Value and Exchange

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Liberty and Charity

Philosophy and MethodologyValue and Exchange

Blog08/02/2006

Those who wish to use government power to redistribute income in directions they choose (almost everyone, today) must abuse others' rights, because, as Thomas Jefferson put it, "To take from one...to spare to others...is to violate arbitrarily the first principle of association--the...

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How Government Budget Deficits Reduce Wages and Raise Profits

Calculation and KnowledgeMonetary TheoryProduction TheoryValue and Exchange

Blog07/24/2006

In recent years there have been growing complaints over slow growth in wages compared to profits. Those who make the complaints usually offer little in the way of explanation. Here is a part of the explanation: growing government budget deficits.

Government budget deficits are financed...

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Dreaming of a world without oil

InterventionismValue and Exchange

Blog07/07/2006

Sane, market-oriented, empirically sound policy:

Here is the idea: Propose an international treaty whose signatories would agree to eliminate gasoline from their transportation systems by a date certain...

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Interventions are always losers

Calculation and KnowledgeInterventionismPolitical TheoryValue and Exchange

Blog07/05/2006

One truism has never been successfully challenged: Government interventions lead to a less efficient, less well-ordered society.

In his important book, Basic Principles of Economic Value, Eugen von Böhm...

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The New York Times: It Just Can't Stop Hating Success and the American Way of Life

U.S. EconomyValue and Exchange

Blog06/24/2006
To combat climate change, we need to break our addiction to consuming oil, while developing countries need to break their addiction to selling it. We need a different lifestyle model . . . . —Thomas L....

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Not Feldstein's Gasoline Rationing Scheme but Economic Freedom Will Improve the Environment and Promote National Security

InterventionismValue and Exchange

Blog06/07/2006

A noted economist, Prof. Martin Feldstein of Harvard University, has written an article for the supposedly pro-free-enterprise Wall Street Journal, in which he proposes a system of government gasoline rationing as a means of improving the environment and promoting national security. (...

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Gasoline at 10 Cents a Gallon and Falling

Money and BanksValue and Exchange

Blog05/10/2006

Does gasoline at 10 cents a gallon and falling sound impossible in today's world? Well, if you think it's impossible, you're wrong.

Because that's where gasoline actually is, and it looks like it's going even lower.

Of course, it's not 10 cents a gallon in...

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Money in a Two-Person Society

Money and BanksValue and Exchange

Blog10/26/2005

I am always annoyed when money is referred to as a "store of value". Value is not a substance that can be stored; it is demonstrated in action.

As Mises writes, "Value is the importance that acting man attaches to...

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Indians, the Colonials, and Lockean Theory

U.S. HistoryPrivate PropertyValue and Exchange

Blog07/13/2005

While studying colonial period business practices and property rights issues, for a business & finance history class, I read Carl Watner's Libertarians and Indians: Proprietary Justice & Aboriginal Land Rights,...

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George Bernard Shaw on Calculation

Value and Exchange

Blog05/09/2005

My wife alerted me to this surprising passage from An Unsocial Socialist. Did Mises read Shaw? (This came out in 1883.) The whole opening of Chapter X is funny, but here's the best excerpt:

Trefusis...

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