Business as a force for government intervention into the economy is evident with one of the major global economic issues of recent times, climate change. Wind companies, solar companies, energy-efficiency companies, carbon capture and storage investors, etc. Their bread is buttered by special government favor, whether a direct payment from the public treasury or a tax credit or a regulatory preference.

Rent-seeking by business is a contra-capitalist practice, long exposed and criticized by free market economists and classical liberals. But there are two other related practices that classical liberalism has long warned against and censored.

One concerns strategic deceit by a business to outside parties, whether stock analysts or direct investors. In the spirit of Ayn Rand, this can be called philosophic fraud. This syndrome is present with companies that are overhyped and desperately trying to keep the music going.…

The Enron story has more twists and turns that a spy thriller. The company’s rise and fall was the corporate novel that Ayn Rand did not write–or need to write in retrospect.

Let history know that just-convicted Elizabeth Holmes, founder and CEO of defunct Theranos, is the daughter of a former Enron vice president, Christian Holmes, who peddled an environmental services product that never got off the ground.

Father and daughter … Enron and Theranos … imaging over reality. Whatever the level of connection, of causality, it happened. It is a footnote to history.

Elizabeth Holmes’s fraud was exposed by John Carreyrou reporter for the Wall Street Journal, who went on to author Bad Blood: Secrets and Lies in a Silicon Valley Startup. Regarding father Chris’s venture at Enron, I reprint my description from Enron Ascending: The Forgotten Years (2018).…

Ed. note: MasterResource is closely associated with the worldview and example of Julian Simon (1932–1998). But a second influence would certainly be that of economist Ludwig von Mises (1881–1973), born on this day 140 years ago.

Below, Robert Bidinotto’s “Von Mises: A Final Salute.” Unbound! Boston: Individuals for a Rational Society 2, no. 1 (September-October 1973): 1–2 is reprinted with permission of the author.

A surprisingly fair obituary in the New York Times (October 11, 1973) follows that of Bidinotto below. I then conclude with a final observation.

“The scope and content of von Mises’ work boggle the imagination. He was easily the greatest economist of this century, and the list of his original achievements in that science rivals that of anyone since Adam Smith.”

Our age may well be labeled by future historians as “the Age of Mediocrity.”…

A free-market energy economy promotes and rewards the creators and producers. Parasites and glad-handers need not apply. (below)

Free-market entrepreneurs and their workforce are creators, providing not only for themselves but for the wider good. They do not bank on government mandates or subsidies but on the needs of consumers, existing and new. They seek good profit, defined as creating real consumer value.

The fossil-fuel industries from top-to-bottom would qualify in the great majority of instances. In fact, most of its members, at present, are overcoming government intervention rather than depending on it.

It is just the reverse with the renewable industries, except for off-the-grid where there is no plug-in power. (David Bergeron, an author at MasterResource, is an example of a remote solar entrepreneur.)

The wind power industry, in particular, is made up of rent-seekers who have put themselves in the business of deceit, exaggeration, and half-truths.…