We stipulate, arguendo, that fractional-reserve-demand deposit banking is per se fraudulent. We ask whether or not time deposit banking can also be illicit, and answer in the positive, if there is a mismatch between the time dimensions of deposits and loans. To wit, if an intermediary borrows short and lends long.

Huemer [33] argues against the killing of animals. I offer a critical libertarian analysis of his claim.

We stipulate, arguendo, that fractional-reserve-demand deposit banking is per se fraudulent. We ask whether or not time deposit banking can also be illicit, and answer in the positive, if there is a mismatch between the time dimensions of deposits and loans. To wit, if an intermediary borrows short and lends long.

What is the proper punishment from the perspective of the libertarian philosophy? More specifically, in what way, if at all, may a thief benefit from his robbery? The present essay attempts to wrestle with these challenging questions.

In Barnett and Block (J Bus Ethics 88(4):711–716, 2009a), the present authors claim that borrowing short and lending long is fraudulent, and thus ought to be prohibited on legal grounds. Bagus and Howden (J Bus Ethics 90(3):399, 2009) take issue with our ethical analysis. The present paper is our response to these authors; it is an attempt to defend Barnett and Block (J Bus Ethics 88(4):711–716, 2009a) against the very interesting and important, although we believe, erroneous, criticisms of Bagus and (...) Howden (J Bus Ethics 90(3):399, 2009). (shrink)

In Barnett and Block :711–716, 2009a), the present authors claim that borrowing short and lending long is fraudulent, and thus ought to be prohibited on legal grounds. Bagus and Howden :399, 2009) take issue with our ethical analysis. The present paper is our response to these authors; it is an attempt to defend Barnett and Block :711–716, 2009a) against the very interesting and important, although we believe, erroneous, criticisms of Bagus and Howden :399, 2009).

Austrian economics - the school of thought associated with Carl Menger, Frederick von Weiser, Eugen von Bohm-Bawerk, and in this century, Ludwig von Mises, Friedrich Hayek, Murray N. Rothbard, and Israel Kirzner - is based on a framework of methodological principles and assumptions much at variance with those of traditional or 'orthodox' economists. Robert Nozick, in his 'On Austrian Methodology', focuses attention on the most fundamental features of this framework, and subjects them to a thoroughgoing and scathing analysis. Singled out (...) for detailed and critical review are: (1) the praxeological concepts of methodological individualism; (2) the claim that economics is an a priori science of human action; (3) the nature of preference and its relation to choice and action; and (4) the assumptions of time-preference theory. Although Nozick does not consider Austrian views on business cycles, market process analysis, the coordinative and informational effects of the price system, competition, and several other fundamental aspects of praxeology, his criticism strikes at the very root of the praxeological school. This paper attempts to refute each criticism made of the praxeological school by Nozick on a point-by-point basis. It thus follows the same pattern as the original paper, and scrutinizes in detail the arguments made by its author. (shrink)

There is a new sheriff in town on the abortion question. It is called evictionism. It diverges, philosophically, from both the pro-life and the pro-choice positions. It assumes that the birth of a human being starts with the fertilized egg but claims that the unwanted baby is a trespasser that may be evicted in the gentlest manner possible.

Heumer and I debate animal rights, utilitarianism, libertarianism, morality and philosophy. We agree that suffering is a problem, and diverge, widely, on how to deal with it. I maintain that this author’s reputation as a libertarian, let alone an intellectual leader of this movement, is problematic. Why? That is because libertarianism, properly understood, is a theory of intra-human rights; this philosophy says nothing about right from an extra-human perspective, Heumer to the contrary notwithstanding. That is to say, he is improperly (...) importing into the freedom philosophy considerations extraneous to it. (shrink)

We deny that asymmetrical information is a market failure. In order to make this case, we subject to critical scrutiny the strongest case for this thesis: the view that laws prohibiting insider trading are viable, necessary, or compatible with the rule of law.

David Friedman attacks deontological or principled libertarianism from a utilitarian point of view. The present essay is an attempt to refute his critique of this philosophy, and to cast aspersions on the utilitarian version of libertarianism he favors.

Rent control is an economic abomination. It diverts investments away from residential rent units, it leads to their deterioration, it is responsible for urban decay such as in the South Bronx, it does not help poor tenants, it is a horrendous means of income redistribution. Yet this economic regulation is beloved of intellectuals (hot beds of pro rent control sentiment are Berkeley, Ann Arbor and Cambridge) particularly in the legal and philosophical communities. The present article is dedicated to an exploration (...) and rejection of the arguments in behalf of rent control which emanate from this source. (shrink)

Academic freedom and tenure, both cherished institutions of higher education, are currently under attack by many both outside and within the academy. Richard DeGeorge argues that they can be defended on ethical grounds only if they are joined with appropriate accountability, publicly articulated and defended standards, and conscientious enforcement of these standards by academic institutions and the members of the academic community.

There are continuum problems in political economy. There are no objective non-debatable solutions to any of them. All answers to them are arbitrary. Responding to these challenges are, ideally, the responsibility of courts, juries, etc.

Van Dun rejects private road ownership on the ground that owners will trap homeowners whose property abuts their thoroughfares. The present paper rejects this claim, and demonstrates that a free enterprise system of private ownership will maximize the welfare of householders, not minimize it.

The defense argument in favor of abortion sees the fetus as an invader, a trespasser, someone against whom violence is justified, since this very young person (the fetus) has initiated violence against his mother. Hewitt [30] rejects this argument. The present paper maintains the justification of this defense argument. My perspective is based on the private property rights of the mother. She owns her person. It is as if her body is her house, and a trespasser has invaded it. Surely, (...) she has the right to evict such a person. This analogy is relatively easy to see in the case of rape. The unwanted fetus, now occupying a part of her body is in effect a intruder. If she really owns her body, which I contend she certainly does, she has a right to expel this person from her property. I also argue that voluntary sexual intercourse does not constitution an “invitation” for the pre-born baby to occupy her premises for nine months. (shrink)

Often, new technology brings in its train unprecedented problems. As far as computers, e-mail and the internet are concerned, this certainly holds true in many arenas. But there is one aspect of this new technology which does not present additional difficulties: cyber-slacking. The managerial challenges posed by employees using these amenities for job search, shopping sprees, personal relationships, in a word, general goofing off, have long ago already been overcome by employers. There is 'nothing new under the sun' in at (...) least this one dimension of the computer age. (shrink)