As I prepared an article on how banks generate illusory profits and artificial levels of capital by gaming the rules, I rediscovered this limerick in Gordon Kerr’s related paper, The Law of Opposites: There was a young man from Darjeeling Who got on a bus marked “To Ealing” The sign […]
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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 […]
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