In theory, it is possible to adjust inflation measures to account for the many constant changes in prices resulting from changing demand, quality, and innovations. But it's essentially impossible to execute these adjustments accurately.
In theory, it is possible to adjust inflation measures to account for the many constant changes in prices resulting from changing demand, quality, and innovations. But it's essentially impossible to execute these adjustments accurately.
Can indifference be demonstrated in action?
Buyers and sellers in the free market do indeed act from self-interest, but Adam Smith never argued that this excludes friendly feelings for those they do business with.
Presenting "saving lives" as a more or less equal alternative to commerce and community is a misguided view of what the lockdown debate is really all about.
Buyers and sellers in the free market do indeed act from self-interest, but Adam Smith never argued that this excludes friendly feelings for those they do business with.
Presenting "saving lives" as a more or less equal alternative to commerce and community is a misguided view of what the lockdown debate is really all about.
We've reached the end of Human Action! Tom Woods joins the podcast to discuss Part Seven, "The Place of Economics in Society," and it's a show you don't want to miss.
It isn’t a good argument against Austrian economics that someone might come up with a science that made better predictions. You have to show us the science, so that it can be compared with praxeology. Suffice it to say that this hasn’t been done.
Human beings do not exist to be pawns in a game of lockdowns and collective action.
