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Time Preference and the Austrian Critique of Marxist Analysis [quote] Let’s start with time preference. First, Hoppe’s commits the fatal error of ignoring context. As I pointed out in my previous article, the greatest failure of any libertarian philosophy surrounding socio-economic action is that it divorces action from the material conditions
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It's my understanding that CPI measures (not inflation) the price changes associated with a "basket of goods" that consumers typically buy. Maybe this means that TPTB will change what goods are in the basket more regularly? That's the gist of what I'm getting from this video "explaining it": http://yourmoney.blogs.cnn
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Well, at least you're not being that old guy... But, yeah. That was sarcasm. There are problems with "inflation" measurement, but they do not include "overstatement".
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[quote] ... the government is overstating inflation. [/quote] QFT. That is the problem exactly. Dear goodness. Inflation is not three percent... let's be realistic. Someone's exagerrating those numbers.
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Big commitment- I am interested!
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[quote user="Bert"] You think you can trick me? Didn't work (obvious post, and to double check I searched the link). I'll still be spared. [/quote] This calls for drastic measures! If I'm going, I'm taking someone with me. First, I have to figure out if I'm going. Decisions, decisions...
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[quote user="Bert"]I'll be spared in Armageddon.[/quote] Are you sure?
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I don't even. From Principles of Economics by Mankiw: [quote] If you ask the typical person why inflation is bad, he will tell you that the answer is obvious: Inflation robs him of the purchasing power of his hard-earned dollars. When prices rise, each dollar of income buys fewer goods and services. Thus, it might seem that inflation directly lowers
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[quote user="SkepticalMetal"] Perhaps we should ban cars because you can kill a lot of pedestrians with them with a single forward movement of the foot. Somebody should make a comedy show called "Liberal Logic." [/quote] Yes. Next should be beds . No- floors! We should ban floors! There oughta be a law!
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Hayek was friends with Keynes. Very early in his academic career, Hayek saw Keynes as an intellectual role model. Then Hayek attended Mises' lectures in New York and changed his perspective (socialist to capitalist- although, some have argued that Hayek was really a Social Democrat ). Anyway, Hayek has said in interviews that he never considered