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[[[This transcript still needs one more pass, to check it against the audio and to clean it up. This will happen in a day or so.]]] [[ About this transcription : The speaker, finding this transcript, should be able to say "Yes, this is a faithful recording of what I said, and the links are clearly intended to aid the reader's comprehension...
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The business of banking has long been rather exceptional with regards to the way that it treats profits and losses. In any industry, when a company makes profits these are either retained by the company as capital or distributed to shareholders - and so it is in banking. However, in most industries when a company makes losses these must be born by the...
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Social evolution can be thought of in terms of increased complexity . Simple forms of organization are uniliteral and homogenous, while more complexity in an organizational structure implies pluralism . Increased plurality, combined with a finite number of variables or resources to work with, implies smaller units . The more complex that a pattern is...
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“Carried through consistently, the right of property would entitle the proprietor to claim all the advantages which the good’s employment may generate on the one hand and would burden him with all the disadvantages resulting from its employment on the other hand.” –Ludwig von Mises, Human Action According to Professor Mises,...
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[quote user="Jon Irenicus"] When economic calculation is spoken of it is with reference to consumer wants. Socialists engaging in the debate don't challenge this, because it'd be tantamount to admitting that socialism must remould consumers in order for it to meet their needs, and that it can only do so by steamrolling them out. Not...
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[ UPDATE: Unfortunately I've confused the 1979 JASON report with the Charney report that followed it (and referred to it) later that year. My bad! The Charney report is available online and is summarized in item 2 below; I could not find a copy of the JASON report online, but report some available info on it in item 1] 1. The 1979 JASON report:...
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[Cross-posted on the parent blog ] I wrote a paper last semester on the notion of discounting future damage (I'll explain what this means below), and I wanted to revisit the issue now that I've done a little more research, to see if I still agree with what I wrote then. Basically, my paper examined how our views of the proper role of discounting...
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Not sure why Taylor is mentioned over and over since Misesians have dealt with his contentions, and yes, the fact that we don't live in a world of "Walrasian" equations is a strong theoretical case against socialism, and it still doesn't address the fact that capital goods themselves need to be can be allocated in multifarious ways...
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[quote user="Saan"]Eh?[/quote] Yeah. Assertion of absolute ownership is expensive. [quote user="Saan"]Sure it does. Property based only upon ones ability to defend it is might makes right.[/quote] Well the free market in general is based on the more money you have the more you can do.... [quote user="Saan"]A demagogue need...
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[quote]Well the price in the case of the list IS determined by producer's subjective valuation. That is, producers will buy capital goods till the price exceeds their reservation prices and these reservation prices are formed precisely by their valuations and their expectations. The list is just a means to facilitate this communication throughout...