Tweet… is from pages 86-87 of Georgetown University philosopher Jason Brennan’s excellent 2014 book, Why Not Capitalism?: So, to summarize, there is a range of reasons to have private property, even in utopian conditions. People get value from having objects that they can use at will, without having to ask permission from others. They get…
Quotation of the Day…
Quotation of the Day…
04 Nov 2023 Leave a comment
in applied price theory, Austrian economics
Walter Block on Sexual Discrimination & the Pay Gap(Uncut)
02 Nov 2023 Leave a comment
in applied price theory, Austrian economics, discrimination, econometerics, economic history, economics of education, gender, health economics, history of economic thought, human capital, labour economics, labour supply, occupational choice Tags: gender wage gap, sex discrimination
*GOAT* on Friedrich A. Hayek and his delusions
31 Oct 2023 Leave a comment
in Austrian economics, business cycles, history of economic thought, macroeconomics, monetary economics
When writing GOAT: Who is the Greatest Economist of all Time, and Why Does It Matter? I vowed I would write the whole truth. Not just that I agreed with everything I wrote (the case with every book), but I that I would relate all that I was thinking. Here is one part of the […]
*GOAT* on Friedrich A. Hayek and his delusions
The Ultimate Knowledge Problem
20 Oct 2023 Leave a comment
in Austrian economics, F.A. Hayek Tags: economics of central planning
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
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, comparative institutional analysis, F.A. Hayek, history of economic thought
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
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