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This book covers several areas of economic theory and political
philosophy from the perspective of Austrian Economics and
libertarianism. As such, it deals with Epistemology and
Methodology, Microeconomics, Macroeconomics, Labor Economics,
International Economics, Political Philosophy, Law and Public
Policy, all from the Austro-libertarian perspective. Hence, this
book offers an integrated view of libertarianism and Austrian
economics in the light of recent debates in the areas of economic
science and political philosophy. Moreover, it builds from the
foundations of the Austrian approach (epistemology and
methodology), while the latter material deals with its application
to the individual from the microeconomic perspective, which in turn
allows an exploration of subjects in macroeconomics. Additionally,
this work applies Austro-libertarianism to law, politics, and
public policy. Thus, it offers a unified view of the entire
approach, in a logical progression, allowing the readers to judge
this perspective in full. Futerman and Block say that their book is
not a manual, which I suppose it is not. But it is a collection of
highly pertinent essays, from which you can understand what is
mistaken in the orthodoxy of economics, law, and politics. The
central term of art in Austrian economics is that phrase "human
action." It is the exercise of human will, not the blind bumping of
one molecule against another or one organism against another, as in
the physical sciences... Futerman and Block distinguish Austrian
economics as a scientific enterprise based on liberty of the will
from "libertarianism" as an advocacy based on policies implied by
such liberty. "Although Austrian economics is positive and
libertarianism is normative," they write, "this book shows how both
are related; how each can support the other." Indeed they do.
Deirdre N. McCloskey, PhD UIC Distinguished Professor of Economics
and of History Emerita, Professor of English Emerita, Professor of
Communication Emerita, University of Illinois at Chicago
This book challenges the notion that commodities are always good
hedges against inflation, which is the conventional belief today in
financial markets. Specifically, it focuses on gold as a
traditional hedge and the ways in which crypto assets are argued to
be positioned as an alternative hedge against inflationary risk.
The book engages with emerging debates around the performance of
gold since the 2008 financial crisis, analyzing its
characteristics, relationship with inflation, and the role of
mining companies, and discusses ways that cryptocurrencies have
replaced precious metals as an attractive asset class during an
inflationary scenario. In considering the case of crypto as being
or not a good inflation hedge, the book devotes particular
attention to the theoretical financial and macroeconomic
implications of a monetary system based on Bitcoin, dealing with
the concept of money and the determination of Bitcoin's supply and
purchasing power. Additionally, it outlines the consequences that
such a system would entail for the banking industry, and financial
conditions involving interest rates, exchange rates, and the
inflation-deflation dynamic. The book also analyses the relative
impact of past and future events on the different commodity
families. This work will be of interest to students and researchers
in financial economics, macroeconomics, and monetary economics, as
well as analysts and traders in financial and commodity markets.
This book covers several areas of economic theory and political
philosophy from the perspective of Austrian Economics and
libertarianism. As such, it deals with Epistemology and
Methodology, Microeconomics, Macroeconomics, Labor Economics,
International Economics, Political Philosophy, Law and Public
Policy, all from the Austro-libertarian perspective. Hence, this
book offers an integrated view of libertarianism and Austrian
economics in the light of recent debates in the areas of economic
science and political philosophy. Moreover, it builds from the
foundations of the Austrian approach (epistemology and
methodology), while the latter material deals with its application
to the individual from the microeconomic perspective, which in turn
allows an exploration of subjects in macroeconomics. Additionally,
this work applies Austro-libertarianism to law, politics, and
public policy. Thus, it offers a unified view of the entire
approach, in a logical progression, allowing the readers to judge
this perspective in full. Futerman and Block say that their book is
not a manual, which I suppose it is not. But it is a collection of
highly pertinent essays, from which you can understand what is
mistaken in the orthodoxy of economics, law, and politics. The
central term of art in Austrian economics is that phrase "human
action." It is the exercise of human will, not the blind bumping of
one molecule against another or one organism against another, as in
the physical sciences... Futerman and Block distinguish Austrian
economics as a scientific enterprise based on liberty of the will
from "libertarianism" as an advocacy based on policies implied by
such liberty. "Although Austrian economics is positive and
libertarianism is normative," they write, "this book shows how both
are related; how each can support the other." Indeed they do.
Deirdre N. McCloskey, PhD UIC Distinguished Professor of Economics
and of History Emerita, Professor of English Emerita, Professor of
Communication Emerita, University of Illinois at Chicago
This book offers a unique perspective on the State of Israel based
on classical liberalism, both on a historical and theoretical
level. Specifically, it makes a classical liberal and libertarian
analysis based upon homesteading and private property rights to
defend the State of Israel. As such, this work explores the history
of the Jewish State, both to provide a positive case for its right
to exist, and to clarify the myths surrounding its origin and
development. At the same time, it deals with other relevant related
subjects, such as the complex situation between Israel and the
Palestinian Arabs, the military campaigns against the Jewish State,
the connection between anti-Zionism and anti-Semitism, and Israel's
economic miracle. The thorough analysis presented in this work
intends to show not only why the voices and movements against
Israel are wrong (including the Boycott, Divestment and Sanctions
movement, BDS), but more importantly, why Israel is an example of
human flourishing and freedom that every advocate for liberty
should celebrate. The Classical Liberal Case for Israel makes the
practical and moral case for Israel. It is based on truths and
facts that need to be repeated over and over. Block & Futerman
understand that the only way to defeat a big lie is with a big
truth. Benjamin Netanyahu, Prime Minister of the State of Israel,
Jerusalem, Israel Classical Liberalism, often associated with the
spread West from Northern Europe in creating free nations, is
argued here as applying to Israel, with ancient roots in the
principles of human freedom. Vernon L. Smith, Ph.D. Nobel Prize in
Economic Sciences (2002), and Professor, George L. Argyros Endowed
Chair in Finance and Economics, Professor of Economics and Law,
Smith Institute for Political Economy and Philosophy, at Chapman
University.
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