Calculation and Knowledge

Displaying 21 - 30 of 612

The True Costs of Bad Economists, Explained

Calculation and KnowledgePhilosophy and Methodology

Blog01/28/2020

In terms of economics, what currently is should be of very little importance: what matters, and that we should seek to understand, is the process that brought it about and that will create what will be in its place.

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The Limits of Economic Calculation

Calculation and KnowledgeValue and Exchange

Blog01/21/2020

It is possible to determine in terms of money prices the sum of the income or the wealth of a number of people. But it is nonsensical to reckon national income or national wealth.

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Investors, Randomness, and Entrepreneurial Thinking

Financial MarketsMedia and CultureCalculation and Knowledge

Blog01/07/2020

It's possible for investors and entrepreneurs to make a lot of money in markets without understanding the economic theory behind their actions.

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Why Paternalists Keep Calling Us "Irrational"

Calculation and KnowledgeOther Schools of ThoughtPraxeology

Blog01/03/2020

Central planners like Cass Sunstein think our alleged "irrationality" means we need the government to intervene in our daily lives.

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Technological Innovation Is Nothing to Fear

Free MarketsCalculation and Knowledge

Blog09/21/2019

Robots are not fundamentally different from other labor-saving innovations, and there's no reason to believe increased innovation will lead to mass unemployment or mass poverty.

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Why the Government Can't Measure Income, Happiness, or Well-Being

Calculation and Knowledge

Blog09/17/2019

When a parent leaves the work force to focus on parenting, this shows up in government stats as lower employment and less consumer spending — suggesting a less productive economy. But that's not what's going on at all.

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The Problem with Aggregate "Calculations" of the Value of Immigration

ImmigrationCalculation and Knowledge

Blog05/14/2019

It's impossible to calculate the cost and benefit immigration without considering psychic profit and loss. And the government definitely is in no position to make any calculations at all.

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Even Socialists Know that Economic Planning Requires Market Prices

SocialismCalculation and KnowledgePhilosophy and Methodology

Blog04/03/2019

Hard-left "democratic socialists" think they figured out how to make government planning possible: use prices. But there's a problem in their argument: prices are impossible without markets.

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The Beauty of Consumer Reviews

Calculation and Knowledge

Blog01/31/2019

Consumer reviews demonstrate one of the important ways that the market itself provides people with more important information in making purchasing decisions.

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Ten Reasons Why Governments Fail

Calculation and KnowledgePolitical Theory

Blog11/22/2018

Politicians and bureaucrats often fail to deliver what's promised because the very nature of government makes it impossible for them to succeed.

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