This economic manifesto by Ron Paul (484 pages!) collects his greatest speeches and debates over the last 30 years, and provides documentary evidence that he is not only a master of the topic; he has provided a coherent explanation of nearly everything the government has done wrong in this area since he first entered public office. He also provides a way out, as implied by the subtitle: free market, honest money, and private property.

Dr. Paul has consistently battled for all three.

Economics is topic about which most politicians are abysmally ignorant. As this books shows, Ron Paul is a master of the topic and the nation's teacher on a vast range of economic issues. He addresses monetary policy during critical times such as the late 1970s inflation mania, and was a lone voice pointing to the real cause of Federal Reserve monetary policy.

Whereas most members of Congress are intimidated by Fed officials, Paul's confrontations with Greenspan are documented here word for word. In addition, he reveals the social and economic effects of loose credit, and shows the ill-effects of bailouts. He addresses high taxes, regulation, trade restrictions, and bravely denounces sanctions against foreign countries for fueling international tensions.

He covers welfare, bureaucracy, war, and a a host of other economic topics in what is surely the most comprehensive, intelligent, and revealing book on economics ever written by a U.S. political figure -- all informed by the Austrian tradition of thought that has so influenced his thinking.

WHO IS RON PAUL?

Congressman Ron Paul of Texas enjoys a national reputation as the premier advocate for liberty in politics today. Dr. Paul is the leading spokesman in Washington for limited constitutional government, low taxes, free markets, and a return to sound monetary policies based on commodity-backed currency. He is known among both his colleagues in Congress and his constituents for his consistent voting record in the House of Representatives: Dr. Paul never votes for legislation unless the proposed measure is expressly authorized by the Constitution. In the words of former Treasury Secretary William Simon, Dr. Paul is the "one exception to the Gang of 535" on Capitol Hill.

Ron Paul was born and raised in Pittsburgh, Pennsylvania. He graduated from Gettysburg College and the Duke University School of Medicine, before proudly serving as a flight surgeon in the U.S. Air Force during the 1960s. He and his wife Carol moved to Texas in 1968, where he began his medical practice in Brazoria County. As a specialist in obstetrics/gynecology, Dr. Paul has delivered more than 4,000 babies! He and Carol, who reside in Lake Jackson, Texas, are the proud parents of five children and have seventeen grandchildren.

While serving in Congress during the late 1970s and early 1980s, Dr. Paul's limited-government ideals were not popular in Washington. He served on the House Banking committee, where he was a strong advocate for sound monetary policy and an outspoken critic of the Federal Reserve's inflationary measures. He also was a key member of the Gold Commission, advocating a return to a gold standard for our currency. He was an unwavering advocate of pro-life and pro-family values. Dr. Paul consistently voted to lower or abolish federal taxes, spending, and regulation, and used his House seat to actively promote the return of government to its proper constitutional levels. In 1984, he voluntarily relinquished his House seat and returned to his medical practice.

Dr. Paul returned to Congress in 1997 to represent the 14th Congressional district of Texas. He serves on the House Financial Services Committee, the International Relations committee, and the Joint Economic Committee. On the Financial Services Committee, Rep. Paul serves as the vice-chairman of the Oversight and Investigations subcommittee. He continues to advocate a dramatic reduction in the size of the federal government and a return to constitutional principles.

Dr. Paul is the author of several books, including Challenge to Liberty; The Case for Gold; and A Republic, If You Can Keep It. He has been a distinguished counselor to the Ludwig von Mises Institute, and is widely quoted by scholars and writers in the fields of monetary policy, banking, and political economy. He has received many awards and honors during his career in Congress, from organizations such as the National Taxpayers Union, Citizens Against Government Waste, the Council for a Competitive Economy, Young Americans for Freedom, and countless others.

Dr. Paul's consistent voting record prompted one Congressman to comment that "Ron Paul personifies the Founding Fathers' ideal of the citizen-statesman. He makes it clear that his principles will never be compromised, and they never are." Another Congresswoman added that "There are few people in public life who, through thick and thin, rain or shine, stick to their principles. Ron Paul is one of those few." (From House.gov)

Download Pillars of Prosperity: Free Markets, Honest Money, Private Property

PDF format, 10MB, 496Pages, provided by Mises.org.

PREFACE BY ROBERT P. MURPHY
FOREWORD BY LLEWELLYN H. ROCKWELL, JR.
Copyright 2008 © by the Ludwig von Mises Institute

Preface:

Ron Paul is an amazing individual. Not only has he been the most consistent voice for liberty in the U.S. Congress in our time— perhaps in all time—but he is also surprisingly well versed in economic theory. Indeed, if I were to dissect one of his speeches or articles, I would have to treat him as I would a fellow economist, not as “a politician.”
On top of all that, Ron Paul is a successful OB-GYN, who delivered over 4,000 babies during his career. This is why I’m so amazed at his nuanced understanding of economics. Let me put it this way: Ron Paul knows a lot more about current account deficits than I do about giving a sonogram.

We economists talk a lot about the division of labor, and moreover we libertarians often invoke the concept to stir everyone to action. Sure, it’s important for the great thinkers like Ludwig von Mises and Murray Rothbard to come up with the grand ideas, but it’s also crucial for parents to teach their kids the virtue in hard work, and for crotchety old men to write nasty Letters to the Editor whenever the city council is considering a hike in property taxes.

Now in the division of labor in the battle of ideas, is there a place for someone in the U.S. Congress?! I have to admit I wouldn’t have thought so had you asked me five years ago. But even the purest of libertarians can’t deny that the Ron Paul movement is exciting, and is bringing the message of liberty to people who otherwise wouldn’t have heard it.

The present collection seeks to give the reader a solid understanding of Ron Paul’s views on various economic issues. The core of the book concerns Dr. Paul’s strong support for honest money. (It was, after all, Nixon’s closing of the gold window that prompted Dr. Paul to run for office in the first place.) There are also entire sections on trade, international organizations such as the IMF and WTO, and a section outlining Dr. Paul’s attempts to protect Social Security from the big spenders in D.C. The collection also includes a selection of specific tax cuts Dr. Paul has suggested, which shows that—despite his nickname of “Dr. No”—Ron Paul is a real congressman, who brings real bills to the floor for consideration.

Most of the selections are straight testimony from Dr. Paul, though a few transcripts of actual floor debate have been included to give the reader a feel for the deliberative body of which Paul is a member. There are numerous exchanges between Ron Paul and Alan Greenspan, as well as an encounter with George Soros that somehow turns to drug legalization. And perhaps the most surreal event is the duel between Ron Paul and Nancy Pelosi (over the constitutionality of the Export-Import Bank).

Besides the eloquence and wisdom of his remarks, the reader will also be struck by Ron Paul’s consistency over the decades. This makes perfect sense for someone who actually holds principles and makes speeches accordingly. But as we all know, this is rare indeed for a politician. As an experiment, I had toyed with the idea of combing through, say, Charles Rangel’s Congressional testimony in five-year increments, to see if he were as consistent (in his own way) as Ron Paul. I quickly abandoned the plan, however, when I realized it would involve reading Charles Rangel’s Congressional testimony in five-year increments.

Unfortunately, the consistency of the speeches contained in this book is also somewhat depressing. For example, now it’s downright cute that Ron Paul (in 1982) was aghast that the federal debt had topped $1.1 trillion. It would be one thing if no one saw our current financial mess coming, but plenty of people—especially Ron Paul—did.

On the other hand, we can take this as a sign of hope. The details are always shifting, but the basic problem remains the same: Too much government interference with markets in general, and money in particular. And the solution is the same: A truly free market in which the citizens’ property rights are respected by their so-called public servants.

Robert P. Murphy
Adjunct Scholar
Ludwig von Mises Institute
September 30, 2007

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