Calculation and Knowledge

Trade-offs are made necessary by scarcity. Individuals must choose between the alternatives forced upon them by reality. A refusal to acknowledge this leads to big problems.  

Demonstrated preference has everything to do with the choices an economic actor faces in a given moment, not all the conceivable options.

Acton says the muse of the historian is Rhadamanthus, the avenger of innocent blood: "The historian must be a judge, and a hanging judge at that, to right the wrongs of history."

Bob reviews Mark Spitznagel's latest book, Safe Haven: Investing for Financial Storms, on which he was a consultant.

Robert Murphy joins the show for a fascinating look at Mark Spitznagel's new book Safe Haven. If you're interested in the intersection of investing and Austrian economics, don't miss this episode!

Creating a functioning and sustainable local economy is much more time consuming and complicated than sprucing up a few buildings to look good on a TV show.

The Soviet Union in 1991 was dissolved. Murray Rothbard explains how socialism and central planning led to the economic collapse.

Presented at Mises University 2021.

The goods created by automation—and the labor freed up by it—become inputs for industries downstream.

Successful entrepreneurial leaders play a central role in empowering employees to use their localized knowledge.