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Get Your July Rothbard Giveaway Book! The Origins of the Federal Reserve [This essay is based on a paper presented at the April 1979 national meeting of the Philadelphia Society in Chicago. The theme of the meeting was “Conservatism and Libertarianism.”] Myth 1: Libertarians believe that each individual is an isolated, hermetically sealed atom, acting in a vacuum without influencing each other. The only possible exception is the fanatical Max Stirner, a mid-19th-century German individualist who, however, has had minimal influence upon libertarianism in his time and since. Moreover, Stirner’s explicit “might makes right” philosophy and his repudiation of all moral principles including individual rights as “spooks in the head,” scarcely qualifies him as a libertarian in any sense. Apart from Stirner, however, there is no body of opinion even remotely resembling this common indictment. Libertarians are methodological and political individualists, to be sure. They believe that only individuals think, value, act, and choose. They believe that each individual has the right to own his own body, free of coercive interference. But no individualist denies that people are influencing each other all the time in their goals, values, pursuits, and occupations. As F.A. Hayek pointed out in his notable article, “The Non Sequitur of the ‘Dependence Effect,’” John Kenneth Galbraith’s assault upon free-market economics in his best-selling The Affluent Society rested on this proposition: economics assumes that every individual arrives at his scale of values totally on his own, without being subject to influence by anyone else. On the contrary, as Hayek replied, everyone knows that most people do not originate their own values, but are influenced to adopt them by other people.1 No individualist or libertarian denies that people influence each other all the time, and surely there is nothing wrong with this inevitable process. What libertarians are opposed to is not voluntary persuasion, but the coercive imposition of values by the use of force and police power. Libertarians are in no way opposed to the voluntary cooperation and collaboration between individuals: only to the compulsory pseudo-”cooperation” imposed by the state. Myth 2: Libertarians are libertines: they are hedonists who hanker after “alternative lifestyles.” This myth has recently been propounded by Irving Kristol, who identifies the libertarian ethic with the “hedonistic” and asserts that libertarians “worship the Sears Roebuck catalogue and all the ‘alternative life styles’ that capitalist affluence permits the individual to choose from.”2 It should not be surprising, therefore, that there are libertarians who are indeed hedonists and devotees of alternative lifestyles, and that there are also libertarians who are firm adherents of “bourgeois” conventional or religious morality. There are libertarian libertines and there are libertarians who cleave firmly to the disciplines of natural or religious law. There are other libertarians who have no moral theory at all apart from the imperative of non-violation of rights. That is because libertarianism per se has no general or personal moral theory. Libertarianism does not offer a way of life; it offers liberty, so that each person is free to adopt and act upon his own values and moral principles. Libertarians agree with Lord Acton that “liberty is the highest political end” — not necessarily the highest end on everyone’s personal scale of values. There is no question about the fact, however, that the subset of libertarians who are free-market economists tends to be delighted when the free market leads to a wider range of choices for consumers, and thereby raises their standard of living. Unquestionably, the idea that prosperity is better than grinding poverty is a moral proposition, and it ventures into the realm of general moral theory, but it is still not a proposition for which I should wish to apologize. This myth is of