Philosophers of Capitalism
Menger, Mises, Rand and Beyond

by Edward W. Younkins
Advance Praise
I commend these essays as keys to understanding the underlying trends in the current scene in politics and economics in America and the West. Dr. Younkins links the work of giants like Aristotle, Menger, Mises, and Rand to give new meaning to applied Objectivism and Austrian Economics. I speak as one who earned his doctorate in economics under Ludwig von Mises at New York University and contributed some 400 articles in the Wall Street Journal.
William H. Peterson
Adjunct Scholar, Heritage Foundation
In his excellent 2002 book, Capitalism and Commerce, Edward Younkins used all the best arguments from various schools to argue in favour of a free society. In this thought-provoking follow-up, the author makes a compelling case that the Austrian value-free defense of capitalism and the moral arguments of Aristotle and Ayn Rand are compatible and complementary. He shows persuasively that the study of human action and of its grounding in natural law will reveal the intimate connection between economic and moral principles.
Martin Masse
Le Québécois Libre
Austrian Economics, developed by Menger, Mises and Rothbard is the last best hope for promoting the free enterprise system which alone leads to peace, justice and prosperity. Objectivism is the philosophy of Ayn Rand based upon the insights of Aristotle. This novelist has done more than anyone else to bring to the attention of the general public the benefits of private property rights and economic freedom. Philosophers of Capitalism: Menger, Mises, Rand and Beyond by Ed Younkins combines these only superficially seeming disparate elements into a coherent whole. Do not read it, unless you are willing to put your most cherished political, economic and philosophical premises to a very radical test.
Walter Block
Harold E. Wirth Eminent Scholar Endowed Chair and Professor of Economics
College of Business Administration
Loyola University
Edward Younkins’ ambitious and fascinating project is to demonstrate that the theories of the Austrian-school economists and of Ayn Rand share a common theme that is ultimately rooted in Aristotle’s ideas about the nature of human action and human flourishing. Younkins makes his case in this thought-provoking book by collecting twelve essays from a variety of philosophers and economists, and framing them with four essays of his own which draw out the connections in terms easily navigated by the non-specialist. Anyone interested in how human agency in connected to human well-being will find this book most interesting.
Aeon J. Skoble
Associate Professor of Philosophy
Bridgewater State College
and Editor, Reason Papers
A major reason that its advocates find it difficult to establish true free markets is that they lack a moral code that would justify markets and, when manifest in the individuals in a free society, would provide the moral foundation necessary for its existence as well as the happiness of each individual. Edward Younkins understands that the Objectivist philosophy, with its Aristotelian roots, is consistent with the Austrian economics that provide the best understanding of free market: indeed, one cannot have the one without the other. This book magnificently establishes the link between economics and morality.
Edward Hudgins
Senior Fellow and Washington Director
The Objectivist Center
I applaud Dr. Younkins' efforts to construct a synthesis of the two major defenses of free-market capitalism. To see common themes or ideas behind apparently dissimilar thinkers' works can only help us gain a deeper understanding of the issues. Younkins' words and those of the contributors to this volume can help one to see more clearly the interfaces between Aristotle, Rand, and the Austrians.
Stephan Kinsella
Adjunct Faculty Member
Ludwig von Mises Institute
And Book Review Editor
The Journal of Libertarian Studies
In Philosophers of Capitalism, Dr. Younkins shows that in terms of  fundamentals, the Austrian understanding of economics is compatible with the philosophy of Objectivism. The truth, no matter how you come to it, is always compatible with other truths. The degree to which Mises and the other Austrians are right is the degree to which their views are compatible with an objective philosophy.
Joseph Rowlands
Executive Director
Sense of Life Objectivists
Who says that capitalism has no poets? This collection arrives to prove that the history of ideas in our time is filled with wonderful celebrations of the free market. No intellectual task is more urgent than to explain the economic basis of civilization itself, a task which Philosophers of Capitalism accomplishes magnificently.
Llewellyn H. Rockwell, Jr.
Ludwig von Mises Institute
If you oppose collectivism in all its hideous forms, then you must read this book. Here you will find integration at its highest levels: an integration of the philosophy of Objectivism with the insights of the Austrian School of economics.  Despite their apparent differences, Austrian and Objectivists are shown to be profoundly complementary. The result is an invincible case for reason, liberty, and free markets.
Larry J. Sechrest
Professor of Economics
Sul Ross State University
This book is essential reading for those concerned with the crucial interrelations between the philosophy and the economics of the free society. It is notable for Ed Younkins’ original essays and for its first-ever collection of key articles by other scholars exploring the philosophical foundations of the two foremost and uncompromising exponents of a free society of free men - The Austrian School of Economics and Ayn Rand.
Saumel Bostaph
Professor of Economics
University of Dallas
Capitalism delivers the goods, but is it just and right? That is the question of our age that Younkins’ new collection answers, with writings of the greatest minds who have ever addressed the question. Philosophers of Capitalism is an enormously satisfying work.
Jeffery Tucker
Editorial Vice President
Ludwig von Mises Institute
Ed Younkins is right on point when he writes: “Because no field is totally independent of any other field, there are really no discrete branches of knowledge… We need to think systemically, look for the relationships and connections between components of knowledge, and aspire to understand the nature of knowledge and its unity.” That is exactly what his book, Philosophers of Capitalism, accomplishes. It is necessary reading for economists, philosophers, political scientists, and those who are actively involved in public policy.

Adam Smith was a professor of moral philosophy and it is his great tradition that Professor Younkins follows.  Economics is not merely an application of physics and mathematics to abstract models. Every question of public policy has ethical implications to it. Only those who have a broad understanding of the social order can make consistent and knowledgeable judgments about the appropriateness of individual policy offerings. Philosophers of Capitalism provides such a broad understanding and as such is an important work that everyone should have close at hand.
Gary Wolfram
George Munsen Professor of Political Economy
Hillsdale College
Dr. Edward Younkins' Philosophers of Capitalism - Menger, Mises, Rand and Beyond is now available.