Calculation and Knowledge

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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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Solving the "Problem" of Free Riding

Big GovernmentCalculation and KnowledgeInterventionism


With the almost constant statist apologetics we hear from many government and academic economists, writes Ben O'Neill, it is hard to believe that the discipline of economics was once a thorn in the side of the state and its political elite. So commonplace are fallacious economic arguments...

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Milton Friedman Bleg

Calculation and Knowledge


Milton Friedman's best-known technical works are his Theory of the Consumption function (1957) and the Monetary History of the United States (with Anna Schwartz, 1963). But it is rarely mentioned that Friedman won the John Bates Clark Award (given by the AEA every two years to the...

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