The Social Function of Call and Put Options
Despite their intimidating complexity, put and call options are examples of the financial market’s growing ability to shield itself from unnecessary risk. As such, options allow producers and consumers to lengthen the time horizons of their plans and permit a better utilization of resources. By providing a standardized yet flexible method of reconfiguring financial exposure, they allow people in real markets to approach the theoretical ideal more closely.Mises as Modern Art
Warholizer.
All Colonization Should Be Private
Any money spent by the government for the colonization of the moon, or space, is a misallocation of funds, writes Curren Kemp. Colonization of the moon needs to be done by private investors, and Locke’s principles needs to be applied. The same is true of other places that have previously been considered inhospitable, such as Antartica. Antarctica is not a park; the continent is as big as the United States and Mexico combined. Tectonic history indicates potential vast reserves of mineral resources that can be used to physically advance mankind.
True Patriots Must Have Clogged Noses
It begins with a runny nose, always in early December when the weather gets colder and nature emits strange particles. I’m speaking of the eternal menace of the winter cold, which, experience suggests, can be prevented from turning to flu or other yucky infections by keeping symptoms at bay.
Why I’m a Libertarian — or, Why Libertarianism is Beautiful
In a recent email, Walter Block wrote, responding some pessimistic comments I had about our libertarian movement:
“Dear Stephan: I never feel like dropping out. Never. No matter what. To me, libertarianism is a most beautiful thing, right up there with Mozart and Bach. Illegitimi non carborundum.
I replied with some comments, and Walter encouraged me to post them, so here they are, lightly edited:
Pass it on to the People
The ball game is a bore, so I switch to C-Span. There’s a bunch of serious guys sitting behind a long, curved desk. I recognize one of them — it’s Arlen Spector. He faces another bunch of guys and gals who are chatting, minutely inspecting the wood paneling of the room, fiddling with their ties. One of the guys is talking — reciting is more accurate — to the bunch of guys behind the massive curved desk. Oh, I see — it’s some kind of congressional hearing. The reciter is a lawyer for the NFL and he’s talking abut the new NFL network.
Those Wicked Chain Stores -- Not So Wicked After All?
I rather like this article from The Atlantic, arguing that the typical arguments against chain stores are misplaced. Among other things, it cites a planning consultant who finds that the aesthetes all hate Pottery Barn because it’s a chain and therefore dehumanizing, but that if you show them pictures of a Pottery Barn with a different name on it they all love it.
The Curse of the Skyscraper
This piece from Bloomberg, which quotes me from here on the skyscraper as business cycle indicator, was reprinted in many outlets overnight, including the International Herald Tribune.
Milking the Federal Cash Cow
The most-recent installment of the Washington Post’s “Harvesting Cash” series on the Farm Program appeared on the front page this Sunday, December 10, and it will curdle your milk.
