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Sure, in the short run we might experience this 'chaotic' situation where air prices are high, airports would have to come up with different ways to control air traffic, etc. But this pays off in the long run, for it will lose the inefficiencies it had before when it was publicly ran. As Hayek implies in this video , the reason people do not
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[quote user="Andrew Cain"] Seriously how do you post videos? There use to be an icon for it. [/quote] Click here
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wow, i just finished watching the conference. It has to be one of the worst econ conferences of all time. And I love that Princeton disabled comments and ratings.
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i dont know if I like this... basically this whole 53% movement was started by Erick Erickson, a conservative that likes the whole idea of crony capitalism. The 99% people are right in that the current system is screwed up, but they are completely wrong if they think they can change the system through the demands they set up.
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Didnt Mises write a nice little book debunking this whole premise that: 'we have shitty stuff now compared to back then because of the market.'
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Here is a relevant Hayek post: http://mises.org/Community/forums/p/24869/423791.aspx#423791 Its only been a year or so since I started to show appreciation for Hayek, as you can tell from this post , I too was skeptical of Hayek. Damn, now that I think about it, I wonder where the Hayek supports are in this forum.
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Yeah, that is true, Hayek, especially in Prices and Production and the Pure Theory of Capital , used general equilibrium. Hayek's first econ teacher was von Wieser, who was very fond of Walrasian econ, as well as Mengerian. Probably the Austrian economist that was the most skeptic of these methods was Ludwig Lachmann. He stressed that looking at
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every person has their good and bad... nevertheless, he was always simply labeled as a guy that was dogmatic about market forces. The interview makes that fact quite clear in the first few minutes of the interview when the interviewer said that the British left basically thought of him as a person that wanted to 'grind the poor' or wanted the
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[quote user="claudius"] Sims is the best time series econometrician ever to come along. You are not qualified to have an opinion on this unless you can solve this problem set: http://sims.princeton.edu/yftp/Times09/Takehome.pdf [/quote] can you say: "logical fallacy?"