Quotes from Robert P. Murphy

So it's really not true, after all, that the government has spared children from toil and instead lets them romp on the playgrounds. No, the government instead buses them into mass worker-training programs and is very resentful indeed when parents try to opt out of this arrangement, as in homeschooling.

We can anticipate Mises's ultimate conclusion: There is no viable third system. People must choose between capitalism and socialism.

Putting aside the concerns about the intentions of the rulers and the incentives for the workers, socialism cannot work because the central planner(s) would lack market prices and hence would have no way of determining, even after the fact, if their "rational" plan for production made an efficient use of resources.

Praxeology exhibits subjectivism in that it takes actors' subjective ends as they exist in the minds of each person. By refraining from passing judgment on these ends, praxeology itself is objective.

What distinguishes the successful entrepreneur and promoter from other people is precisely the fact that he does not let himself be guided by what was and is, but arranges his affairs on the ground of his opinion about the future. He sees the past and the present as other people do; but he judges the future in a different way

government to act responsibly, serving only to provide a "seal of authenticity" certifying, for example, that a particular yellow disc contains an ounce of gold.

Gold standard caps inflation. If dollars are printed too quickly one can convert gold to pounds to dollars and back to gold again to make profit until the markets adjust back down. Friedman argues that gold standard hampers a government's ability to wage war. But is that a bad thing?