Stigler on Smith on competition

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What Do Prices “Know That You Don’t?”

Voltaire on the 1734 London Stock Exchange:

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Source: Peace has been hijacked by politics: Why the Nobel Peace Prize is wrong-headed and useless – Students For Liberty – Students For Liberty.

.@NZGreens do not understand business: minimum wage for contractors version

The Greens are most upset that a Labour party private members bill to specify a minimum wage for contractors was voted down by one vote in parliament yesterday.

If you earn than the minimum wage as a contractor, that is a signal wrapped in an incentive. Your poor hourly earnings is a signal to you that maybe you should get out of that contracting business and go back to being an employee where you will be paid at least the minimum wage.

Many small businesses make no profits at all in the first year or so as they build the business. The founders of the business get by on savings, which they anticipated when they drew up their business plan. No one expects a business to make an immediate profit or always be profitable.

Contractors are entrepreneurs chancing their arm. They need crisp signals about whether they are succeeding, failing or could succeed if they try harder or do something different. A minimum wage for contractors masks those important market signals of success and failure.

If your dream of owning your own business is not even paying the minimum wage, maybe it is time to get out of the contracting business.

What If There Were No Prices? Railroad Thought Experiment

If the market process was by human design

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HT:Mark Perry.

What is the only source of profit?

How labour and other markets work

FA Hayek on competition as a discovery procedure

Hayek’s use of knowledge in society

Source: 70th anniversary of Hayek’s use of knowledge in society | Fraser Institute

Prices — what do they do?

via Prices — what do they do? – Coordination Problem.

Mises on the origin of profits

FA Hayek on the greatest lingering doubt about market forces

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A Price Is a Signal Wrapped up in an Incentive

Hayek on prices and economic order

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