Here is an updated classification of free market libertarians:
(1) RandiansI have not included Milton Friedman’s monetarism here, because Friedman’s economics was the pretty much mainstream neoclassical macroeconomic theory. Moreover, I am not sure that all modern monetarists or new monetarists would really think of themselves as “libertarians.” Although they are supporters of free markets, I suspect many think of themselves just as mainstream economists.
(2) Austrians(i) the Anarcho-capitalists, like Rothbard and Hoppe;(3) Non-Austrian libertarians (but influenced by Austrian economics)
(ii) The minimal state Austrians like Mises (with his praxeology);
(iii) Austrian supporters of Hayek’s economics, with a minimal state;
(iv) The “orthodox” Austrians who have a moderate subjectivist position (like Israel Kirzner and Roger Garrison);
(v) Austrian radical subjectivists like Ludwig Lachmann;I suspect that it is also possible to put many of the “Free Bankers” in this category.(4) Neoclassical libertarians (but influenced by Austrian economics and neoclassical theory)(i) followers of Robert Nozick’s libertarianism;
(ii) followers of David D. Friedman’s anarcho-capitalism, and other non-Austrian anarcho-capitalism (e.g., Jan Narveson);
(iii) other non-Austrian, neoclassical influenced libertarians (e.g., Tom Palmer, Bryan Caplan and Tyler Cowen).
I have taken Professor George Selgin out of category (3). Professor Selgin no longer self-identifies as an Austrian, but also notes in a comment below:
“... I am no less uncomfortable with the libertarian label than I am with the Austrian one. In fact, you will be hard-pressed to find me ever identifying with a "movement" of any sort: I dislike them all, viscerally.”Fair enough. I do like to get these classifications right.