LMR – April 2013

Fully understanding society’s problem, while absolutely necessary, is not enough to bring about the solution. Education alone will not do it. Action must go farther than that. But should that action be implemented from the top down to society, or beginning with the individual, spread out and up? In this question and its answer lie the supreme differences between the thinking of the Keynesian and that of the Austrian School — central planning vs. a free market economy.

Read More »

LMR – March 2013

We live in a world dominated by Keynesian economics. Since 1936 when John Maynard Keynes wrote his famous book, The General Theory of Employment, Interest and Money, most of our universities here in the United States, from Harvard to the smallest community college, have become vested in this way of thinking. Consequently, our nation’s government now fully endorses and mandates this way of governing our monetary system.

Read More »

LMR – February 2013

“All things are subject to the law of cause and effect.” This is the very first sentence of the book Principles of Economics, written by the Founder of Austrian Economics, Carl Menger. The reputation of the School and its fundamental ideas belong fully and wholly to this man. The profundity of that statement seems to make clear that the law of causality gets to the “why?” of all things.

Read More »

LMR – January 2013

Increasingly modern governments are returning to treating the masses of the world as though they were property, harking back to the olden days prior to the great classical liberal revolutionary movement of the seventeenth and eighteenth centuries. Before these centuries the history of man, except for a few exceptions, was an account of despotism where the ruling class forced the population to live at bare sustenance levels, empty of hope and assurance.

Read More »

LMR – December 2012

Here we are once again, reflecting on the year that is leaving us and with great anticipation wondering what the New Year will bring. So much has transpired and much has been achieved. As always we are amazed at how quickly the time has gone. We carry with us the lessons of all these past experiences to take us forward, secure in the knowledge that no matter what challenges will come our way we will, nevertheless, accomplish our goals.

Read More »

LMR – November 2012

“The customer is always right” is one of those all too familiar household phrases that is ingrained in the minds of most Americans. The holiday shopping season is one of those rare occasions of the year when we tend to remember it. What we seldom consider about this slogan is that it is the fundamental law of the market.

Read More »

LMR – October 2012

Where does the line fall between opinion and knowledge? Just how certain can we be of our ideas and notions that we so strongly believe in? If only for a moment, stop and consider the differences in human opinions and how they divide us. More importantly, consider how often they are entirely contradictory—yet we express them with such assurance and conviction. From this contradiction, we may conclude that there is no such thing as truth, or perhaps that man is not equipped to know it.

Read More »

LMR – September 2012

The buying and selling of goods, along with their interlocking activities of production and distribution, occurs every second of every day and in an indecipherable number of times throughout the world. It boggles the mind to contemplate the size and complexity of this awe aspiring mechanism—the market economy.

Read More »

LMR – August 2012

The system whereby the government undertakes protecting the health and well being of its citizens, especially those in financial or social need, by means of grants, pensions, and other benefits is the welfare state. Here in the United States, the New Deal programs of President Franklin D. Roosevelt laid the foundations for the modern welfare state we have today. At present there are 100 million Americans receiving some form of government aid—aid that must be paid for by the producers in society.

Read More »

LMR – July 2012

Rembrandt’s famous painting, The Prodigal Son, graces the front cover of this month’s issue of the LMR. This ancient story involves the wayward son, who upon demanding and receiving his father’s inheritance, squanders it all in riotous living. When the money runs out the prodigal son comes to his senses. Humiliated, broke and starving he repents and returns home to his father’s arms and is lovingly forgiven.

Read More »