TweetOver at EconLog, Kevin Corcoran has an excellent post refuting a naive-person’s assertion that central planners can acquire all the knowledge they need to successfully ‘plan’ an economy simply by asking people, questionnaire-style, what they want. But there’s an additional point to be made in response to this naive-person’s assertion. The additional point is this:…
The Ultimate Knowledge Problem
The Ultimate Knowledge Problem
20 Oct 2023 Leave a comment
in Austrian economics, F.A. Hayek Tags: economics of central planning
How to Make *Defending the Undefendable* Defensible
12 Oct 2023 Leave a comment
in applied price theory, applied welfare economics, Austrian economics, history of economic thought
When the truth is ugly, people lie. Psychologists call this “Social Desirability Bias.” Human beings exaggerate their patriotism and piety, their altruism and loyalty, their intelligence and their tolerance. Social Desirability Bias (SDB) is embedded in language itself: When someone asks, “Would you like to come to my party?,” you refuse with “Sorry, I can’t”…
How to Make *Defending the Undefendable* Defensible
Will AI Make a Planned Economy Feasible? The Socialist Calculation Debate Revisited
25 Aug 2023 Leave a comment
in Austrian economics, F.A. Hayek, history of economic thought, comparative institutional analysis
The “socialist calculation debate” happened in the 1920s and 1930s. The economics profession was developing a vision of the economy as made up of prices and quantities for goods and services, based on supply and demand. Socialist economists (for example, Oskar Lange) sought to build on this framework. Their argument was along the following lines:…
Will AI Make a Planned Economy Feasible? The Socialist Calculation Debate Revisited
The History and Importance of the Austrian Theory of the Market Process | Israel M. Kirzner
11 Apr 2023 Leave a comment
in Austrian economics, history of economic thought
3. Applications of Monopoly Theory | Peter G. Klein
13 Jan 2023 Leave a comment
in applied price theory, Austrian economics, history of economic thought, industrial organisation
2. Austrian Theories of Monopoly | Peter G. Klein
11 Jan 2023 Leave a comment
in applied price theory, Austrian economics, comparative institutional analysis, economic history, entrepreneurship, history of economic thought, industrial organisation
“Economics Teaches Us Humility”: Q&A with George Mason University’s Pete Boettke
28 Sep 2022 Leave a comment
Good Intentions 1of3 Introduction and Public Schools with Walter Williams
13 Sep 2022 Leave a comment
in applied price theory, Austrian economics, comparative institutional analysis, discrimination, economic history, economics of education, human capital, labour economics, labour supply, poverty and inequality, unemployment, unions, welfare reform Tags: child poverty, family poverty, racial discrimination
Walter Williams: Up From the Projects
12 Sep 2022 Leave a comment
in applied welfare economics, Austrian economics, discrimination, economic history, economics of education, human capital, labour economics, labour supply, occupational choice, occupational regulation, poverty and inequality, unemployment, welfare reform Tags: Walter Williams
Milton Friedman on Hayek’s “Road to Serfdom” 1994 Interview 1 of 2
13 Aug 2022 Leave a comment
in Austrian economics, comparative institutional analysis, constitutional political economy, economics of bureaucracy, F.A. Hayek, law and economics, Milton Friedman, Public Choice Tags: The fatal conceit
How to Ruin the Economy in 2 Minutes
10 Aug 2022 Leave a comment
in applied price theory, applied welfare economics, Austrian economics, comparative institutional analysis, constitutional political economy, economic history, economics of bureaucracy, economics of information, entrepreneurship, income redistribution, law and economics, property rights, Public Choice, public economics Tags: capitalism and freedom, The Great Enrichment
Utopia, you are standing in it! 
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