Radical Austrianism, Radical Libertarianism

Minimum wage laws are not only counterproductive, but they make situations worse. All voluntary mutual trade benefits all. Minimum wages and union legislation make it difficult if not impossible for poor youth to get jobs.

Environmentalism sees market failure as the cause of environmental problems. Block sees the absence of private property rights and the interference of government as the causes of problems. Libertarianism provides solutions. Man is not a cancer on the planet. Markets have not failed.

Block, Gwartney and Lawson at Frazier Institute of Canada created an annual index of Economic Freedom of the World. It has been more widely used than any other reports. 102 countries were ranked according to factors like life expectancies or income equality.

The Austrians view is that monopoly came about as privilege, usually granted by royalty, given to a particular person or industry. This process is arbitrary and capricious. Free entry is required in capitalism. There cannot be restrictions on entry, as with doctors. Price, quantity, profit, and...