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Links 1 through 10 of 30 by Michael Duff tagged mises

One of the students made the excellent observation that not a single one of the other guideposts was a testable prediction. He was right! For example, how could someone test the claim that, “People respond to incentives”? I could say to a person, “I’ll give you $20 if you cut off your big toe.” Regardless of what happens, my claim is safe and secure. If the person doesn’t cut off his big toe, it just shows that I didn’t offer him a big enough incentive.

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Whatever else one may think of him, Krugman always offers a snappy argument for his views, backed up by an appeal to a formal model. My main goal in this section of the course is to equip students to "think like Krugman." For example, he has a ready response for critics who object, "So why don't we just run trillion-dollar deficits forever, if they're so good?" or who ask, "Why didn't your advice work in Zimbabwe?" Naturally, I don't agree with Krugman's worldview, but the point is that he has a fairly consistent, complex theoretical structure. Ultimately, it takes more than one-sentence zingers to give his views the thorough refutation that they deserve.

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Expansion of fiat money makes it appear to all market participants, including financial regulators, that there are more resources available than really exist. Thusly, all participants, including governments, embark on programs that cannot be completed; there just are not enough resources in the economy.

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This video serves as a great intro to Libertarianism 101. It won't convince anyone who's already committed to the other side, but it does a nice job of laying out the problems and touching on the fundamental assumptions that have led us into this crisis.

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Highly recommend the video of Tom Woods explaining the premise of the book here. It's a great mini-intro to the libertarian point of view.

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Great intro to economics, from an Austrian perspective. Murphy was actually criticized for being a bit "too" mainstream here.

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The market economy makes peaceful cooperation among people possible in spite of the fact that they disagree with regard to their value judgments. In the plans of the socialists there is no room left for dissenting views. Their principle is Gleichschaltung, perfect uniformity enforced by the police. -- Mises

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"Using Beam's logic, we could just as well "prove" that there should be a Federal English Board, where a team of experts appointed by the president of the United States (perhaps in conjunction with the British Prime Minister) regulates the content of English-language dictionaries. After all — continuing with Beam's logic — you couldn't have anarchy in the dictionary industry, otherwise some publishers would define up as down and left as right. Nobody would know what any words meant without a government-sponsored cartel of dictionary publishers."

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Sustainable growth is growth consistent with consumer/producer tastes and preferences and resource availability. Investment is financed by credit made available from previous saving. Unsustainable growth is the consequence of money and credit growth in excess of voluntary savings.

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The elementary flaw in Krugman's objection is that he is ignoring the time structure of production. When workers get laid off in the industries that produce investment goods, they can't simply switch over to cranking out TVs and steak dinners. This is because the production of TVs and steak dinners relies on capital goods that must have already been produced.

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