Calculation and Knowledge

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A Catechism on Political Economy

Calculation and KnowledgeValue and Exchange


I surely should have heard about J.B. Say's Catechism on Political Economy, but in fact I don't recall knowing about it. It appears in this newly uploaded and bookmarked volume Letters to Malthus. So a short sample:

What do...
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The Explanatory Power of the Austrian School

Calculation and KnowledgeInterventionism


It's interesting how during a bust, the Austrian School suddenly gains greater prominence and people act as if the Austrians are just another player in the mainstream (which isn't really true as much as we might like it to be). Here is a recent case of this:...

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Bennie's Rule

Money and BanksCalculation and Knowledge


Professor Bernanke is giving his testimony to Congress. Blah...Blah...Blah.

Here are some interesting graphs from the Fed itself. They have to do with Bennie's new monetary "rule" of force feeding "liquidity" into the marketplace. It seems that banks were reluctant to use the...

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The Broken Window Fallacy Reapplied

Calculation and KnowledgeProduction Theory


It is not a good thing to destroy wealth. Bastiat puts it this way: "Society loses the value of things which are uselessly destroyed." It sounds like an unexceptional claim. But herein rests the core case against everything the government does. Perhaps, then, we can see why the allegory is not...

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Should the State Regulate Envy?

Calculation and KnowledgeInterventionism


Falling Behind, by Robert H. Frank, belongs to an unfortunate genre: books by well-known economists that endeavor to justify crude soak-the-rich policies, writes David Gordon. Paul Krugman and,...

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IP = right to profits. Nothing more and nothing less.

Free MarketsCalculation and KnowledgeMoney and Banking


IP is the manifestation on creativity of an underlying Marxist theme: the labor theory of value.

What if I discover/invent something but others market it first? What if they market it better?

Am I not entitled to profits for my discovery or invention?Answering yes to the...

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The dollar: the true passenger bill of rights

Calculation and KnowledgeInterventionism


OK, air travel can be a mess. There is nothing so frustrating as delays, especially delays on the tarmac. To some, this is a reason to have government create and enforce a so-called passenger bill of rights. In fact, New York is just days away from being the first state to have such positive...

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Peter Schiff on Mortgage Bailout

Calculation and KnowledgeInterventionism


In the comments of my post on the mortgage mess, "Jake" linked to this fantastic piece by Peter Schiff. He makes the obvious point—that I somehow missed!—that...

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Ignorant of Markets, and Proud of It

Calculation and Knowledge


From a letter in today's Wall Street Journal:

If we allow ourselves to buy labor services from the poor, we encourage the idea that they are mere instruments to be used by us at will and thereby corrode one of our most central convictions: All persons, including those in...
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