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17 October 2009
Human Action Comics #4: Capital Theory
On Picassa and Facebook . Read More...
13 October 2009
Human Action Comics #3: Marginal Theory of Value
On Picassa . On Facebook . Read More...
12 October 2009
Human Action Comics #2: Subjective Theory of Value
Check it out ; Karl Marx makes a cameo. Read More...
11 October 2009
Human Action Comics #1: The Basics
Introducing... Issue #1 covers the basics. Read More...
18 September 2009
On Socialism
Socialism inevitably leads to destitution and famine in direct proportion to the thoroughness with which it is applied. This has been shown to be true historically, with or without Marxist ideology or 20th century totalitarianism. It has starved 17th century colonists in Virginia and Plymouth just as... Read More...
15 August 2009
Action, Goals, and Goods
(This post is an attempt to formulate praxeological fundamentals according to how they make sense to me.) An action is an embarkation of a behavior for the achievement of a goal 1 which executes a deliberate choice 2 among potential behaviors. A goal is a possible future situation that is perceived as... Read More...
17 July 2009
Menger on Qualitatively Different Goods
This post is part of a series exploring Principles of Economics by Carl Menger. The following explores content from chapter 3 . Previously in this series: A Mengerian Solution to the Diamond-Water Paradox In section C of the chapter on value in Principles, Menger shifts from questions of quantity to... Read More...
14 July 2009
The Second Coming of Keynes
Paul Krugman wants to be our savior. Moreover, he wants to be a specific kind of savior: a magus of the scientific age, a blackboard prophet. The roots of this curious ambition can be seen in his recent profile in Newsweek : Krugman says he found himself in the science fiction of Isaac Asimov, especially... Read More...
12 July 2009
A Mengerian Solution to the Diamond-Water Paradox
This post is part of a series exploring Principles of Economics by Carl Menger. The following explores content from chapter 3 . Previously in this series: Menger on Multi-Purpose Homogenous Goods Let us say two men want to make a trade. One man offers water, the other diamonds. The water seller has a... Read More...
02 July 2009
Menger on Multi-Purpose Homogenous Goods
This post is part of a series exploring Principles of Economics by Carl Menger. The following explores content from chapter 3 . Previously in this series: Menger's Value Scale . In Section 2, Part B of his chapter on value, Menger discusses "the dependence of separate satisfactions on particular... Read More...
27 June 2009
The ABCT Shadowed Forth
Ludwig von Mises is credited with first formulating the Austrian Theory of the Business Cycle. But in the following much earlier passage by Eugen von Bohm-Bawerk (who was a great influence on Mises) one can see the theory shadowed forth. Bohm-Bawerk considers below what would happen if, for some reason... Read More...
27 June 2009
Menger's Value Scale
This post is part of a series exploring Principles of Economics by Carl Menger. The following explores content from chapter 3 . Previously in this series: Mengerian Marginalism A chief insight of Menger's value theory is the recognition that, it is not enough to simply ask the question, "which... Read More...
24 June 2009
Krugman's Rearguard Apologists
As most readers will know, a collection of damning quotes has surfaced recently, exposing Paul Krugman, the doyen of the economic left, as having been completely backward on the most material economic event in our generation: the housing bubble. My recent article on the subject, Krugman's Intellectual... Read More...
19 June 2009
My Take on the ABCT: Objections Considered
Referring to the ideas presented in My Take on the ABCT (Simple Version) and My Take on the ABCT (Complex Version) , a Mises Forum member wrote... Wrong. What you're describing is a credit cycle. It implies that all the government needs to do is to keep interest rates low. During a boom/bust cycle... Read More...
19 June 2009
My Take on the ABCT (Complex Version)
Business Cycle Stages 1. Money Supply Increase causes a general 2. (a) Credit Supply Increase and an ongoing (b) Purchasing Power of Money Decrease. 2(a) causes a general 3. Interest Rate Decrease , w hich causes a general 4. (a) Longer Term Investment Increase , and, aided by 2(b), a (b) Sharp Demand... Read More...
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