 So this is the panel on Murray's future, so it's true just to disclose so none of us has met Murray Rothbard But I would say of these three panels. We're the best-looking Rothbardians, so that's I will say that So we're just gonna we'll do the same thing they did the other one So we'll limit it to like five minutes He's we'll just go through and just you know give our personal history to me since to The work the way that Murray Rothbard's influenced us and then whatever is left at the balance will field your questions So you want to start? Yeah, so I'm on to in Chamberlain. I'm a Economics student at Lully University, New Orleans where I sent her Walter block as he said no, I never met Murray Rothbard I was negative too when he died It was so through Ron Paul and YouTube is how I came into the movement and one of the first books I remember reading was Rothbard's for New Liberty. I just remember every page was something that it was just brand new An idea I'd never heard of and it was just revolutionary. I remember I was sitting and waiting to take I think either my license my permit test I'm just saying the reading for a new Liberty and Later on junior year of high school. I read and that me to say and that Firmly confirmed my anarcho-capitalism. So, you know if it wasn't for Rothbard and the Mesa Institute I certainly wouldn't be where I am today. I wouldn't be at Lola and I wouldn't be an anarcho-capitalist Mesa Institute and what Rothbard has been able to do is I think that it's Austrian economics I think is such an important thing that a lot of people need to know but Mesa Institute gets it to where we can know about it You know, especially with the internet age what Mesa Institute has been able to do and what Rothbard was able to get going When you started the Institute in 1982 was kind of create this ability for people to learn about economics and what Rothbard was able to do a long Mesa Institute You know, there's no Keynes University Keynes University summer program that gets, you know, a couple hundred thousand but a couple hundred applicants But so Rothbard is very much the reason why I'm on the career path I'm on to be econ professor is the reason why I'm here is the reason why I have You know attended Mesa University if it wasn't for Rothbard my I'd probably be a music Composition major at the University of Georgia right now. It wasn't for Murray Rothbard. So the influence that Rothbard had on my life was tremendous Hello, I'm Marta Hidalgo. I come from Spain and what I would what I like most about Murray Rothbard Is his positivity like I've read anatomy of the state and what has government done to our money and for me They're like horror stories It's worse worse than reading Stephen King, but even though Even when I finished reading that it's he's like so positive and it makes it it makes so much sense to to defend Liberty and to fight for it that it's one of the things I love the most about him And even though I disagree with him. I come from Spain I've read nations by consent by consent five times this week I think I think that I could convince him about my ideas too And he challenges me to think differently about what I already think so that's what I like like the most about him Hi, everyone. My name is Ziyad Burkat. I am also a mal-timed Mesa CO alum more than most people to show you my addiction to the place I Came to the Mesa Institute and libertarianism and Austrian economics pretty normally like I someone recommended Ron Paul And from there there was a footnote from a pretty interesting title called what has government done to our money? So pretty early on I went from as apolitical as they come to Rothbard in about two weeks So that was really nice and it's I just love reading him because of I forgot who the speaker was earlier But mentioned not only his clarity, but his depth and it's really nice to have both and I've been I Constantly will read lots of topics and then I'll go back and read something from Rothbard and every time I'm like, why do I even read anything else? Like I should just just stick with the man for now But it's really nice because of the breadth of the topics he's talked about I basically whenever I have conversations with people because I like to debate and you know Just like every libertarian does and try to convince as many people as possible You know do our part the whole convince three people and if everyone can do that in like ten years We'll have an arco capitalist world. So trying to knock out my three per year and Whenever there's like a topic that you know, you there's always people with Different perspectives and they they challenge you and almost my go-to is just to like type in the topic and then finish the Google search With Murray Rothbard and then I find something on there And it's usually a good starting point and there's usually something about it And I've come to realize over time that I do agree with him disengaging with this academia at some point because I've learned in my debates so to speak with people that Nobody really disagrees with the non-aggression principle Who's gonna disagree with don't hurt people and don't take their stuff nobody but People make exceptions to those rules and it really just comes down to like proper understanding of economics And that's why I love reading Rothbard of because of how good he is on economics And then you can you know translate that to the layman and and hopefully spark their interest and and I think he just Does such a good job on that the one thing though despite all of that what I like most about Rothbard is His foresight, I think his ability to foresee problems early like I love academia and I love You know intellectuals and stuff like that But the theory is fascinating, but everybody like a lot of people are good on theory Practicality is something that I think very few people are very good at and Rothbard had the incredible ability to be really good at both I'm a big fan of Jeff Dice for his you know strategic intelligence and his practicality And and just Rothbard's ability to understand risk of of trying new strategies And for seeing different problems I recently read his article big government libertarians and it I mean Bob could have wrote it last week It was like that spot-on of just understanding, you know risks of being different ways and and his foresight To understand risk and and what to do, you know his what should we do article is awesome And and that despite all the other things that's probably my favorite thing about Rothbard I guess when you say people who would disagree with not hurting people and breaking their stuff He doesn't know about Antifa, but I'm not gonna be the one to tell him and let him down Talk about Stephen King Okay, so just so you know I told Ed He's allowed to go a little longer too because these guys went shorter than the five So we're not cheating. It's just we have tradable permits up here for total minutes. Okay? So Yeah, let me So let me say you know the the Mises Institute for people who didn't realize like we're doing a tribute to Murray Rothbard for this particular Anniversary this is the Mises Institute anniversary And I should just say obviously I would not be here if it weren't for the Mises Institute It's Murray Rothbard. It just hands down is the person that most Influenced, you know who I became so in terms of I suppose, you know economic theory You could argue that you know what Mises did in human action in terms of developing stuff, you know It was the The development of things in terms of like which economist that I learned the most from in terms of the stuff that he invented But clearly in terms of will it go do I model when you know my career? It's Murray Rothbard. It's such that I think people take it for granted And I try to tell people is when they get frustrated with Rothbardians who get so upset about I cannot believe these other Libertarians who go out of their way to denigrate Rothbard like they're too cool for him and you know Oh, he's so you know eighth grade and you know they've moved on and yeah, that is annoying and don't get me right But I think part of it is when someone says like oh the Beatles are terrible and it's you know They're saying that because so many people you know, they're so awesome. They're such the standard bear and so I think that's with Rothbard I mean just to give you whether he was saying anything in austral libertarianism that you want to talk about or write on You know the baseline the default is go figure out What did Rothbard say on that and that's the starting point like that's the definitive standard thing and maybe you disagree with it Maybe you don't right so just for those who listen to contra recruitment the last two weeks ago over the last week I'm getting mixed up now the crewman was talking about marginal productivity theory and saying ah a free market economist all agree that workers Get paid their marginal product, but that means that you know Therefore we don't care rich people work more and so Tom and I went through that and I had some people Jean Epstein was here And he was saying no you conceded too much, you know even on the on the margin there It's there's not the equality there that every transit and so I was saying yeah But does that mean workers don't get paid their marginal product because I thought we like to say that so you know I need to go look at man economy and state and see exactly what did Rothbard say on that point I mean so that's just one example of how whenever there's some you know fine point of dispute like wait We got this one principle, but this one is our contradiction You just what did Rothbard say and that's it doesn't mean you're gonna agree with them But that's the starting point Again, we take it for granted that Just what a clear writer Rothbard is right when he says the state is a gang of thieves writ large You're not like what do you mean by that? You know, I mean you know exactly what he's talking about right whereas you could read You know some large I say from Hayek and you could have loved it and by the end of it You say what did he say you're just gonna have to read it yourself Let me you know and it's again. That's not criticism just the style It's it's just a different sort of thing that Rothbard. He says a very clearly defined point and as people say it's Let me give you another example just to show It's hilarious the way his critics will attack him just to show his his strength and his you know It's how amazing he is as a thinker. I've seen people as this floats around they say stuff like You know the thing with very Rothbard is you know If you go ask a professional historian, what do you think about Rothbard's contributions to history? He'll say oh, they're mediocre if you go ask a professional philosopher What do you think about Rothbard's contributions to philosophy and they'll list five different disciplines that Rothbard had original You know papers criticizing what the mainstream paradigm was in that area And they're just dismissing him as yeah, but you asked the people so you know say, okay Suppose he really were a genius that was making you know pathway and contribution those five areas isn't this exactly what the world would look Like it's not like the leaders in those fields that Rothbard saying are making some mistake at step 2 would say Oh my gosh He's right my careers and shambles now and they'd say to MIT take away my tenure no They would say this guy some but he doesn't even believe in the Fed what a moron you right so I'm just saying that It's ironic because it comes from people who agree. Oh, yes We Austrians who also are denigrated in our little area, you know the people at MIT think we're cranks also They think we're like creationists in terms of like the way about but we're right in our little area It's just Rothbard's wrong when he you know dels outside it So I'm just saying it's it's funny how they use the argument from authority to blow him up in these other areas So again was to say what you will but just the fact that he does have all of these things What he would just dabble in an area like history of economic thought just to give an example I was doing that for Tom Woods's Liberty classroom and again just the standard, you know Go, you know, there's the shump it air and there's their standard references blog and so forth But again Rothbard has a whole thing there you go in and he just digs up stuff that nobody else talks about and Rothbard Little footnote and you realize like before Rothbard wrote this thing on John Stuart mill like he just read 10 books You know so it's it's amazing This this sort of just knowledge he had on how we connect things together Okay, let me just spend a few minutes here talking about one thing about him being like a real person my favorite thing to do besides economics is to troll libertarians on Facebook and so I Totally understood I get the by the way just you know I made the joke about how photogenic this group is a lot of my jokes have withered away over the years because I used To make fun of our events is like Star Trek conventions and now it's not really it doesn't really work as much anymore but So now I make fun of them for having foreign accents that's all I got but What Rothbard was like that I was on a road trip with my mom It was like I was in high school or something we were going on some you know family vacation and my mom's friend was with us In the car like the two families were going in this the the way you switch it up at the rest stops and whatever So we're in there and I had making economic sense the collection of Rothbard's essays and I was reading that in the back And you know, I don't want anyone else to see it because I don't want to know what a nerd I am and I'm reading this is my special little thing and Somebody talks about sports. Yeah, yeah, but And so my mom's friend who was not to my now, you know political or illogical She's like, what are you reading? I'm bored Bob. What is that and I had put it aside because I got carsick You know you're in the back and I was oh nothing nothing She's well, what is it and I was afraid she was gonna think this guy's crazy So she starts reading it and he was writing about how they don't build houses like that anymore And then Rothbard explained the regulations and so and she was like Oh, is that why because I've noticed they don't build houses like that anymore and I was amazed that you know Oh, I was like embarrassed about my little you know nerdy little passion and then my mom's friend was reading him and just totally Got into it and was learning stuff about why the economy works the way it does so again like you can hand it to your mom's friend All right, I'll just put it that way Let me just I'll wrap up here and turn over to Ed But let me just make a few points examples People are you know, they want to be showing he's accessible and keep this stuff light But I don't want somebody who's not familiar with his work to come away from this thinking Okay, right Rothbard was real ideological and he was you know witty guy or whatever, but come on He wasn't a technical and also there's this Stereotype that oh the reason somebody would go into Austrian economics is because they're not good at calculus, right? That sort of thing and so it now it's true if you weren't good at calculus and like economics You would have to go into Austrian economics, but it does not mean okay. You guys get how that works So I mean Rothbard was studying statistics and then you know head in Epiphany and when walked out and and then you realize Austrian economics was correct and I mean, he's got some very technical paper So people don't know us I would advise you if you're getting like a PhD in economics You know go ahead and learn your coursework standard utility theory price theory things like that and go look at Rothbard's essay on a Reconstruction of utility and welfare economics and you'll see he gets into stuff in that essay that he doesn't get into in man economy and state I guess that's my point that you he shows a knowledge of like the the cutting edge in terms of expected utility theory and things like that In that essay that doesn't you know, I he just decided not to put in man economy and state I guess because the the level of sophistication He wrote on chaos theory the you know the mathematical discipline and just showed how that was destroying standard mainstream economics from within like in mainstream economics Like econometrics will have error terms that are normally distributed and blah blah blah and roper was showing how No, the people in this cutting-edge field of chaos theory are undercutting those foundations One last thing if I had a whiteboard or something. Let me we'll try this. Okay, so Do you guys remember when you learn about monopolistic competition? We all remember that right? It was right after the keg stands. Okay, so it's the last thing. Let me just you got a picture this Okay, so in a normal textbook, they're explaining what's problem with firms that are They can control their price of their product And so there's a downward-sloping demand curve So it looks like this and so if the cost curve is nice and smooth where that thing is tangent It has to be at a point not at the lowest point of the you right? So here's the you and there's a line like that and where its tangent cannot possibly be at the lowest point, right? So mainstream economics textbooks say that's the problem with an industry. It's monopolistically competitive is because in the Equilibrium zero-profit point where the you know demand curve hits the average total cost curve So there's zero profit. It's at a higher than minimum average cost, right? And so they say oh, that's excess capacity. It's like Nike and Reebok They have all these factories and they could crank out more shoes, but they don't and they have that and this is wasteful And and so Rothbard in the mannequin you see it goes through and blows that up He's like this is crazy. So like for the next 30 years Nike and Reebok their fact You know they're replacing pieces in their factory and always have more capacity than they know they're gonna need Why would they do that? That's stupid. Okay, so you know He must be right, but then he points out The reason that happens that's a geometric thing. That's nothing to do with economics It's because they assume the cost curve is a smooth you if it's jagged So he draws it like Like that and then he has a downward slipping thing that cuts it. It is its lowest point So he said this is nothing about economics is just the fact they drew us a smooth curve Okay, that is a brilliant point. Who else would have thought of that, right? And so I hope you guys got it. You know, I was expecting you'd all be storming the barricades at this point But I was saying the little things like that so people that's another Chris We said, oh, he didn't do anything a man economy in state He just you know synthesized it as Joe said no he extended production to he did a lot of little things like that where he Was like moving the ball forward a few yards on these things taking it beyond so yeah He didn't just do the whole thing from scratch, but whereas like monopoly theory there He really did do a lot from scratch, but I'm saying little things like that Well, yeah, a free market economist knew there was something screwy with that thing you learn in the textbook But to my knowledge, you know that insight about that thing would just be in a geometric assumption had nothing to do with I think that was just you know one example among many of the stuff he did there. Okay All right, Bob. Thanks so much. I appreciate all of the extra time that you've given me I Chapter one it's the year I Do really want to thank the Mises Institute for making this possible And I want to thank my professor Walter block for changing my life and So I'm 42 and when I was We weren't prepared for that we're not wearing pants When I was a kid I was Asking my college classmates whether I should take professor Walter blocks class and one of my I said is he good and one of my classmates She said yeah, he's good. I think you'll like him if you're a libertarian and I said to myself yeah, I think I'm a libertarian and so that was really the extent of My you know depth as a young, you know young college kid and then when I had his class I thought wow, this is really really amazing and I went from being someone who really didn't care about school in high school to actually someone who became obsessed with Reading and then eventually writing. I chatted with Walter block When I was about 20 years old or 21 years old and he said okay Here are the it's summer vacations coming up here are the 16 books that you're gonna read over the summer and I was like, but it's the summer vacation and I don't think I've Read 16 books in my life But what Walter did is he said to me said, you know, I'm actually really jealous of you right now And I said why and he said because you're going to get and so the list of books included things like For New Liberty Ethics of Liberty a bunch of other books including Nozick Osterfeld a lot of other Libertarian writers and Walter said I'm so jealous of you because you're going to get to read these books for the first time and It really was fascinating. I just remember sitting outside in The backyard of my parents house and just going through all these books and this was just really fantastic It was that same summer when I attended the Mises Institute Mises University So I would have been 21 at that time So it's been now half of my life that I've been connected with these ideas and at that time I just got so interested in the ideas of all these thinkers but specifically Murray Rothbard was my favorite and that really encouraged me to go to graduate school and I had a great time in graduate school at George Mason and I was really just pushing this, you know hardcore libertarianism. I wrote my dissertation on Examples of private rule enforcement with an emphasis on financial markets and a lot of my Classmates I said, no, don't do that. You got it watered down your work and you'll never get a job Well, it turns out I ended up getting 23 job interviews which was the record for George Mason University at the time Ended up getting some decent jobs and over the years I've had a fairly nice career. So they talk about Murray Rothbard Living in poverty and I feel bad for him, but I'm not living in poverty I'm teaching at Trinity College now and the influence of Rothbard is much Vast more vast and I would have even predicted so once we were just talking about some idea in class I forget and Out of the blue some kids said said to someone else. He said that sounds like Murray Rothbard So this guy who was just some random kid. I didn't know I had never assigned him that Economist before but he just happened to know about it. I had another student Then another semester. He said do you mind if I write my paper on privatizing national defense? I said By all means So I think that the Influence that he's had now is probably much greater than He would have predicted. I am visiting different countries traveling around the world and seeing people and just seeing so many young people I wrote Edited a book called anarchy in the law and I wrote the best book in the world called private governance And it's all about private rules and regulations I was alternative to government rules and regulations and I wasn't once in the Czech Republic and one of these students there was like Why are you being so moderate? And I'm like, this is good. This is the world that I want to live in so thank you Is that preferable for the people in the back if I stand? Okay People have spoken I'm Ashton fair and I Mentioned last night. I graduated from Mises you this year An awesome experience just such a privilege if you haven't had the chance to do that and you have the opportunity Do it do yourself a favor I Actually grew up in an in a household that was incredibly Incredibly imbued with these libertarian principles. I had a father and a grandfather who regularly read the freemen and just had you know Fests raging about it at dinner at night where they'd talk about the federal reserve and how we need to take it down and this was like regular Conversation in my childhood home And my mom would leave the in-laws at dinner and say oh my gosh we need to like unsubscribe to this secretly because your dad's just crazy about it and These these are just regular topics of conversation Not just once in a while, but pretty much at every dinner that we had at every family event This is what was discussed. Um, I grew up my dad gave me my first Ron Paul book when I was about 14 or 15 and Had us had me and my sisters all read it and it was it was amazing And I was just soaking up these ideas. I don't think that my parents knew at the time They're creating a monster, but it was happening And and I'm so blessed that it did so I grew up reading Ron Paul And I grew up following all of these key ideas and these key figures but I didn't meet Rothbard as Rothbard through his writings until this year and It has been the coolest experience to see how he has Formulated so much of my life how he's laid this groundwork without me even Recognizing that it was him and it makes me wonder how many other people are going through the same thing how how many people know Rothbard But they've never been formally introduced So a few things that I've learned this year as I've been thinking about Rothbard and reading more of his works and actually specifically diving into his writings I've I've been applying a lot of it to the ideas of Entrepreneurism because that's another big thing going on in my life right now and my husband's life and There are a few key things that Rothbard is just incredible at that He there are so many parallels between he and the perfect entrepreneur and so many examples he sets One of them is that he was the most principled man He had his own principles that he established from the ground up kind of from you know Just the atom of a thought and he would evolve and develop this whole idea and he formulated his own system of principles and Then he combined those principles with a mission with a life mission and created a movement That's something that every entrepreneur wants to do right you want to create of movement You don't want to create a product You don't want to create just like a service you want this movement and without these principles like Murray Rothbard had No entrepreneur can succeed. So that example has been really incredible for me to watch Another is that he was so good at being Extremely specific in spotting wrongs wrong ideas wrong actions on behalf of government or individuals Anything where the the principle had been violated? He was so he had such a firm basis of principles that he recognized it immediately when something deterred from that foundation and he adamantly boldly pursued Whatever it was that had been wrong whether it was something in the NFL or if it was a bad movie review or if it was You know some something about business cycles he would identify exactly where that train of thought went wrong and correct it and Much like an entrepreneur today who wants to pursue you know a fallacy in a Product or a weakness in the market or a lack of a service that exists and then pursue and fill in that with something You know that provides value that brings some kind of greatness to to an area. That's really missing it There's there's another thing that I think is the most important thing that Mary Mary teaches and He did this mainly just through his example, but While he had this massive mission and these incredible principles that he shared with the world that we've all read about that We all are here to appreciate right now He was he was great, but in all of his greatness. He was just a good person Libertarianism wasn't his life. He he encourages, you know the pursuit of your interests and of your your unique abilities Doing what you love and what you're passionate about and bringing the full force of your principles to any of those areas that you excel on or that you love and That has been an incredible an incredible Inspiration to me because we're talking about Murray's future right and so I think being able to take these ideas and that example and take that Forward into the future think about where can we refine our own principles? Where are we lacking? Where are we in these gray areas and how can I you know project this into everything I do? So I think only by following this exact method that Mary was so known for and so excelled at Can we create a life full of substance and fulfillment and a guaranteed impact so That's it's my two cents on Murray Hello, because I've been asked to stand I don't know if how much I need to speak into the microphone someone all right But tendency, okay So I want to thank the Mises Institute for asking me to talk about my personal experiences Related to my how Murray Rothbard has influenced my life There's probably two individuals who have influenced me the most and it's either been my father or Murray Rothbard Just in terms of you know how much they've shaped my general structure of things Murray Rothbard in particular How he wrote his clarity his wit and just the way he was sort of a systematic Builder, you know a great phrase that he would always use to describe other writers He never described himself with this is the phrase of architectonic edifice So he wrote a review of Bombaverks capital interest one time he he called an architectonic edifice And I view that you know in a sense. That's how Murray Rothbard's work is it's an architectonic edifice edifice The other word he loved to use was scintillating and I like using that word as well It was one times criticized by for using scintillating in an essay Oh, you know you described this quote as scintillating and I said, how is it not scintillating? It's brilliant and you know, it was basically a Rothbard quote and I I heavily Enjoyed using that using that word the first book I ever read involved in this in the fall of 2008 Ron Paul's The Revolution the second book I read was Murray Rothbard's what his government done to our money and the rest You could say is history a couple months later. I read America's Great Depression I started reading man economy in state. This is all my high school my senior year of high school And I was I was you could say vocal with my economics views of sort of known as that guy in high school At that time I thought that guy that meant I was I was the cool guy. However as time went on I was sort of revised my sort of my own Subjective opinion of I guess or how other people were viewing me anyway, so I in the summer of 2011 I Worked at a warehouse basically packaging boxes And in in stacking boxes, etc. And moving trucks and one of the things I was allowed to do is you could listen to audio Or you're doing this. I mean lifting 60 pound boxes all the time. It's not the most fun in the world So most people they listen to music. I listen to my Rothbard's lectures on the progressive era because You know why you know, why not as good good good do good to go through the day And so I was in the summer of 2011. I remember listening these lectures said wow, you know, these are so great I wish he wrote a book on this and I'm very happy to say that six years later Well, he did write a book on this you could say at least that it's being as being published now by the Mises Institute I'm very fortunate to have been the editor of that. I was asked to put a place So this isn't me doing my own same on the shelf promotion. I there is a Mises Academy course of which I Giving a talk, you know talking about my Rothbard's book that will be out about the book in a couple weeks So, you know, I know the anticipation is probably killing all of you So, you know, it should be out soon But Murray Rothbard His his work on monetary history a lot of people have spoken about his theory Most of the work that I do at least as an economic history and as an economic historian There's you know, the work has heavily influenced me Sometimes Rothbard will just spend a couple pages on something He'll talk about you with the national banking system and then he have Jay Cook and Salman P. J Setting this whole thing up. Well, I you know wrote a paper on that Then there's a something else in the the progressive era book He talks about John Sherman and Sherman antitrust. Well, I recently wrote a paper on wrote a paper on that My dissertation was on business cycles In the late 19th early 20th century Basically picking the threads of sometimes what Rothbard would speak about a couple pages wrote a paper on the Panic of 1873 another paper on the 1920 to 21 depression my dissertation was heavily influenced by Rothbard and He's someone that it's it's His whole system of thought I can't say that there's anyone who I'm more indebted to and who I always go back to first Some you know, I always am trying to either build on what he's saying You know reinforce what he's saying strengthen what he's saying, but you know from the from the very beginning I've always been a Rothbardian and Never turned back. So thank you very much Good afternoon, everyone. And my name is Nicole Papa costas and I'm very thankful to be here with you guys today And as always a great experience to be part of any of the missus events And my story is for me. It's actually kind of like very funny And I grew up in Colombia the country and When I was taking there my economic classes, I was always like, oh my god I hate this, you know, it's a country that When it comes to politics is very corrupt and stuff like that. So since I was a little girl I always hate government. I'm like, oh, why why we had to deal with people like that Why they promised to you many things and then when they get up there everything changed, right? so I was always pretty much with that mentality and Pretty much in my family my dad my mom. They were pretty much That's kind of way as well when it comes to government. So then I moved back to New York And I was trying to get back to school and all of them Didn't work with my job and stuff like that But I got the opportunity to move to Houston, Texas, which I love. It's a beautiful state But you know, I can be free there, which is great So I was taking my new economic classes there and my professor was an Austrian economic professor And I didn't know anything about Australian economics. It was very new for me. So His classes for me was always so amazing. I'm like, I'm a good student But sometimes, you know, when it comes to economics, I was like, oh, why I'm like, but then when I took his classes I was like, oh my god Can I take these classes like every day and then I was doing really good And he was like super surprising because a lot of the students that were in the classroom They didn't enjoy the class as much as I did So one day he called me inside of his desk and he's like, hey, Nicole I know that you've been joined this a lot. Have you ever heard of Australian economics? And I'm like, no No, I'm like, no. So he goes, well, have you heard of Mrs. Institute? And I'm like, no So he goes, okay. So every summer and we have some things called Mrs. Institute They have a Mrs. University, which is a whole week and where they give scholarships to a lot of students from around the world to come and start in economics and You know, learn more about the Australian economics. It's a very great time You should come and I'm like, what do I need to do? Like, that was my first question I'm like, what do I need to do? And he's like, don't worry. I walk you through and the scholarship and we can help you to get there And the following year I got a scholarship and I was super excited but at the same time super nervous because I'm like, my God You know, I've been reading and I'm like, I want to be surrounded so many amazing people They probably want to start asking me a lot of questions and I want to be like, oh, I'm very new to all of these So I was very afraid at the beginning, but then I got there and I met Amazing people a lot of the people that are here some of the professors and everything and it was just like I feel like if I find a home like I found that home that was missing for so long I found the answers to so many questions I always had my mind and I always thought like, okay So I'm the only one that thinks like that and I'm the wrong one I'm like the the one that people want to be like, oh, no, you are right. You're wrong. Sorry so that week for me it was amazing I learned a lot and I Well, I had the opportunity to build great relationships with a lot of the amazing people are on this table right now I remember coming to all of them and saying like hey What book should I read like recommend me something? What what path do I need to like keep going like I really want to learn more about this I will go to the professors and do the same question But he's pretty much like my mentor. So Thank you so much for everything all you support and all everything all your advices and everything you have given to me for this year and I remember the week before I was going to miss us you know like two weeks before I got an email with all the Studies all the material that you need to do before you get to miss us Institute for miss us you and I was like, oh my god all these books and I was like wow, okay I need to just focus and start studying and reading so I You know at least I know something when I get there I was very particularly done when I open all the books The first one that I open was what government has done to our money Just the title of the book. I was like. Oh Yes, what they have done to our money Yeah, well, okay, this is very particularly so I started reading it and you know, of course It's one of those Books, so I was like, oh wow. I'm like I start finding all these answers To a lot of the questions as to a lot of the things I never thought about it And then I was like, wow, this is amazing. Then my second book was anatomy of the state and The title for me. I was like wow, you know, like how you call anatomy of the state like the titles were so Fascinating that I was like the I need to read it to so when I read it I just with those two books literally like change my mind and like how dr. M Rumpel mentioned it today It takes just one person for you to go and talk just one person for come to you and say hey Do you want to do this? Hey, do you want to try this? Hey, this is what's going on that you probably don't know so That economics professor changed my mind when he told me do you want to go to Mrs. Institute? And I'm like sure and then when I got there they all become my family they all you know are great people great mentors and You know, we are we are such like I always like when I look all of you guys like I just look like Heroes, you know, like people that have a strong minds people that are here for a reason So I just wanted to encourage all of you to just go out there and talk to one person that you want to change their life and Told them hey, this is what's going on. We have rights. We have freedom. We we need to take care of that We need to make sure that government don't keep involving themselves as much as they do Because we are here for a reason. So I'm just very thankful to be here and More definitely his books and his work keep coming up and I can't wait to read the new one And I'm very excited to be part of this family and this community and thank you so much for your time And thank you for being here Okay, I just want to point out Guys, it's fine. They didn't clap for any of us. They clap for every single one of them Don't be agonizing tonight in bed. Like what did I do wrong? It was because he was showboating and then said thank you and bowed basically Just so you know what happened. Okay, we're going to kneel and not take any of your questions Okay, so now we have about 20 minutes right to field your guys questions I think is I think they want you to speak in them in the mic Or why don't you know you say it and then we'll repeat it into the mic because they're recording that that's the reason But to speed it up and like I said, please try not to give a speech just to ask, you know Because so they get more people's questions in Yeah Thank you very much. So the name of the panel is future Rothbard and So each of y'all do plenty of reading we have your names because you're on the program Who are the young writers that you are reading now your fellow associates and people that you're reading that you're just really impressed by their Writing maybe an article then we can actually look them up and read their stuff Okay, so the question is who are the Rothbardians today writing new path-breaking things that we'd like and to tell people to go check These guys out so I want to jump in while I think of my answer Private governance by Edward Stringer Well, I know Patrick Newman has some very scintillating work He actually just took my words away There is a lot of the fellows for the Mises Institute that they have wrote a lot of articles that are very impressed You probably just can go to the website and find out But I know this guy right here just finished one probably of the greatest books probably we'll see we need to read it first and find out but there is a lot of information and That maybe can be fun in the website of all the fellows that have participated in in the Mises Institute I know they're always writing articles and stuff like that. Maybe you can check it out Yeah, I think there are other there are two other places where you can get I guess more modern or younger Economists and thinkers one is Mises Mises.org Mises wire if you look their whole bunch of like Newman has a whole bunch of articles on there Louie whose last name starts in the R and actually don't know how to pronounce Rone he's Young young up-and-coming Austrian economist that writes a lot for Mises Institute, which is great also, Dr. Block if you I'm sure if you email him and ask for his Student CV. He does a lot of co-authoring with students I have a couple papers with him and there are other students as well I think it's about a hundred and so he does it like with undergrad students So the whole bunch of young economists that you can read there as well I'll just say one name and I'm gonna annoy people if I don't but like I'm doing a paper with GP Minesh M-A-N-I-S-H and on Calculation and you know, how does that play out vis-a-vis other approaches other questions? Yeah, so So yesterday after I was in a discussion with someone who I think would describe himself as a Hayekian and He was saying that he was not a Rothbardian and his specific critique was I forget who he said wrote the paper they used kind of the structure of Mises regression theorem to Go towards Rothbard's Kind of the end result of anarcho-capitalism saying that if you take a security firm in his privatization of Government that that would eventually lead to a government and therefore it's circular and therefore in our capital and can't logically Okay, so the the critic of Rothbard was saying even if you started with an anarcho-capitalist Society it would devolve back into a state Okay, so one thing is Rothbard himself dealt with that and he I'm paraphrasing what he said so like even if that were true Okay, so we wouldn't have a state for five years. Why not do that? All right, and so So that that's one thing now I know the serious counter-objection is to say oh, but it would be really bad in the middle So I like Stefan Kinsella's take on that stuff because sometimes you bring up the objection Oh, that's not practical or we can't get to there and I again I'm putting words in this mouth Maybe he wouldn't say exactly this way but he says something along it's like I'm just showing you like This is what would be like if there were a world without systematic rights violations This is what a just world would look like now, you know, whether we can get there or not That's a separate thing, but let's at least make the moral case and because that's the thing like a lot of people By the way, I'm not conceding that that's true, but I just want to say even if it were the case I don't see why it's you know, it's it's it stands to reason people should say, you know The stuff that the state doesn't we call it taxation if anybody else did that it would be that when you take your little kid To the park and he sees some kids bike and oh, they're not even used now Let me just go grab that you said no you got to get permission You can't just take somebody's stuff and these are basic moral principles and certainly that you know The ten kids can't vote and then say well we get the bike if six of us think we can take it, right? So I think there is a whole role to do that and then again as far as the empirical stuff It's I would disagree with that if you want to talk to me later. I can send you some, you know papers on that Did you want to say anything on that? Actually, there are a lot of people Contributed to that debate Randall Holcomb is one of the guys who would make the argument that we're going to have government whether we like it or not He said it is a legitimate. So I would refer to him as a pessimistic Anarchist the state is bad, but we're gonna have it my colleague Jeff Hummel Among other people former colleague Jeff Hummel at San Jose State has written about that and he basically says okay fine Maybe we're always gonna have disease, but just because we're always gonna have disease. We shouldn't embrace it He says the world has micro parasites and macro parasites and our job is to be fighting both Okay, yeah way in the Walter yeah Are you in the right room? One of anarchy there's no over government over the two the relationship of Burundi and France is one of energy. So we have an empirical experiment because if this thing is correct, and we Anarchy devolves into government We should find world government But we know mainly the energy of countries We have 250 countries to pretend and we've had 250 countries for many hundreds of years Which shows the stability of anarchy and then look at the goal of libertarians is to have we're not against the government We just want seven billion One for each The point is that we have some stability we have some evidence that anarchy is stable so this would counteract the I heard you said on top woods and I forgot Yeah in fairness Hillary Clinton's being logically consistent because she's for one world government, so In the spirit of the future of Foster economics, I think the three on my right Two of you are writing and maybe teaching and Ashton is thinking of applying her teaching in her in her career entrepreneur I wonder if the other four who haven't spoken about what they're going to be doing with their lives in the future might be great to hear Okay, so again just to repeat because we're recording He wants to know like of the people who didn't explicitly say one way or the other Are they thinking of what are they doing with their careers and is it going to involve academia? For me personally academia is the career path I'm in my last year of undergrad under dr. Block at Lola Next I'm going to go to grad school for my master's at Troy And then I plan to go to law university everyone Carlos in Spain for my PhD so academia is my career path I'm just gonna be an entrepreneur. I had a business prior then I went back to studying and I'm gonna start again So that's what I'm doing. I'm just gonna leave the libertarian principles. She's actually gonna help society. I Am also trying to help society and trying as though is the keyword. I am also self-employed I started my own business about a year and a half ago And it's actually interesting that because there is a lot of Austrian insights that that are applied. I sell a very premium arguably wildly expensive product and It's it it's interesting because like when I'm selling it to people I do a lot of sampling their Cold-pressed juices their vegetable juices and when I give Sam I give samples out to people all the time and I tell them the price and then you know, they should they spit it out of disgust and despite that it tastes very good and Then I kind of like explained to them, you know, some of the value and understanding that that value is is Ordinal and not cardinal meaning like it's a rank and not numbers Like I'm understanding that like I have to sell them on the fact to get this drink Higher than the number that I'm too shy to say out loud of the price of the product And many other insights as well as the same thing understanding decision-makers from the like applying Kind of like incentives to the buyers that are going to make the decision on whether to add the product line in general I just really applying all the Austrian insights I have to my business Yeah, another thing you can say you should like those dollars you're holding nothing's backing them up. Just give them to me Okay, other yeah right there Yeah Okay, so the question is so praxeology is the Scientific study of the implications of the fact that humans act the logic of action per se and then me says always said that Catalactics is you know economic science proper is like just a subset of that So the question is are there other areas within praxeology that people are working on so one thing is Walter if you want to jump in on this also one thing Rothbard in power and market was doing like a praxeological analysis of government interventions like a typology of intervention and so there I think he was trying to do that I know there have been papers at Austrian scholars conferences off top my head I can't remember you know the authors but who were doing things like in terms of like international affairs and you know Like an approach to international warfare from the perspective of praxeology. Do you guys want to say anything? Yeah, I think that sociology Anthropology are types of science social science in the same way that economics is however as a practical matter There's a strong I'll just call it a bias Huge left-wing influence among those disciplines So I know a guy who does work in that area and he says he he won't even mention His that the fact that he likes markets because it's like they get daggers in his eyes So it is kind of unfortunate, but economics I say is one of the few disciplines which is relatively open to different viewpoints and I would say the same is not true in sociology and Anthropology and other disciplines and that won't go into much detail, but for the past month or so I've been working on some like Applying praxeology to a political economy. I guess that's all really say about it But I won't got to plug something so I'm kind of glad you asked that question. I'm working on something Okay, Walter Public choice people are sort of doing that Yeah, he asked for young scholars though Walter. Yeah Okay, so it's on cryptocurrency and blockchain technology So there the big thing if you don't know there's a there was some Concern when when Bitcoin first hit on the scene and a lot of Austrians are saying doesn't this violate the regression theorem Okay, so if you go to YouTube and say Robert Murphy Bitcoin conference I'll explain the pros and I do a such a great job of where I don't take a personal stand Right, so I like nobody can be infuriated But you can't really pin me down because you don't know what my own position is but I explain what the issue is so there I think Bitcoin's a cool. It's definitely a neat thing I think a lot of monetary economists would not have thought it was possible that it did what it did And so there's there's that element involved, but it's a so I would just point people to that and Understanding Bitcoin dot US. I have some other stuff there. Do you guys want to chime in on Bitcoin? Yeah Yeah, at least with the the Bitcoin Yeah, something more or less what Dr. Murphy has been saying the idea that you know, it's a violate the regression theorem, etc I mean, I think there's a definitely potential in there I think sometimes people are I guess too bullish on Bitcoin sometimes And not so much that the fact that it's a cryptocurrency But at least something at least it's a tie-in sort of with Rothbard some of the panel on Rothbard Rothbard did always whenever he talked about returning to a free market and money He was always concerned about privatizing the dollar Basically because his main argument is something a lot of writers hold is that there's there's network costs So people aren't going to switch to a new currency Basically, unless it gets really bad So his a goal was always trying to the actual dollar currency that that unit of account Trying to return it, you know make that you know either either a redefining it with the gold standard or something of that nature So I do think really, you know that it will continue to grow the Bitcoin I think it obviously depends on what governments are going to do about it whether or not they'll allow it I think whether it will supplant the dollar or actual, you know major currencies I don't think that will happen unless the dollar absolutely just like tanks like it becomes so bad Most people stubbornly cling to a currency until the bitter end I'll also add that whether or not the specific currency Bitcoin is successful Technology from it is already being used by JP Morgan as we speak So the CEO has been criticizing that specific currency and that's fine. He can maybe he's right, but He's investing heavily in Ethereum, which is a Competitor to Bitcoin So I think that Bitcoin could be maybe like a Netscape or AOL They don't really exist anymore, but those companies changed the internet in the 1990s and I would say the same thing with any of these other Blockchain technology that are being used by mainstream financial Banks right now One last thing on that is even putting aside the currency aspect that you know the electronic currency digital currency In terms of private law enforcement and things like decentralization There's a lot of people who are looking to say the currency stuff I don't even care about that just like we don't need some third-party arbitrator to be in charge like you know You there's sort of like self-enforcing contracts So there's there's a whole area of this this intellectual innovation of stuff That's possible now and I know if you don't really know what that is it like I'm just saying gobbledygook But if you go look at that so it's conceivable 100 200 years from now like the the cryptocurrency part is just the first application of this broader innovation and what people can do Okay, we got time for one more question No pressure, but I hope it's awesome. Yeah Okay, so the question was Any like lesser known hit from Rothbard like the side B of the yeah, so Well first statement wise I know you said last month an ad me when you explained why democracy isn't we like the wide the People in charge aren't actually the government. I thought that was brilliant because as you said, you know If that were true then technically the Jews committed suicide, which is absurd Let's turn on the works. I just finished going through foundations of my neck Austrian economics Edited by Richard Dolan. I think I came out from the south roads and conference and Rothbard has good essays on methodology in there and I think he also He might have also gone to the market process concept But his and that I see I think it's really important Because he kind of lays out point by point how we get from the action the axiom to other things And I think that's something that would be very beneficial to read to kind of see how we know we kind of okay We know that you know minimum wage necessarily causes more employment than otherwise And we know it's a predictive, but we don't know necessarily the chain And so in in that book of foundations for modern Austrian economics Rothbard kind of goes through the action axiom and What can be deduced from it and it kind of puts out at least part of the chain? I think it was really beneficial to read For me just one it I think it was in making economic sense Where he had a thing on the Iraq the first I think was the first Iraq invasion and That's I was kind of coming from like a rush limbaugh background And so like to me that just like because I loved him so much in economics And this was blowing my mind and it you know that really Changed you know a different part so in terms of things that you might not have expected I'm saying that if you go read it and it's eerie how much like you could take that and apply it to the second Gulf War to and it's like a lot of same names even so it's freaky It has if you go to making economic sense and look at the Chapter table of conducts it has Gulf War in it. I think I don't remember the title I'll say two of them one is one that Bob touched on earlier. It has the most Unappealing title in the world, but to show you how awesome Rothbard is I actually venture to read it and it's towards a reconstruction of utility and welfare economics It sounds horrible, but it's actually awesome at the first like it's amazing the first, you know, I don't remember 20 or 30 pages It's like real technical like definitions and like refutations of other things and then just like within one page Just like bam and there's this implication of it of you know, you can't compare people's utility and therefore It's like not a justification for a lot of state action But just like how systematic and like it's like so scholarly in the beginning and then it's still scholarly at the end But it just he kind of comes with this like incredible like realistic takeaway that like, you know government You can't really say that government makes people's lives better off because you just can't compare How happy the person that was taxed compared to the recipient and the other one is big government libertarians actually read it on the plane here From though bishops recommendation and it was just amazing how insightful he is I mean he was dissecting a lot of the issues with people that can be classified as left libertarians But my favorite part of it was him condemning bill Weld and calling him like not a real libertarian and it was It was It was perfect. I mean he literally criticized everything that is applicable to the way he spoke in the campaign And it's just it's really just if you want to just be wowed at how insightful he was read big government libertarians Quick one. Yeah, I guess there's six not so well-known assays that have influenced me a lot in their chapters 9 through 15 in the book So Yeah, I guess that's all I'll say on that Okay, so I think we're out of time and maybe some of you will be sticking around if you want to ask private questions Thanks, everybody