Via LearnLiberty.org: And also: Society is concerted action, cooperation. Society is the outcome of conscious and purposeful behaviour. … Individual man is born into a socially organized environment. In this sense alone we may accept the saying that society is–logically or historically–antecedent to the individual. In every other sense this […]
Read MorePost Tagged with: "Markets"
Via Learn Liberty, the price system + profit and loss
Part I, the price system: Part II, profit and loss: See also, Kirzner, How Markets Work: Disequilibrium, Entrepreneurship and Discovery (PDF), which is a wonderful rebellion against the over-simplification of neo-classical economics. For example: Austrian theory, as presented here, places great weight on ‘entrepreneurial discovery’ which enables decentralised decision-makers to […]
Read MoreBBC News – Stock markets rise on hopes of more US Fed stimulus
Via BBC News – Stock markets rise on hopes of more US Fed stimulus: Stock markets and gold prices have risen, while the dollar has fallen, as markets anticipate further stimulus measures by the US Federal Reserve. Compare to Roger Koppl’s Big Players and the Economic Theory of Expectations, which […]
Read MoreChina: Off the rails? | The Economist
The Economist reports China: Off the rails? Public support for high-speed trains is muted. The trains may reach 350km per hour but fares are proportionately eye-watering. That is all right for well-heeled travellers, happy to have an alternative to flying. But tens of millions of poor migrants who work far afield […]
Read MoreOn hampered markets and free
During the Transport Comittee today, one of the witnesses described the personal injury system as “the free market as it is today”. On closer questioning, it turned out that what passes for a market is hampered by heavy structural interventions and price controls imposed by the state. It occurred to me […]
Read MoreJames Tyler doodles pictures
Over at The Cobden Centre, my colleague James Tyler explores the FTSE All Share index priced in oz of gold, which, it turns out, tends to maintain its purchasing power over centuries: James is Chief Executive of Tyler Capital and a keen supporter of honest money in the interests of […]
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