The Scarcity of Time

In the comments to this post on time preference, I pointed to a confusion in Ayn Rand’s use of the example of “an immortal, indestructible robot” to show that only “life” makes the concept of “value” possible. Her basic idea was that an immortal, indestructible robot “would not be able to have any values; it would have nothing to gain or to lose; It could not regard anything as for or against it, as serving or threatening its welfare, as fulfilling or frustrating its interests.

From Generation to Generation

I’m tired of two kinds of gloomy Guses: First, the Chicken Littles who claim the economic sky is falling on our heads. Secondly, the doomsayers who will not recognize the material abundance that’s produced by the cornucopia of America. A silly sub-cell of this ideological club repeats incessantly that the gap between rich and poor - the affluent and the empty-stomached flatulent is widening day by day. I considered this accusation last night as I watched an ad for a can opener. It’s a dandy. Attaches to the can magnetically, I suppose.

The Economics of Groundhog Day

DW MacKenzie writes that art may imitate life, there is one instance where life cannot imitate art. Because perfect competition is completely unreal we need other concepts that enable us to understand how the world really works. Fortunately, such concepts already exist in the writings of Ludwig von Mises and FA Hayek.