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 dictum is either empty or nonsensical. The individual lives and acts within society. But society is nothing but the combination of individuals for cooperative effort. It exists nowhere else than […]
Tag Archives: Markets
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 recognise when present decisions can be improved upon, and to anticipate future changes in the decisions being made by others. Movements in prices, production methods, choices of outputs, and resource […]
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 I reviewed here. As Koppl writes: Big Players are privileged actors who disrupt markets. A Big Player has three defining characteristics. He is big in the sense that his actions […]
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 and flock home for the Chinese new year are being priced out the rail market and have to go by bus (the number of bus journeys is soaring). So, the […]
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 that the usual action of free markets is to increase quality and quantity, decrease price and improve service. And this in an enquiry on the cost of motor insurance… There […]
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 the ordinary person. Read more here.