The labour theory of value in a nutshell
17 May 2018 Leave a comment
in applied price theory, Austrian economics, entrepreneurship, Marxist economics
A less than smooth arbitrage opportunity
15 May 2018 Leave a comment
in entrepreneurship, monetary economics Tags: hyperinflation
Was Karl Marx right? | The Economist
05 May 2018 Leave a comment
in applied price theory, business cycles, development economics, economic history, economics of bureaucracy, entrepreneurship, history of economic thought, industrial organisation, labour economics, macroeconomics, Marxist economics, poverty and inequality, Public Choice, public economics Tags: economics of socialism
From Paul Samuelson’s essay on marxist economics
Wouldn’t hold much hope for investors in a hedge fund founded by Steve Keen to put other’s money where his mouth is all the time
28 Apr 2018 Leave a comment
in business cycles, entrepreneurship, Euro crisis, financial economics, fiscal policy, global financial crisis (GFC), macroeconomics, monetary economics Tags: active investing, monetary cranks, revealed preference
When will @AnnPettifor found a hedge fund to profit from putting other’s money where her mouth is rather than just her own retirement savings portfolio, which I am sure she did
23 Apr 2018 Leave a comment
in applied price theory, economics of information, entrepreneurship, fisheries economics, global financial crisis (GFC), macroeconomics, Marxist economics, monetary economics Tags: efficient markets hypothesis, entrepreneurial alertness, monetary cranks
Remember MySpace?
15 Apr 2018 Leave a comment
in entrepreneurship, industrial organisation, survivor principle Tags: competition law, creative destruction
HT Lorenzo Warby
Easterly: Sachs & Individual Rights
01 Apr 2018 Leave a comment
in applied price theory, development economics, entrepreneurship, growth disasters, growth miracles Tags: overseas aid, The fatal conceit
Iggy Pop – John Peel Lecture 2014 Free music in a capitalist society
30 Mar 2018 Leave a comment
in entrepreneurship, industrial organisation, Music, survivor principle Tags: creative destruction, digital goods, economics of copyright, intellectual property rights
Uber: Revolutionary but Controversial – (The Story of Uber)
30 Mar 2018 Leave a comment
in economics of bureaucracy, entrepreneurship, industrial organisation, Public Choice, rentseeking, survivor principle, transport economics Tags: creative destruction, taxi regulation, Uber
The labour theory of value
29 Mar 2018 Leave a comment
in applied price theory, entrepreneurship, human capital, industrial organisation, labour economics, labour supply, Marxist economics, survivor principle Tags: labour theory of value
“A few observations:
- The Labor Theory of Value is incapable of functionally explaining even basic economic relationships. See Menger 1871.
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The notion that class identity functionally drives political or any other type of collective action is hopelessly incoherent and undermined by a pervasive free rider problem. See Olson 1965.
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Even if one were to assume that the initial allocation of all property is by mere theft (and it is not), its effectual consequences are entirely subordinate to the question of whether property rights exist in the first place. See Coase 1960.
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The predictive ability of historical materialism in the ~150 years since its formulation is practically zero, although the cost of attempting to force its predictions into being is several hundred million bodies.
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In practice, the concept of alienation is indistinguishable from subjective emoting about things that the individual exhibiting “estrangement” envies, and envy is a difficult concept to defend as the basis of a system of social allocation as it reduces to little more than subjective valuation executed by forcible acquisition.
If the above observations are true, what exactly remains again of the Marxist system of thought that is of any value in explaining anything?”
- Phil Magness
Utopia, you are standing in it! 
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