Badnarik, 49, of Austin, defeated former Hollywood movie producer Aaron Russo (search) on the convention's third ballot, after former radio host Gary Nolan (search), who was eliminated on the second ballot, endorsed Badnarik.
"If I can win the nomination, there's no reason I can't win this election," Badnarik told a cheering convention that drew more than 800 delegates.
Badnarik teaches a course in constitutional law.
Formed in 1971, the Libertarian Party stresses the rights of individuals over the power of government, and a foreign policy of noninterference. It claims nearly 600 elected officials nationwide, almost entirely in city or county positions, and has been on the presidential ballot in all 50 states for the last three elections.