Uncertainty

1. Uncertainty and Acting

The uncertainty of the future is already implied in the very notion of action. That man acts and that the future is uncertain are by no means two independent matters. They are only two different modes of establishing one thing.

New Book by Bryan Caplan

This non-Austrian has just published a book seeking to elucidate why free voting so regularly emplaces harmful economic policies, or officeholders who favor them.

The book is reviewed by Sheldon Richman of the Foundation for Economic Education, whose Web site doesn’t include a blog. So I thought I’d announce the book on this blog (as I’ve been doing lately) and voice my own opinion on the matter, which I proclaim totally innocent of any wisdom I might have gained by reading Caplan’s book.

Technology plus economics plus marketing = business success

I’ve been completely captivated by this series of interviews in which Steve Jobs and Bill Gates are brought on a set together to talk about the history of our times as it concerns technology, and their particular contribution to it. These are two amazing techno-entrepreneurs. They are speaking of incredible technological advances, and their winsome talk of the old days is often hilarious. But never far from their techno-speak are two other critical factors: economic conditions and marketing.

Economic Lessons from the Amish

By being fairly self reliant, rather than maximizing the benefits of national and international divisions of labor, they choose to be less efficient and to perform activities that subtract from the time they can devote to what they do best. By shunning modern labor-saving devices and technologies — such as electricity, hay bailers, power equipment, and modern milking facilities — they choose to live with less of everything. Many fall within the modern definition of poverty. Nearly all use child labor. They would starve without it. Yes, they are fully employed but to what end?

What Crushed the Corn Laws?

The Anti-Corn Law League became the best-financed and most highly organized pressure group in Britain. It appealed to middle-class manufacturers, industrial workers, agricultural laborers, and tenant farmers. It hosted lectures, debates, conferences, meetings, and petition drives. It published thousands of pamphlets, books, and newsletters. And it endorsed candidates for election to Parliament. Among those elected was Richard Cobden. But what effect did the league have? And were its actions motivated by ideals or interests?

Big Government Adam Smith?

Since America seems to have entered an era of permanent political campaigning, what H.L. Mencken called politics’ “advance auction of stolen goods” never stops. Those trolling for more power extol liberty in their speeches, while redefining it into something different (e.g., Rudy Giuliani’s version in a 1994 speech: “Freedom is about authority.

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