Th e Center for Libertarian Studies and the Ludwig von Mises Institute thank all of

their donors for making possible the republication of this classic of liberty, and in
particular the following Patrons: Athena Tech, John H. Bolstad, William T. Brown,
Willard Fischer, Douglas E. French, Frank W. Heemstra, Franklin Lee Johnson,
Richard J. Kossmann, M.D., William W. Massey, Jr., Sam Medrano, Joseph Edward
Paul Melville, Mason P. Pearsall, Conrad Schneiker, Eward Schoppe, Jr., Mr. and
Mrs. Th omas W. Singleton, Mary L ou Stiebling, L oronzo H. Th omson, the L.H.
Th omson Co., and Mr. and Mrs. Donald F. Warmbier.
For editorial assistance, thanks to Mark Brandly, Williamson Evers, Tony Flood,
Jonnie Gilman, Scott Kjar, Judy Th ommesen, and Jeff rey Tucker.

NEW YORK UNIVERSITY PRESS

New York and London

©1998 by New York University

Library of Congress Cataloging- in-Publication Data
Rothbard, Murray Newton, 1926–199 5
Th e ethics of liberty / Murray N. Rothbard.
p. cm.
Originally published: Atlantic Highlands, N.J.: Humanities Press,
1982. With new introd.
Includes bibliographical references (p. ) and index.
ISBN 0-81 47-7506-3 (alk. paper)
1. Liberty. 2. Natural law. 3. Ethics. I. Title.
JC585 .R69 1998
323.44’01--dc21 98—10058 CIP

Printed 2016 by the Mises Institute

Mises Institute
518 West Magnolia Ave.
Auburn, Ala. 36832
mises.org

ISBN: 978-1-61016-664-5



! $"-


-+)-

& !--,*-

 



!-- ! $#- 
!$
-
'-
 p/<\cX<Pp,<gp<SAp4C<[USp  
       pp
 p/<\cX<Pp,<gp<[p
8?LCS?Cp    


   pp
 p/<\cX<Pp,<gpfDY[a[p2U[L\LfCp,<hp     
 pp
p/<\cX<Pp,<gp<SAp/<\bX<Pp4LGH\[p        pp
p9HCp9<[OpUFp2UPL\L?<Pp2HLPU[UWHlp   pp

!--
 (--!(-
p"p%Xa[UCp8U?L<Pp2ILPU[UWHlp           pp
p*S\DXWCX[US<Pp4CP<\LUS[ p;UPdS\<Zmp'k?H<SGCp     pp
p*S\DXWCX[US<Pp5CP<\LUS[ p1jSCX[HLWp<SAp"GGXC[[LUSp   pp
 p2XUWDZ\mp<SAp%XLRMS<PM\np             pp
 p9HCp2XU>PCQpUFp,<SBp9HDF\p         pp
p,<SAp-USUWUPop3<[\p<SAp2XC[DS\p      pp

 
p2bSM[KQCS\p<SAp2XUWUX^US<PL\np     pp
p%HLPAXEp<SAp7GH\[p         pp
 p)aQ=Sp4LGH`p#[p2XUWCZ\lp4LGH\[p 
   pp
p+UiPCBGDp9XaCp<SAp(<P[Cp        p!p    pp

 
p9JCp$Um@U\\p         


 

  pp
p2XUWDX\mp4LGH\[p<SAp]Cp:CUXmpUFp%US\X<?\[p 


   pp
 p,LFC>U<\p8L\b<_US[p         pp
p9JCp6LGH`pUFp"TQ<P[p          pp

!-- -!
!-%$-!(-
p9JCp0=\cXCpUFp]Cp8\<\Dp      
  pp
p9JCp*SSCXp&US\X<AL?_US[pUFp]Cp8\<\Cp     pp
p9JDp.VX<Pp8\<\epUFp4DP<\LUS[p\Up]Cp8\<\Dp    pp
p1Sp4CP<\NUS[p$D\gCCSp8\<\C[p  pp
Y911b  
  

!=&b9(*N91#(GN!G1!=Lb@=bEG1=$1E9(&b.G@T=&LbN@b!=[b!=&b!99b$(=R!:1^!N1@=b
@*bLN!N(bE@X(Gb(W(=b!=&b(LE(%!99[b3bLT$0b$(=R!91^!Q@=b1=W@9W(Lb!b$@GG($Nb
4T&
(=NbLT$0b!LbN0!Nb!#@GN1A=bL0@T9&b#(b9(.!9b@GbO0!NbN!Z(LbL0@T9&b#(b
!#@91L0(&bNbX@T9&b#(b!=P:2#(GN!G1!=b*DGb2?N!=$(bN@b!EE(!9bN@bN0(b =1N(&b
!N1@=LbN@b@G'(GbN0(b#G(!7TEb@*b!bN!Z1;@=@E@9[b2=b@TLN@=b@GbN@bN0(b
b.@W(H=;(=NbN@b@G&(Gb N"0bN@b!#@91L0b1NLbLN!N($(GN2,$!N1@=bKFT1G(;(=Nb
*@Gb N(!$0(GLb#($!TL(b2=b&@1=.bL@b@=(bX@T9&b0!W(b199(.1N1;!N(9[b.G!=N(&b
N0(L(bLN!N(b!.(=$1(Lb4TG1L&1$N2@=b@W(GbEG@E(GN[bN0!NbN0([bE9!1=9[b&@b=@Nb
@X=b #TNb@N0(GLb&@b =@Nb @=9[b @TLN@=b@Gb N!0b #TNb (W(G[b$1N[b1=bN0(b
X@G9&b!=&b(W(G[bLN!N(b1=bN0(b b=&bX019(b(W(G[bLN!N(bL;!99b@Gb9!G.(b
W1@9!N(LbN0(bG1.0NLb@*bEG1W!N( EG@E(GN[b@X=(GLb!=&b;TMNb#(b*(!K&b!=&b$@;_
#!N(&b9!G.(b$(=NG!9bLN!N(LbW1@9!N(b;@G(bE(@E9(LbG1.0NLb!=&b;TLNb#(b*(!G(&b
(W(=b;@G(b([b&@b=@Nb$@;(b1=N@b(Y1LN(=$(b
#TNb!G(bN0(b@TN.G@XN0b
@*b!bEG@$(MLb@+b(91;2>!QW(b$@;E(N2N2@=b!;@=.b@G1.1>!99\b=T;(G@ULb1>&(E(=_
&(=NbL;!99b9@$!9bLN!N(Lb(=NG!9bLN!N(Lb!=&bT9N1;!N(9[b!bL2=.9(bX@G9&bLN!N(b
G(EG(L(=NbN0(bLT$$(LL*T9b(ZE!=L1@=b!=&b$@=$(=NG!N1@=b@*bLN!N(bE@X(Gb1(b
@*b(W19b!=&b;TLNb!$$@G&1=.9[b#(bG(.!G&(&b!Lb(LE($1!99[b&!=.(G@TLb
(=$(b!b91#(GN!G1!=b!Lb01LbL($@=&
#(LNbL@9TN1@=b;TLNb!9X![Lb&1L`
$G1;1=!N(b1=b*!W@Gb@*b9@$!9b!=&b!.!1=LNb$(=NG!9b.@W(G=;(=Nb!=&b0(b;TLNb
!9X![LbNG[bN@b$@GG($Nb1=5TLN1$(Lb!NbN0(b9(W(9b!=&b9@$!N1@=bX0(G(bN0([b@$$TGb
G!N0(GbN0!=b(;E@X(G1=.bL@;(b01.0(Gb;@G(b$(=NG!92^(&b9(W(9b@*b.@W(G=`
<(=NbN@bG($N2*[b!b9@$!9b1=6TLN1$(b
=b*!$Nb!Lb!bKLT9Nb@*b01Lb1>$G(!L2=.b(;E0!L1Lb@=b$T9NTG!9b$@=L(GW!N1L;b
!Lb!bL@$1@9B.1$!9bEG(LTEECL1N1@=b@*b91#(GN!G1!=1L;b@N0#!G&bLT$$((&(&b
1=b#G2=.1=.b!#@TNb!b*T=&!;(=N!9bG(@G1(=N!N1@=b@*bN0(b91#(GN!G1!=b;@W(_
;(=Nb&TG2=.bO0(b9!LNb&($!&(b@*b01Lb91*(b[;#@91$b@*bN01Lb$0!=.(b1>b&1G($P@=b
X!Lb@N0#!G&Mb&1LL@$1!N1@=b1>bb-@;bN0(b1#(GN!G2!=b!GN] b@N0#!G&Lb
!$N2@=b&1&b=@Nb!LbL@;(bEG@;1=)=Nb9(*O:2#(IN!G1!=LbW!1=:[bEG@$9!1;(&b!Nb
N0(bN1;(b;!G8bN0(b(=&b@*b01Lb!LL@$1!N1@=bX1N0b91#(GN!G1!=2L;b@Gb01LbG@9(b
!LbN0(b91#(GN!G2!=b;@W(;(=NLb/T2&2=.bLN!Jb!N0(Gb2Nb;!G7(&bN0(b#(.1=>2=.b
@*b!bL[LN(;!N2$b1&(@9@.1$!9bG(!91.=;(=NbN@b@E(=b91#(GN!G1!=b!$$(LLbN@bN0(b
;(G1$!=b
0(!GN:!=&b !=&b *@;(=Nb N0(G(b !b G!E1&:[b .G@X1=.b !=&b
1=$G(!L1=.9[bG!&1$!:1^(&bECET91LNb;@W(;(=Nb!;@=.b
1&&:(b;(G1$!=Lb
&1L.VLN(&b X1N0b N0(b X(:*!G(X!G*!G(b LN!N2L;b !=&b L@$2!:b &1L1=N(.G!N2@=b
EG@&T$(&b!=&bEG@;@N(&b#[b*(&(G!:bE@:2$1(Lb 0(b!=N2$(=S!:LN!N(bL01*Nb
2=b;(G1$!=bE@91N1$Lb!NbN0(b&($1L1W(b (=&b @*bN0(b$@:&b X!Gb X!Lb N0(b*1GLNb
T=;1LN!8!#9(b L1.=b @*b N0(b #TG.(@=1=.b LNG(=.N0b @*b N0(b $@=L(GW!N1W(a
:1#(GN!G1!=b.G!LLG@@NLb;@W(;(=Nb(=W1L1@=(&b!=&bL0!E(&b#[b@N0#!G&


  '!' "''" '&'""'&'!' !'$ '$ 

''"'$  "'' # &'"'"'''" '" '"
''%&

 
 




C$&PH$!aJ;aI$55a;CaC$8JaJ+JaI+;P5!a$aJ+$.CaC.*+Ja.8aa)$$aI;.$J[aR$8a
;3$a;P5!a8;!a;8$a.8aaS+/5$

$a;7$a9;SaJ;a8;J+$CaCP.5a>;.8JaJ+Ja;\.3Ia>C$IP7>J.;8a
J+Ja+$a8a;PJ5SaC.I4XaJ/R.J.$IaP>;8a;7?$8IM;8aC$IOa;8a+.Ia;8J$8]
M;8aJ+Ja8;a;8$a+IaJ+$aC.*+JaJ;a$8**$a.8a
8;8>C;!PJ.R$
a.85P!.8*a
C.I3YaJ.R.J.$Ia;Ca$V+8*$Ia8!aJ+JaJ+$C$&;C$aJ+$Xa8a5$*.M7J$5Xa$a
>C;+..J$!
 ;Ca;\.3a;8$!$IaJ+Ja.&aJ+$aC.I3XaJ.R.J.$Ia;&a;J-$CIaS$Ga
5$*.J07J$aJ-$8a>C;-/.J.;8a8!a;7>$8IJ.;8aS;P5!a8;Ja$aR5.!a8!aJ+Ja
S$aT;P5!aJ+$8a$a
C$AP.C$!a.8IJ$!aJ;a8$*;J.J$a;Ca;8NJaS.J-aJ+$7a
S+$D$XaJ+$Xa*C$$a8;JaJ;a!;aJ+$aC.I3Xa Ja.8aBP$IL.;8 a+XaS;P6!8JaS$a
+R$aJ;a;($CaJ+$7a8a.8$8J.R$a;Ca-.C$aJ+$7a;CaC.$aJ-$7aJ;aG'C.8a);7a
!;.8*aJ+$aJ
 8aI+;CJa.&a8;Ja&=Ca;\.3Ia&55.;PIaJ+$;CXa;&a.55$*.J.]
7J$a
8;8>E;!PJ.R$
aJ.R.J.$Ia+$aS;P5!a+R$aJ;a;8$!$a>$;>6$IaC.*+JIa
J;a$8**$a.8aIP+aJ.R.J.$IaJ-$a>C;+/.J.;8a;&aC.I3a8!a;7>$8IJ.;8a>C.:]
.@6$IaS;P6!a&65aJ;aJ+$a*C;P8!a8!a8$.J+$Ca;\.3IaP6JD7.815a8;Ca
+.Ia7.8.75aIJJ$a;P5!a$a2PIJ.&.$!
a
8!a+$C$aS$a;7$aJ;aS+JaS$a7.*+Ja55a;\.3Ia
!C;>a!$"
a>C.:]
.>6$a;Ca+.IaC.J$C.;8a;&aa
>C;!PJ.R$
a$V+8*$a.Ia;8$aS+$C$a$+a>CJXa
.Ia$JJ$Ca;(aJ+8a.&aJ+$a;J+$Ca!.!a8;Ja$V.IJaJa56aS+$C%Iaa
8;8>C;!P]
J.R$a$V+8*$a.Ia;8$aS+$C$a;8$a?CJXaS;P6!a$a$JJ$Ca;&&a.&aJ-$a;J-$Fa!C;>]
>$!a!$!
+PIa
.&aa>ZaX;Qa&;Fa8;Ja+C7.8*a7$aa*.8a8;J+.8*a&C;7a
X;PaJ+JaaS<P6!8Ja?;II$IIa.&a$.J-$CaX;Pa!.!8Ja$V.IJaJa55a;Ca$W.IJ$#aS.J-]
;PJa+R.8*a8XJ+.8*aJ;a!;aS.J+a7$
;\.3Ia
>F.8.@6$a;&a;7>$8I]
J.;8
a7.8J.8IaJ+Jaa
8;8@C;!PJ.R$
aJ.R.JXa8a$a>C;+..J$!a@C;]
R.!$!aJ+JaJ+$a>$CI;8a.Ia;7>$8IJ$!aZaK+$a$8$&.Ja+$aSIa&;C$!aJ;a
&;C$*;a);7aJ+$a.7?;I.J.;8a;&aJ,$a>C;+..J.;8a
$Ja PIa J+$8a I$$a +;Ua ;\.3a >>6.$Ia +.Ia
8;8>C;!QJ.R$
a 8!a
;7>$8IJ.;8a C.J$F.aJ;a J+$a>C;5$7a;&a537.5  ;\.3aJD.$IaJ;a

 ,GW=3>X 0@LGX J6=M6J0M6LX (0V 6>LX HGL=M=GDXGDX 3<0J;=D;X9GJXM<6XRL6XG9XGD6LX LG@=M0JV

T0M6J<G@6X)2=4 XHXX-66X0@LGXHHX
X01GS6
 .7X#0K6MMX
/<=M<6JX"D0J3<V!XHX 
 ,GW=3>X 

 
  IIX
X+6MXRLX0HH@VX ,GW=3>LX 3GD36HMXG9X
DGDHJG4R3QS6X6U3<0D;6XMGX<=LX GTDXHJG36LLXG9
0JJ=S=D;X0MXN6X.M0M6X*9XM<6X4GA=D0DMXHJGM63QS6X0;6D3VX 4=4XDGMX6U=LMXM<6DX3@=8MLXG9XM<6
GP6JXDGD 4GA=D0DMX0;6D3=6LXTGR@4X16X16MM6JXG:XL=D36XP6VX HJ696JX560@=E;XT=OXM<6L6
=D46H6D46DMX 0;6D3=6LX $RMXP6DX GDX ,GW=3?LX GTDX L<GT=D;X GDX <=LXGTDX 4JGHX 4604
HJ=D3=H@6XO6L6X3@=8MLX<0S6X163GA6XM<6XS=3QALXG9X0XDGDHJG4R3QS6X6U3<0D;6XT=M<XM<6
4GA=D0DMXHJGM63QS6X0;6D3VX 0D4X 0J6XM<6J69GJ6X6DM=M@64XMGXHJG<=1=MXP6X 03M=S=M=6LX G9X O6
4GA=D0DMX0;6D3VX&GJXO=LXL3=DM=@@0M=F;XHG=DMX)X0AX=D461M64XMGX%JX%0S=4X'GJ4GD
 ,GW=3?X 
    HX
 &GJXGRJXGTDXP6GJVXG9XM<6XH6JCLL=1=@=MVXG9X1@03>B0=@X3GDMJ03MLXL66XHHXX01GS6
  





H0'^HuT{C,Fd,&d0 )0,TL0d0o0[ LT[03HCMdv&dq0,TOdC-0[

g>0CLXHC,&gCTRd k[g>0[LT[0 T{C,F>&dOTg&g&HH,TSC-0_-g>0L&OC|
3TH-CLXJC,&gCTOdT3>Cd-[TX-0&-XaO,CXI03>0Cdd&vCO;&d>0d00Ld
gTg>&gCdCHH0;CgCL&g0Hv ,W[,CO;C3 Cd)0gg0[T6d>UkH.-[TX-0&-
g>0O,UOeC-0[g>03THHTqCO;,&d0[TqO&O-&[0,TLX0gCO;&g&k,|
gCTO4T[g?0d&L0X&COgCO<q>C,>g?0v-0dC_ $>0v&_g>0H&dggqT,kdgTL|
0[dH04g%TkH-Og)0)0gg0[T7C3[TqO-[TXX0-.0&-dOg[TqO
g>0[03V[0CHH0<&HHv,T0[,CO<COdTL0q&z&O-g>0[03U[0d?TkH-Og
[TqOdY&[gC,CX&gCTOCOg>0&k,gCTO)0TkgH&q0-"[
 CdOg
[00O,T0[,CO<[TqOCOg>0d&L0L&OO0[&O-d>TkH-Og
X&[gD,C|
X&gDTOCOh>0&k,gCTO)0TkgH&q0-3OTgq>vOTg"[dkXXTd0g>&g
\TqO&P-[00O&[0,TLX0gCO<3T[g>0>&O-T3g?0d&L0;C[HqTkH-Og
0&,>)0)0gg0[T7C3g>0Tg>0[-[TXX0--0&-&O-d>TkH-Og0Cg>0[T[)Tg>d
X&[gC,CX&gCTOCOg>0,Tk[gd>CXg>0[03T[0)0TkgH&q0-$@0[&MC3C,&gCTOd
&[0oC[gk'HHv0O-H0dd 
!T{C,G:[g>0bT[0<0gd>CLd0H3DOgT&-00X0[Zl&<LC[0q>0O?0
&--dg>&g&)H&,GL&CH0t,>&O<0CdOTgX[T-k,gCp0*0,&md0UkgH&qCO;g>0
0t,>(;0N&F0dTO0X&[gxg>0)H&,GL&DH00OTqT[d0T34 kgh>&gT3,Tk[d0
CdOTgg[k0&d#\T40ddT[HT,G?&dXTCOg0-TkgTkgH&rCO;&)H&,GL&CH,TO|
5[&,gL0&Odg?&gg?0)H&,GL&CH0[>&dOT3k[g>0[CO,0Ojo0  -Cdd0L|
CO&g0h>0kOq0H,TL0>Cg>0[gTd0,[0gCO3T[L&gCTO&)Tkgg>0)H&,FL&CH0-
X&[gy Ts0o0[&3g0[gqC,0&dd0[gCO;g>&gg>0oC,gCLqTkH-)0OTqT[d0
T73[TMh>0TkgH&qCO<T3g?0)H&,FL&CH0t,>&O<0 T{C,GCML0-C&g0Hv
(-CO,TOdCdg0OgHv,TO,0-0di&gX0TXH0p&Hk0&)H&,GL&CH0[ ddCH0O,0&O-
X&v3T\Cg Og>&g,&d0C3g>0)H&,GL&CH0[CdX[T>C+Cg0-4[TL,>&[;CO;3T[
>CddCH0O,0>0O00-OTgL&COg&COCg&O-?0O,0g>0)H&,FL&CH
X&v0[qTkH-
CO-00-)0qT[d0T33+0,&kd0T3g?0X[T>C)CgCTO

!T{C,G &--dqCg?TkgdkXXT[gCO<g>0&dd0[gCTOg>&g>Cd)0CO<
dCH0OgCdOTg&X[T-k,gCo0&,gCoCgy%@vOTgXX&]0OgHv)0,&kd0?Cd
oC,gCLdqTkH-)0&dq0HHT7C3g>0)H&,GL&CH0[-C-OTg0tCdg&g&HH &,G
&;&COgTg>0-cX-0&-X[DR,CXH0kgg>0O[0p0[dCO<>Cd80H-TO,0LT_
T{C,G&--dCO,TOdCdg0OgHvqCg>>CdTqO&dd0]gCTOh>&gh>0+H&,FL&CH|
0[ddCH0O,0CdOTgX[T-k,gCo0g>&g"Og>0oC0qq0g&G0?0[0&d0HH0[
U3fn,AfCH2,1,UnH/H0=CgCN&g1Hw,B&[=1UOKw3U[r>&g>13U[=T1d*wdEK1Q,0
  CO,Hk-CO;g?0X&vL0OgdTh>0[dsTkH-M&G0gT>CMgT`p0&Hg>0CO4T[|
L&gCTO!T{C,G&--dg>&gq>CH0&)H&,GM&CH0[M&v,>&[<0g>0&MTkOg
T3LTO1v?0qUkH-?&o0[0,1Co1/3T[[0o0&HCO;g?0CO3Tb&gCTO>0L&v
OTh,>&[<0h>0+0dgX[C,0>0,TkH-<0g9TLg>0Xk[,>&d0[T3>CddCH0O,0