Posts Tagged ‘ economics ’

The false feminist economics methodenstreit: Competition versus cooperation

November 19, 2014
posted by

Libertarianism.org Libertarianism.org
by Mikayla Novak  

"The neoclassical mainstream of conventional economic thought, often the centre of feminist economic criticism, is grounded in the model of a rational, autonomous, self‑interested agent that makes optimising choices subject to exogenously imposed constraints. This agent is commonly referred to as the 'rational economic man' or 'homo economicus.' The key criticism levelled by feminist economists is that homo economicus represents a privileged masculine view of the economic order, to the exclusion of what are claimed to be feminine characteristics, such as connectivity, altruism, and emotionality." (11/18/14)

http://tinyurl.com/kgmvny9  

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In memory of Gordon Tullock

November 10, 2014
posted by

Lawson Bader Competitive Enterprise Institute
by Lawson Bader  

"Gordon fully understood the most important lesson of economics: Incentives matter. He refused to accept that 'public servants' can behave differently because of their supposed detachment from the hustle and bustle and profit motives of private industry. He was fiercely critical of government attempts to solve problems compared with the actions of private actors and institutions. He thought it wishful thinking that government bureaucrats could implement policies that benefit the common good, as if they could always remain aloof from trivial parochial concerns. He’d agree with that Depeche Mode lyric -- people are people." (11/10/14)

https://cei.org/content/memory-gordon-tullock  

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Gordon Tullock and the transitional gains trap

November 10, 2014
posted by

Robert Higgs Independent Institute
by Robert Higgs  

"Gordon Tullock, who died on Monday at the age of 92, was along with his longtime colleague James Buchanan, the founder of the modern field of public choice, which during the past fifty years has become a well-established subfield of economics and of political science and has also had an influence on other disciplines. Tullock himself is most closely associated with the idea of rent seeking, which would have caused less confusion and been more precise if it had been called privilege seeking. One of his most important contributions, which he expounded in a 1975 article in the Bell Journal of Economics, pertained to what he called the transitional gains trap." (11/06/14)

http://tinyurl.com/paywx5h  

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Why The Theory of Money and Credit is more important than ever

November 9, 2014
posted by

Richard M. Ebeling Ludwig von Mises Institute
by Richard M. Ebeling  

"Eighty years ago, in the autumn of 1934, Ludwig von Mises's The Theory of Money and Credit first appeared in English. It remains one of the most important books on money and inflation penned in the twentieth century, and even eight decades later, it still offers the clearest analysis and understanding of booms and busts, inflations, and depressions." (11/08/14)

http://tinyurl.com/pbxsn2y  

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On “economies of scale” and other magical incantations

November 5, 2014
posted by

Kevin Carson Center for a Stateless Society
by Kevin Carson  

"There's a certain kind of economic technocrat who tosses around the term 'economies of scale' like a Young Earth creationist tosses around the Second Law of Thermodynamics. This is true of legacy liberalism, obviously, which is still defined by the mid-20th century mass-production paradigm of Joseph Schumpeter, John Kenneth Galbraith and Alfred Chandler. It's also true of most Austrian economists in the tradition of Mises, who see capital-intensiveness or 'round-aboutness,' as such, as the key to productivity." (11/04/14)

http://c4ss.org/content/33168  

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Nobel winner Jean Tirole’s faulty views on monopoly

October 29, 2014
posted by

Frank Shostak Ludwig von Mises Institute
by Frank Shostak  

"Frenchman Jean Tirole of the University of Toulouse won the 2014 Nobel Prize in Economic Sciences for devising methods to improve regulation of industries dominated by a few large firms. According to Tirole, large firms undermine the efficient functioning of the market economy by being able to influence the prices and the quantity of products. Consequently, this undermines the well being of individuals in the economy. On this way of thinking the inefficiency emerges as a result of the deviation from the ideal state of the market as depicted by the 'perfect competition' framework." (10/29/14)

http://tinyurl.com/omsosj9  

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Why money doesn’t measure value

October 27, 2014
posted by

Robert P. Murphy Mises Canada
by Robert P. Murphy  

"Let me be clear: Gordon (and Mises) are right; money is not a 'measuring rod' of value. However, the reason Tamny and Miles are astounded by Gordon's position is that they think he is denying the (obvious) fact that people acquire money merely as a means to a further end. In the present post, let me try to clear up all of this confusion that the mischievous Gordon stirred up. As we'll see, it's precisely because people use money as a means to a further end, that it is NOT analogous to a ruler or clock or scale." (10/23/14)

http://mises.ca/posts/blog/why-money-doesnt-measure-value/  

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Ludwig von Mises and the Austrian theory of inflations and recessions

October 21, 2014
posted by

Richard M. Ebeling Future of Freedom Foundation
by Richard M. Ebeling  

"Mises insisted that the economic rollercoaster of the business cycle was not caused by any inherent weaknesses or contradictions within the free market capitalist system. Rather, inflationary booms followed by the bust of economic depression or recession had its origin in the control and mismanagement by governments of the monetary and banking system." (10/21/14)

http://tinyurl.com/lggawz9  

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Four reasons the Bernanke-Yellen asset-price inflation may be nearing its end

October 20, 2014
posted by

Joseph T. Salerno Ludwig von Mises Institute
by Joseph T. Salerno  

"There are strong indications that the remarkable run up of asset prices in the last few years is beginning to run out of steam and may be on the verge of collapse. We will leave aside the question of whether the asset inflation is symptomatic of a garden-variety inflationary boom or is a more virulent bubble phenomenon in which prices are rising today simply because buyers anticipate that they will rise tomorrow." (10/17/14)

http://tinyurl.com/pc7t2zt  

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An Austrian economist reports from a mainstream economics conference

October 16, 2014
posted by

Ludwig von Mises Institute Ludwig von Mises Institute
by Christopher Westley  

"Early on in the most recent meeting of the National Association of Business Economists (NABE) in Chicago, Dan Ratner, one of President Obama's tech gurus for the 2012 election cycle and expert in the hip field of Big Data mining, stated to his audience that 'there is no such thing as truth. There is only the most recent updated version of it.' Little did I know this was to be a recurring theme at this conference." (10/16/14)

http://tinyurl.com/p6xltub  

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Is the surge in capital goods orders due to malinvestment?

October 15, 2014
posted by

Frank Shostak Ludwig von Mises Institute
by Frank Shostak  

"There is no doubt that an increase in the quality and the quantity of tools and machinery (i.e., capital goods) is the key for the expansion of goods and services. But is it always good for economic growth? Is it always good for the wealth-generation process?" (10/15/14)

http://tinyurl.com/q958sug  

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Price deflation and price inflation are always “optimal”

October 14, 2014
posted by

Mateusz Machaj Ludwig von Mises Institute
by Mateusz Machaj  

"Media sources and many economists focus on price inflation and price deflation as the source of various economic ills, but, contrary to much of the rhetoric, price inflation and price deflation are always 'optimal' in the economic sense. At first, such a claim may seem controversial, since virtually all economists have something negative to say about either inflation or deflation. This concerns almost all schools of economic thought, mainstream and heterodox, including the Austrians." (10/13/14)

http://tinyurl.com/qcqpkxd  

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Hayek’s “rejuvenating event”

October 9, 2014
posted by

Foundation for Economic Education Foundation for Economic Education
by BK Marcus  

"When a free-market economist wins a Nobel Prize, the public does not suddenly embrace laissez-faire capitalism, but the Swedish socialist may have been prescient if he worried that honoring the Austrian would somehow hurt economic science as he conceived it. Hayek's work, then as now, is used as the antidote to Myrdal's conception of economics -- that is, economics as interventionism. One biographer describes Hayek's Nobel as 'the great rejuvenating event in his life.'" (10/09/14)

http://fee.org/the_freeman/detail/hayeks-rejuvenating-event  

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Piketty’s blind spot

September 11, 2014
posted by

Foundation for Economic Education Foundation for Economic Education
by Steve Fritzinger  

"The famous French economist should ask where wealth comes from." (09/11/14)

http://www.fee.org/the_freeman/detail/pikettys-blind-spot  

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The economics of American Pickers

September 11, 2014
posted by

Ludwig von Mises Institute Ludwig von Mises Institute
by Joel Poindexter  

"As a frequent viewer of The History Channel I have come to appreciate several of its weekly programs, not only for their own sake, but for the many principles of economics demonstrated in each episode. I have written previously of the lessons from the pawn shop, describing a few notable economic concepts one learns from watching Pawn Stars and American Restoration. Another such television show is American Pickers. Here one sees not only classical economic theory in practice, such as comparative advantage and specialization and trade, but other Austrian insights as well." (09/10/14)

http://mises.org/daily/6874/The-Economics-of-American-Pickers  

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Ten reasons to condemn inflation

September 8, 2014
posted by

Ludwig von Mises Institute
by Andreas Marquart  

"Increasing the money supply that involves the granting of more credit means that new money is created by credit that is not covered by savings. This causes interest rates to fall more than would be the case without an expansion of the money supply. The result is an artificial economic boom, which politicians and the general public initially welcome. Investments are triggered that would not have been carried out if the invested capital had to be saved up first, prior to such investments. Therefore, there are insufficient resources available to bring all the projects thus begun to completion." (09/08/14)

http://mises.org/daily/6871/Ten-Reasons-to-Condemn-Inflation  

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The unseen costs of the minimum wage

September 4, 2014
posted by

Ludwig von Mises Institute Ludwig von Mises Institute
by Josh Grossman  

"By raising wage rates, the public can see their states’ minimum-wage earners making more money. This is the factor that is seen. What is unseen is the number of jobs destroyed or citizens who would have been able to obtain jobs if the minimum wage were never raised in these states in the first place." (09/04/14)

http://mises.org/daily/6868/The-Unseen-Costs-of-the-Minimum-Wage  

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Austrian capital theory and Dawn of the Planet of the Apes

August 20, 2014
posted by

Ludwig von Mises Institute Ludwig von Mises Institute
by Mark Tovey  

"During an early scene of Dawn of the Planet of the Apes, in which the hyper-intelligent apes were depicted hunting for deer in the forest surrounding their settlement, someone behind me interjected 'if those apes are so smart, how come they’re hunter-gatherers?' While a decent question, he received nothing but a shush from his more etiquette-conscious companion for raising it. While there are many factors other than intelligence that are relevant to a society’s choice of an agricultural or hunter-gather economy, Austrian capital theory can go a long way in helping to explain why the apes featured in the film can be both highly-intelligent and hunter-gatherers." (08/20/14)

http://tinyurl.com/prsewpj  

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Carl Menger’s revolution

August 14, 2014
posted by

Ludwig von Mises Institute Ludwig von Mises Institute
by Mateusz Machaj  

"One often wonders whether differences in economic schools of thought are big enough to justify strict theoretical segregations. One such case is 'marginal economics.' Most textbooks point to the triumvirate of Walras, Jevons, and Menger, who independently discovered the notion of marginal utility and its relevance to the pricing process. Quite often these brilliant thinkers are homogenized as more or less indistinguishable figures who paved the way for modern microeconomic theory." (08/13/14)

http://mises.org/daily/6837/Carl-Mengers-Revolution  

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Argentina: Another Keynesian success story that wasn’t their fault

August 4, 2014
posted by

Robert P. Murphy Mises Canada
by Robert P. Murphy  

"On July 30 S&P declared Argentina’s government technically in default on $13 billion of its sovereign bonds that were restructured after the government’s previous default back in 2002. Inasmuch as several of the world’s major Keynesian bloggers never tire of pointing out how great their 'model' of the economy has been performing, it’s worth reminding innocent readers of just how awful the Keynesian policy advice has been." (07/21/14)

http://tinyurl.com/kg34n62  

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How to start reforming the Federal Reserve right now

July 24, 2014
posted by

Ludwig von Mises Institute Ludwig von Mises Institute
by Brendan Brown  

"An essential component of monetary reform should be setting interest rates free. This means no more official pegging or guidance of short-term interest rates and no attempt to manipulate in various ways long-term interest rates. Markets can do a better job of discovering the neutral rates of interest (across different maturities) and positioning market rates at any time relative to these so as to guide the economy along an equilibrium path than any set of well-informed and even well-meaning Fed officials. This is all on the big assumption that the reformers can design a monetary system around a suitable firmly placed pivot." (07/23/14)

http://tinyurl.com/llxkxmm  

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The economics of liberation theology

July 23, 2014
posted by

Acton Institute Acton Institute
by Carroll Rios De Rodriguez  

"How did dependency theory with its socialist-like proposals to solve poverty and the Marxist influence on liberation theology fuse together? One often hears disclaimers to the fact that not all dependency and liberationist writings were Marxist. This is of course true. Novak himself argued that 'liberation theology forms a tapestry much broader than its Marxist part and is woven of many colors.' It is worth stating that the work of carefully distinguishing between the various theoretical foundations suited to liberation theology, as Novak and Joseph Cardinal Ratzinger (later Pope Benedict XVI) did at the time, is not the same as trivializing the broader Marxist influences. There are some subtle differences between the Ratzinger-Novak caveat and other claims concerning the impact of Marxism." (07/23/14)

http://tinyurl.com/m2q2pbz  

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Gold as an inflation hedge

July 23, 2014
posted by

Robert P. Murphy Liberty Chat
by Robert P. Murphy  

"When he’s not bashing Austrian economics, economist Noah Smith likes to mock the allegedly paranoid contributors to ZeroHedge. For example, in a recent post at Bloomberg, Smith argued that the goldbugs were full of it and that the yellow metal offered poor protection against an irresponsible Federal Reserve. In this post I’ll explain the actual case for gold, because plenty of people (not just Noah Smith) seem to think its virtues have been exaggerated." (07/22/14)

http://www.libertychat.com/2014/07/gold-inflation-hedge-robert-murphy/  

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The neo-mercantilist hysteria over trade deficits

July 17, 2014
posted by

Joseph T. Salerno Ludwig von Mises Institute
by Joseph T. Salerno  

"One of the worst effects of modern Keynesian economics is that its total spending ('aggregate demand') approach to output and employment provides a pseudo-scientific justification for the central error of mercantilism -- an error that dates back to the sixteenth century. According to this ancient fallacy, a deficit in a nation's balance of payments results in a loss of demand, income, and jobs. This doctrine has been demolished time and again by economists during the past two-and-a-half centuries. Yet like the mythical Phoenix the mercantilist myth continually rises from its own ashes." (07/17/14)

http://tinyurl.com/ot568u4  

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AD: Eleven stages of enlightenment

July 17, 2014
posted by

Scott Sumner EconLog
by Scott Sumner  

"Over at TheMoneyIllusion I've been having a discussion of aggregate demand. What does the term actually mean? In the comment section I see lots of average people giving common sense explanations, and also experts like Nick Rowe making high-level arguments. It might help if I walked people through the various levels of enlightenment ..." (07/17/14)

http://econlog.econlib.org/archives/2014/07/ad_eleven_stage.html  

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