Volume 1, Article 12 (2009)

Introduction

Subscription-based patrol and restitution (SPR) services of one type or another were suggested by Molinari (1849), Tannehill and Tannehill (1970), Rothbard (1970), and Friedman (1973).

On the Possibility of Assigning Probabilities to Singular Cases, or: Probability Is Subjective Too!

Mark R. Crovelli*

Introduction

Introduction

     In my recent article on these pages entitled “On the Possibility of Assigning Probabilities to Singular Cases: Or, Probability is Subjective Too!” (Crovelli 2009) I argued that members of the Austrian School of economics have adopted and defended a faulty definition of probability. I argued that the definition of probability necessarily depends upon the nature of the world in which we live.

Introduction

     The theory of probability one encounters in Chapter VI of Ludwig von Mises’s Human Action (1996 [1949]) is expressed in a manner that makes it difficult to both explain and critique. This is primarily due to the fact that Mises does not explicitly state a definition of probability in any easily recognizable way.

This scathing address delivered by Dr. Jordan at the Thirtieth Annual Meeting of the National Industrial Conference Board, 16 May 1946, one year after the end of World War II.

He writes:

Isaac M. Morehouse**

Chapter 29 of Capitalism and Commerce: Conceptual Foundations of Free Enterprise; “The Future”.

Volume 2, Article 35 (2010)

The question of what leads to or makes up a flourishing and happy human life has been debated throughout the entire history of political and moral philosophy and, more recently, in the social sciences such as economics1 and positive psychology.

Volume 3, Article 5 (2011)

In Atlas Shrugged (1957), Ayn Rand presents her original, brilliant, and controversial philosophy of Objectivism in dramatized form.2 More than a great novel, it expounds a radically new philosophy with amazing clarity.

      In the ninety-six years since its founding, the U.S. Federal Reserve (Fed) has never been so daring, aggressive, or ground-breaking in its policymaking as it has in response to the current financial crisis brought upon by the collapse of the U.S. housing market. The Fed has slashed the interest rates under its control to practically zero, provided funds more freely and lavishly than ever before to a greater range of financial institutions and players, in addition to expanding swap lines with other central banks in order to inject liquidity into U.S.