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  • Re: "Essential Aspects of Austrian Economics" or "Neodoxy's Low Content Economics Thread"

    "What would his rebuttal to the argument that he is wrong on the grounds that market interaction is just the outcome of the individual behaviors of many people?" I explained Hayek's reasoning in this Mises Daily article of last November: http://mises.org/daily/6248/Hayek-and-Praxeology In the article it explains in more detail Hayek's
    Posted to Economics Questions (Forum) by Adam Knott on Thu, Apr 18 2013
  • Re: "Essential Aspects of Austrian Economics" or "Neodoxy's Low Content Economics Thread"

    "If what you're saying is true, then isn't Hayek's attempt at constructing this exactness effectively useless since it can't actually be applied to the market economy?" No, because an individual could apply a set of exact laws to his own "individual action" such as: "If I walk toward a location (action A ) I
    Posted to Economics Questions (Forum) by Adam Knott on Thu, Apr 18 2013
  • Re: "Essential Aspects of Austrian Economics" or "Neodoxy's Low Content Economics Thread"

    Here are some as listed by Peter Klein: "In short, the core concepts of contemporary Austrian economics – human action, means and ends, subjective value, marginal analysis, methodological individualism, the time structure of production, and so on – along with the Austrian theory of value and price, which forms the heart of Austrian
    Posted to Economics Questions (Forum) by Adam Knott on Thu, Apr 18 2013
  • Re: What Bitcoin is

    Hayek writing in "The Facts of the Social Sciences": [the objects of the social sciences] can be defined only by indicating relations between three terms: a purpose, somebody who holds that purpose, and an object which that person thinks to be a suitable means for that purpose. If we wish, we could say that all these objects are defined not
    Posted to General (Forum) by Adam Knott on Wed, Apr 17 2013
  • Re: Bitcoin on Mises Daily. Et tu?

    Here are two paragraphs explaining the original intent of Bitcoin: Bitcoin: A Peer-to-Peer Electronic Cash System - Satoshi Nakamoto - http://bitcoin.org/bitcoin.pdf 1. Introduction Commerce on the Internet has come to rely almost exclusively on financial institutions serving as trusted third parties to process electronic payments. While the system
    Posted to Economics Questions (Forum) by Adam Knott on Wed, Apr 10 2013
  • Re: Bitcoin and the theory of money in the tradition of Carl Menger

    I believe this short article will help to further an understanding of Bitcoin. I've rewritten and reworked this from a previous post: Bitcoin, Commerce, and Contracts There has been a lot of discussion and debate about Bitcoin recently, but relatively little discussion about the merits of Bitcoin as a payment system. A better understanding of Bitcoin
    Posted to Economics Questions (Forum) by Adam Knott on Wed, Apr 10 2013
  • Re: What Bitcoin is

    Pasted below are the introductory paragraphs written by Satoshi Nakamoto explaining the intent of the Bitcoin payment system. I've bolded the phrases that refer to "trust" and "nonreversibility." In his opening paragraphs, Nakamoto refers to "trust' six times and to "reversibility" four times. As is clear,
    Posted to General (Forum) by Adam Knott on Tue, Apr 9 2013
  • 2012 Bitcoin Article by Erik Voorhees

    Friday, April 13, 2012 Bitcoin - The Libertarian Introduction ***Originally published in Freedom's Phoenix Magazine - April 13, 2012*** Republish, copy, and distribute at will. Bitcoin - The Libertarian Introduction What it is, how it's used, and why you should care. Erik Voorhees - April 11, 2012 "When a state currency is challenged, the
    Posted to Economics Questions (Forum) by Adam Knott on Mon, Apr 1 2013
  • Re: Bitcoin drops 23% in one day.

    "....BTC does not have direct backing of government force.....people want BTC in order to escape fiat paper without the storage, seizure, theft, transport and transaction risks associated with cash or gold." Of course these are excellent qualities from a libertarian point of view. Other qualities include: From the point of view of the merchant
    Posted to Current Events (Forum) by Adam Knott on Tue, Mar 12 2013
  • Re: Some Fundamentals of Human Action and Praxeology

    One of the very few people currently interested in extending Mises's system beyond market phenomena is Konrad Graf. In a recent post, Graf asks: What if praxeology (deductive action theory in the tradition of Ludwig von Mises) is conceived as something much larger than merely the backstop for Austrian economics or a sort of pre-Austrian-economics
    Posted to Economics Questions (Forum) by Adam Knott on Mon, Feb 25 2013
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