Austrian school in the context of "Economic calculation problem"

The Libertarian Party (LP) is a political party in the United States. It promotes civil liberties, non-interventionism, laissez-faire capitalism, and limiting the size and scope of government. The world's first explicitly libertarian party, it was conceived in August 1971 at meetings in the home of David Nolan in Westminster, Colorado, and was officially formed on December 11, 1971, in Colorado Springs. The organizers of the party drew inspiration from the works and ideas of the prominent Austrian school economist Murray Rothbard. The founding of the party was prompted in part due to concerns about the Nixon administration's wage and price controls, the Vietnam War, conscription, and the introduction of fiat money.

The party generally supports "personal liberty" and fiscal conservatism, as compared to the Democratic Party's modern liberalism and progressivism and the Republican Party's social conservatism and right-wing populism. Gary Johnson, the party's presidential nominee in 2012 and 2016, claims that the Libertarian Party is more socially liberal than Democrats, and more fiscally conservative than Republicans. Its fiscal policy positions include lowering taxes and abolishing the Internal Revenue Service (IRS), decreasing the national debt, allowing people to opt out of Social Security, and eliminating the welfare state, in part by utilizing private charities. Its social policy positions include ending the prohibition of illegal drugs, advocating criminal justice reform, supporting same-sex marriage, ending capital punishment, and supporting the right to keep and bear arms.

In philosophy, praxeology or praxiology (/ˌpræksiˈɒlədʒi/; from Ancient Greek πρᾶξις (praxis) 'deed, action' and -λογία (-logia) 'study of') is the theory of human action, based on the notion that humans engage in purposeful behavior, contrary to reflexive behavior and other unintentional behavior.

French social philosopher Alfred Espinas gave the term its modern meaning, and praxeology was developed independently by two principal groups: the Austrian school, led by Ludwig von Mises, and the Polish school, led by Tadeusz Kotarbiński.

Peter Joseph Boettke (/ˈbɛtki/; born January 3, 1960) is an American economist of the Austrian school. He is currently a professor of economics and philosophy at George Mason University; the BB&T Professor for the Study of Capitalism, vice president for research, and director of the F.A. Hayek Program for Advanced Study in Philosophy, Politics, and Economics at the Mercatus Center at George Mason University.

Anarcho-capitalism (colloquially: ancap or an-cap) is a political philosophy and economic theory that advocates for the abolition of centralized states in favour of stateless societies where systems of private property are enforced by private agencies. Anarcho-capitalists argue that a society can function without a state through voluntary exchange and private institutions that provide law and security. This would result in a voluntary society, based on concepts such as the non-aggression principle, free markets, and self-ownership. In the absence of statute, private defence agencies and/or insurance companies would operate competitively in a market, and fulfil the roles of courts and the police, similar to a state apparatus.

According to its proponents, various historical theorists have espoused philosophies similar to anarcho-capitalism. While the earliest existing attestation of "anarchocapitalism" [sic] is in Karl Hess's essay "The Death of Politics", published by Playboy in March 1969, American economist Murray Rothbard was credited with coining the terms anarcho-capitalist and anarcho-capitalism in 1971. A leading figure in the 20th-century American libertarian movement, Rothbard synthesized elements from the Austrian school, classical liberalism, 19th-century American individualist anarchists, mutualists Lysander Spooner, and Benjamin Tucker, while rejecting the labour theory of value. Rothbard's anarcho-capitalist society would operate under a mutually agreed-upon "legal code which would be generally accepted, and which the courts would pledge themselves to follow". This legal code would recognize contracts between individuals, private property, self-ownership, and tort law, in keeping with the non-aggression principle. Unlike a state, enforcement measures in Rothbard’s version of an anarcho-capitalist society would only apply to those who initiated force or fraud. Rothbard views the power of the state as unjustified, arguing that it violates individual rights, reduces prosperity, and creates social and economic problems.

Anarcho-capitalism (colloquially: ancap or an-cap) is a political philosophy and economic theory that advocates for the abolition of centralized states in favor of stateless societies in which systems of private property are enforced by private agencies. Anarcho-capitalists argue that a society can function without a state through voluntary exchange and private institutions that provide law and security. This would result in a voluntary society, based on concepts such as the non-aggression principle, free markets, and self-ownership. In the absence of statute, private defense agencies and/or insurance companies would operate competitively in a market, and fulfil the roles of courts and the police, similar to a state apparatus.

According to its proponents, various historical theorists have espoused philosophies similar to anarcho-capitalism. While the earliest existing attestation of anarcho-capitalism is in Karl Hess's essay "The Death of Politics", published by Playboy in March of 1969, American economist Murray Rothbard was credited with coining the terms anarcho-capitalist and anarcho-capitalism in 1971. A leading figure in 20th-century American libertarian movement, Rothbard synthesized elements from the Austrian school, classical liberalism, 19th-century American individualist anarchists, mutualists Lysander Spooner, and Benjamin Tucker, while rejecting the labor theory of value. Rothbard's anarcho-capitalist society would operate under a mutually agreed-upon "legal code which would be generally accepted, and which the courts would pledge themselves to follow". This legal code would recognize contracts between individuals, private property, self-ownership, and tort law, in keeping with the non-aggression principle. Unlike a state, enforcement measures in Rothbard’s version of an anarcho-capitalist society would only apply to those who initiated force or fraud. Rothbard views the power of the state as unjustified, arguing that it violates individual rights, reduces prosperity, and creates social and economic problems.