Libertarian arguments about the empirical benefits of capitalism are, as yet, inadequate to convince anyone who lacks libertarian philosophical convictions. Yet “philosophical” libertarianism founders on internal contradictions that render it unfit to make libertarians out of anyone who does not have strong consequentialist reasons for libertarian belief. The joint failure of these two approaches to libertarianism explains why they are both present in orthodox libertarianism—they hide each other's weaknesses, thereby perpetuating them. Libertarianism retains significant potential for illuminating the modern world (...) because of its distance from mainstream intellectual assumptions. But this potential will remain unfulfilled until its ideological superstructure is dismantled. (shrink)

Abstract Chris Sciabarra's discussion of the dialectic and its uses in modern social science is most welcome. However, his account of Hegel, and his, and Ayn Rand's, vision of an ideal society, are groundlessly antistatist.

In his justly celebrated Expert Political Judgment, Philip E. Tetlock evaluates the judgment of economic and political experts by rigorously testing their ability to make accurate predictions. He finds that ability profoundly limited, implying that expert judgment is virtually useless, if not worse. He concludes by proposing a project that would seek to improve experts' performance by holding them publicly accountable for their claims. But Tetlock's methods severely underestimate the value of expert opinion. Despite their notorious disagreements, experts have highly (...) pertinent information and advice in many areas of public policy. The main problem with experts is that political actors seize on their most extreme views in one direction or the other, and overlook their areas of general agreement and the core of relatively reliable information that they provide. (shrink)

Palmer's defense of libertarianism as consequentialist runs afoul of his own failure to provide any consequentialist reasons for libertarian conclusions, and of his own defense of nonconsequentialist arguments for the intrinsic value of capitalism‐cum‐negative freedom. As suck, Palmer's article exemplifies the parasitic codependency of consequentialist and nonconsequentialist reasoning in libertarian thought. Sciabarra's defense of Ayn Rand's libertarianism is even more problematic, because in addition to the usual defects of libertarianism, Rand adds a commitment to ethical egoism that contradicts both her (...) concern for the consequences of capitalism and her commitment to the rights of everyone, not just herself. (shrink)

In his reply to my critical book review, ?Don't Shoot the Messenger: Caldwell's Hayek and the Insularity of the Austrian Project,? Bruce Caldwell criticizes my account of Carl Menger's ?imaginary goods,? and rejects the line of reasoning I advanced in drawing Keynesian conclusions from Hayekian premises. But Caldwell's proposed methodology for assessing the significance of ?imaginary goods? in advanced market economies is ill conceived; and my pathway from Hayek to Keynes merely pursues a thoroughgoing subjectivism to its inexorable conclusion, which (...) is not, as Caldwell suggests, countercyclical fiscal policy. (shrink)

In his justly celebrated Expert Political Judgment, Philip E. Tetlock evaluates the judgment of economic and political experts by rigorously testing their ability to make accurate predictions. He finds that ability profoundly limited, implying that expert judgment is virtually useless, if not worse. He concludes by proposing a project that would seek to improve experts' performance by holding them publicly accountable for their claims. But Tetlock's methods severely underestimate the value of expert opinion. Despite their notorious disagreements, experts have highly (...) pertinent information and advice in many areas of public policy. The main problem with experts is that political actors seize on their most extreme views in one direction or the other, and overlook their areas of general agreement and the core of relatively reliable information that they provide. (shrink)