copy of either Living Professor of Economics, Montana State University Robert D. Tollison Economics (p. 1), Crisis and Leviathan (p. 5), Boom Professor of Economics and BB&T Senior Fellow, Clemson University Arnold S. Trebach Professor of Criminal Justice, and Bust Banking (p. 5), or Financing Failure, william tucker Author, The Excluded Americans: Homelessness and Housing Policies and other publications, including our quarterly GORDON TULLOCK University Professor of Law and Economics, George Mason University Richard E. Wagner journal edited by Robert Higgs, The Independent Hobart R. Harris Professor of Economics, George Mason University Paul H. Weaver Review (p. 3), plus other benefits (please see the Author, News and the Culture of Lying and The Suicidal Corporation Walter E. Williams Distinguished Professor of Economics, George Mason University attached envelope). Charles Wolfe, Jr. Senior Economist and Fellow, International Economics, RAND Corporation

THE INDEPENDENT (ISSN 1047-7969): newsletter of the Independent Institute. Copyright ©2012, The Independent Institute, 100 Swan Way, Oakland, CA 94621-1428 • 510-632-1366 • Fax: 510-568-6040 • [email protected] www.independent.org. David J. Theroux The INDEPENDENT 3

The Independent Review Investing in Liberty • Markets Promote Morality

dited by Robert Higgs, The Independent Re- Markets Promote Morality Eview presents highly readable—yet rigor- Markets are remarkable institutions: They ous—analysis of economic policy, political theo- reduce poverty, decrease discrimination, and ry, and related issues. Here’s a look at two articles provide opportunities for constructive social and from the fall 2012 issue. economic advancement far more reliably than do Investing in Liberty government programs. And yet, many people are Liberty-minded philanthropists have managed skeptical of the moral case for markets, as if the to foster a vibrant network of scholars and organi- market’s encouragement of the pursuit of material zations engaged in advancing self-interest ipso facto disquali- the ideals of a free society. For fies markets from moral praise. example, donors to the Inde- As economist Dwight R. pendent Institute have, over Lee writes in The Independent the course of 25 years, funded Review, “Stereotypical market numerous award-winning, behavior fails to satisfy the pro-liberty books that oth- conditions that people associate erwise would not have been emotionally with morality.” published and have introduced Markets don’t get the appre- hundreds of young minds to ciation they deserve because the the principles of free markets public underestimates the many and personal liberty. positive results that they bring. Many donors who have One of the most beneficial ef- underwritten the liberty move- fects of the market, according ment have also attempted to to Lee, is also among the most make colleges and universities The Independent Review, Fall 2012 overlooked: Markets help soften across the United States more some of our darkest emotional conducive to the spread of these ideals, but their ef- tendencies—especially our proclivity to view the forts have been largely unsuccessful, as Lenore T. world in terms of “us” versus “them” and to Ealy explains in her cover article, “Investing in the succumb to that emotion by initiating violence Ideas of Liberty: Reflections on the Philanthropic against others. Enterprise in Higher Education.” “By creating positive-sum opportunities on a The problem is both institutional and ideologi- global scale, the mundane morality of markets cal. Federal laws from the Pendleton Act of 1883 to makes it possible for us to see strangers as allies the Higher Education Act of 1965 have diminished in our efforts to improve our lives rather than as the independence of colleges and universities and enemies to be plundered and eliminated before made higher education a tool of statecraft. Ad- they plunder and eliminate us.” Lee writes. ministrators worry primarily about accreditation, Lee concludes by urging his fellow economists compliance, and fundraising. Moreover, despite an to educate the public about how markets foster increase of freedom-minded scholars, academia social cooperation and to show how economic itself, Ealy writes, is “still largely dominated by thinking can shed light on moral issues in ways progressive ideology (and worse).” that resonate with a large audience. What’s a principled philanthropist to do? Ealy “I can think of no better way to begin than counsels them to “weigh the costs of reform by acknowledging the importance and emotional against the opportunities of entrepreneurship.” appeal of magnanimous morality in small groups, Seeking new ways to reach students, she explains, while also pointing out with compelling argu- is likely a better investment than trying to reform ments that this morality has a brutal dark side institutions plagued by entrenched interests and that is best moderated by the mundane morality hostile ideas. of markets.” Lee concludes. This article is available at www.independent.org/ This article is available at www.independent.org/ publications/tir/article.asp?a=900• publications/tir/article.asp?a=902• 4 The INDEPENDENT

The Independent Institute in the News

Priceless: Curing the Healthcare Crisis including our own Challenge of Liberty Independent Institute Research Fellow John Summer Seminars (page 6). C. Goodman spoke on his highly readable Senior Fellow Randall Holcombe was book and took a comprehensive look at cited by Investor’s Business Daily in its alternatives to government control of the “Obama’s Stimulus Spending A Grave healthcare sector at BookExpo America, Threat To Capitalism.” New York; FreedomFest, Las Vegas; the Breitbart and others have featured Re- Heartland Institute, Chicago; the Heritage search Fellow Vern McKinley’s pathbreak- Foundation and Competitive Enterprise ing findings, culled from multiple Free- Institute, Washington, DC; as a featured dom of Information Act (FOIA) cases upon presenter at “Newt U,” at the Republican which his Independent Institute book, National Convention in Tampa, FL; and Financing Failure: A Century of Bailouts was before the Association of American based: “But once again, the Obama admin- Physicians and Surgeons, San Diego, CA. istration refuses to provide basic informa- Goodman also addressed the Congressional tion related to its supposed ‘oversight’ of Health Care Caucus and testified before the the private sector. I suspect it is because this U.S. House Committee on Oversight and ‘oversight’ is more about politics than about Government Reform in Washington, D.C. the public interest.” Center on Global Prosperity Senior Fellow Alvaro Vargas Llosa reviewed The Man Who Saved Colombia for the Wall Street Journal—highlighting the progress of a democratic model for the continent— while our Spanish-language website, blog, and social media attract and engage the hundreds of thousands of Latin Americans and other Spanish-speaking peoples seeking the blessings of liberty. (www. Research Fellow John C. Goodman is inter- elindependent.org). viewed on C-SPAN2 BookTV. Senior Fellow Art Carden helped enlighten Dr. Goodman has discussed Priceless Americans that outsourcing enriches in interviews and articles appearing in everyone on Stossel: “The fundamental thing Newsmax, CBN News, the Daily Caller, about trade is that it makes everyone better Barron’s, the Mike Huckabee Show, off. . . . We get more at lower prices.” C-SPAN, CBS Radio, FOX News, Forbes, Roll Call, the Washington Examiner, the Hannity Show, Psychology Today, the Wall Street Journal, USA Today, and more. Center on Entrepreneurial Economics Senior Fellow Robert Higgs’s staunch analysis of the parallels between the Great Depression and the Great Recession continue to be prominently contrasted against Keynesian Paul Krugman and others’ views, including on radio (The Peter Schiff Show), TV (Stossel), print (the Wall Research Fellow Art Carden appears on the Fox Street Journal), and conferences and forums, Business Network’s “Stossel” show. The INDEPENDENT 5 New Books The New Case Against the Federal Reserve wo books just published by The Indepen- The Federal Reserve, the book shows, not only Tdent Institute are notable for their timeli- precipitated an unsustainable housing bubble ness as well as their path-breaking content. The with its easy monetary policy, but it also took fi rst deals with the recent fi nancial the wrong tack when the economy crisis and recession. The second is began to contract: it tightened about the long-term growth of gov- monetary policy at a time when the ernment. demand for money was increasing The financial crisis and the Great rapidly. Instead of dealing with this Recession brought an end to several increase in money demand, the Fed decades of macroeconomic stabil- focused on becoming “lender of ity in United States. Unfortunately, last resort” on a scale so vast that it most attempts to explain these became a central planner of credit events have underestimated the allocation. importance of the most powerful After eight chapters devoted to economic actor on the world stage the Federal Reserve’s role in causing today: the Federal Reserve. the housing bubble, the financial In the new Independent Institute book Boom panic, and the Great Recession, four chapters and Bust Banking: The Causes and Cures of the Great examine how to create a better monetary system. Recession, editor David Beckworth (Assistant Pro- Some contributors argue that the Fed should fessor of Economics, Western Kentucky U.) and adopt a monetary rule aimed at stabilizing total eleven other economists remedy this deficiency by current-dollar spending, a policy that might have explaining why the U.S. central bank bears most avoided the boom and bust. Others argue that of the blame for the calamity. (continued on page 7)

Crisis and Leviathan, 25th Anniversary Edition he Independent Institute is delighted to pub- Although the government scaled back after Tlish the 25th Anniversary Edition of Crisis the war, precedents had been set. When the Great and Leviathan: Critical Episodes in the Growth of Depression hit, collectivist sentiments and institu- American Government by Indepen- tions were reactivated; the Wartime dent Institute Senior Fellow Robert Finance Board served as a model for Higgs. the Reconstruction Finance Corp. First published in 1987, this Decades later, many programs and classic work introduced to the read- agencies begun during the New ing public the notion that national Deal remain in place. But these crises—the Great Depression, the interventions were only a prelude two World Wars, the Cold War, and to the bigger ones enacted during sundry lesser “crises,” real or imag- World War II. ined—have been the pivotal events Although much of the admin- that have fostered Big Government istrative apparatus of control was since the turn of the twentieth quickly dismantled after the war century. ended, a host of legacies remained, including An early turning point came during the government-financed plants and equipment, a Progressive Era, when the nation’s intellectuals host of legislation inspired by wartime practices, and many business leaders came to favor federal a voracious and effective federal income tax sys- activism. This change enabled unprecedented tem, a massive foreign aid program, and a money government activism when the United States en- hungry military-industrial complex. tered World War I, including the federal takeover Most important, the notion of a “peacetime of shipping, price controls, and the draft. (continued on page 7) 6 The INDEPENDENT

Student Seminars’ Global Reach Student Seminars’ Global Reach he Challenge of Liberty Student Seminars— a record number of participants: more than 40 Tnow in its 17th year—trains the next genera- students, from 22 universities, and nine coun- tion of the defenders of liberty—grounding high tries. These powerful seminars build a strong school and college students in the principles of foundation in the economic and ethical principles liberty and empowering them to enlighten their of liberty among the next generation, and we look peers on issues such as the dangers of reckless forward to further expanding their reach through government spending. We work with many expanding the seminars geographically, as well as groups including the Institute for Principle Stud- through the Internet. ies (a program for homeschooled high-school- Watch highlights from the seminars, and see ers), National Forensic League (the major pub- testimonials from the students, at www.indepen- lic high school debate organization), National dent.org/students/seminars/videos.asp. • Christian Forensics and Communications Asso- ciation (the major homeschool debate organiza- Here’s what some of the students had to say tion), Students for Liberty and Young Americans about the seminar program: for Liberty (national student groups on college “Conferences such as this are intellectual treats campuses), Leadership Institute, Intercollegiate for students like myself who spend much of Studies Institute, Institute for Humane Stud- the year with students who earnestly hate ies, Students in Free Enterprise, Foundation for capitalism.” Economic Education, and CPAC (The American “With an impressive line-up of brilliant speak- Conservative Union). In addition, we utilize in- ers and informative lectures, this seminar novative outreach through social media, includ- has truly opened my eyes to new concepts.” ing Facebook and email campaigns. As a result, this summer’s seminars attracted “I have learned a great deal at the seminar this June and have used much of what I learned in conversations with family and friends.” “It’s been an incredible time, and the knowl- edge gained through these lectures only strengthened my beliefs in the libertarian movement and Austrian economics.”

Top: High School Seminar in session. Far left: Se- nior Fellow Robert Higgs addresses students. Left: Instructor Randy Simmons counsels intern Nick Geiser. Bottom: College Student Seminar in session. photos by steve babuljak The INDEPENDENT 7

Peter Boettke: A Passion for Economic Liberty (continued from page 1) answers leads them to watch Glenn Beck, who may to return to the discipline of economics’s original sometimes reference . Then, mission: to make sense of human action, exam- they start reading Hayek. Thus, it’s irrelevant to ine the puzzles and problems that captivate most the scholarly assessment of the ideas of Hayek to people, and communicate the findings to a public point out that Glenn Beck likes him, just as we sorely in need of understanding. Greater economic shouldn’t look at Paul Krugman’s ideas differently reasoning and analysis can vastly enrich our under- because Rachel Maddow likes them. standing of political decision-making, , As I explore throughout Living Economics, the property rights, and the legal system. By putting the ideas of individual choice are a means to an end. “political” back into political economy (the name Although the greatest teachers of economics have for the discipline in its early days, when it focused stressed this, economics as it is currently taught more on public issues), economists can greatly often deemphasizes studying real-world problems improve economic literacy and greatly improve and dwells too much on nonessentials. We need human well-being.•

New Book: Boom and Bust Banking Praise for (continued from page 5) such a rule would be insufficient to prevent future Boom and Bust Banking banking crises, given the political incentives and “Boom and Bust Banking is an important contribu- tion to furthering our understanding of recent events knowledge constraints of central banks and the in the U.S. and around the world. public’s perception that large insolvent banks —Douglas A. Irwin, Robert E. Maxwell ’23 would continue to be bailed out. Professor of Arts and Sciences, Dartmouth College The final chapter makes the case for a radical alternative to central banking: free banking with “Boom and Bust Banking is a serious book for anyone who has a serious interest in learning why the competitive note issue. Under such a system, financial meltdown of 2008 occurred, and what kind individual banks would know on a daily basis, of reforms would be necessary to assure that we don’t via the level of interbank clearings, whether to experience a repeat episode. —Jerry L. Jordan, former President, Federal increase or decrease their issuance of banknotes Reserve Bank of Cleveland in response to changes in money demand; and collectively their actions would tend to stabilize To purchase Boom and Bust Banking, visit www. total current-dollar spending. independent.org/store/book.asp?id=100.•

New Book: Crisis and Leviathan (continued from page 5) Praise for Constitution” was lost, and the prevailing ideology Crisis and Leviathan moved decisively toward acceptance of a large role “Crisis and Leviathan is a book of major importance, for government in the economy. thoroughly researched, closely argued, and meticu- As Higgs shows, each crisis led to a host of new lously documented. It should be high on the reading list of every serious student of the American political federal programs, activities, and functions that left system.” legacies—including greater acceptance of bigger —Political Science Quarterly government—that endured long after each crisis “That big government grew from crisis is not a new passed. The result was not only a higher baseline idea, but just how that happened is an astounding for further growth, but also a government more story, and the superb account that Higgs gives of that process may come as something of a shock to his intrusive in the lives of ordinary citizens and more readers.” resistant to meaningful reform. —Jonathan R. T. Hughes, Professor of To purchase Crisis and Leviathan, visit www. Economics, Northwestern University independent.org/crisisandleviathan/. • 8 The INDEPENDENT Donors Proudly Support Ideas Over Partisanship

uring 2012, and thanks to our generous Ddonors, The Independent Institute has bro- ken significant barriers in spreading our ideas to a whole new audience! As demonstrated by our growing numbers of likes, and increasing numbers of exchanges on our Facebook pages, the ideas of liberty are compelling a new generation into action. In just the last week alone, our Independent Institute and MyGovCost Facebook pages received more than 27,000 likes, 10,000 shares of content, ideas through Fox News, Fox Business, C-Span, and 500,000 views on Facebook—that is a huge CBS Radio, The Hill, Washington Post, Washington success! Times, Wall Street Journal, Fox News.com, New York From issues of government dictating our Times, USA Today, and the National Review, among healthcare and dietary choices, to out-of-control a long list of other prominent media sources. government spending and interference in the With continued support, our innovative ideas economy, we are there to stand up and support and timely publications such as Priceless: Curing scholarly voices refuting Big Government! With the Healthcare Crisis, informative Independent continued contributions from liberty advocates Policy Forums, and our student programs will like you, we can loudly promote solutions to the continue to reach increasing numbers to produce growing $16 trillion debt and the loss of individual the shift we need back towards individual freedom liberty with which politicians are saddling future and responsibilities. generations. But we can only continue to make such a tre- Through generous support to date, we have mendous impact on public policy and discourse been able to strengthen our media campaign with the support of committed friends of liberty so that our scholars were able to articulate their such as you! As the holiday season approaches, please consider giving one of the most meaning- ful gifts there is—a gift in support of furthering ideas that will revive freedom and prosperity in this great nation. PAID

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