National Industrial Conference Board American Affairs, Vol XII, no. 3, 1950

National Industrial Conference Board American Affairs, Vol XII, no. 4, 1950

National Industrial Conference Board American Affairs, Vol XII, no. 2, 1950

A famous Norwegian dramatist has said: a theory lasts for thirty years. If this is true, then the year 1966 would be not only the thirtieth year since the birth of Keynes’ General Theory of Employment, Interest and Money, but also the year of its death. It could then be shown that what is generally understood by “Keynesianism” does not involve a change in the evolutionary trend of economic doctrines, especially of monetary theories.

This is a concise critical history of the federal program of Old-Age, Survivors and Disability Insurance (OASDI), popularly known as Social Security. It focuses on a crucial but under-examined aspect of the program: how Social Security was marketed to the American public, the false consciousness which that marketing created, and how that false consciousness is a cause of the current political quagmire — and the likely meltdown of the program sometime in this century and its subsequent inability to pay full benefits on time to the retiring baby boomers.

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: