The curious task of economics is to demonstrate to men how little they really know about what they imagine they can design. – F.A. Hayek
Posted in Behavior on May 6th, 2009
… echoes exactly what I fear about our governmental “leaders”: Gladwell’s diagnosis is simple: massive amounts of overconfidence, as revealed by its two most common symptoms, miscalibration and the illusion of control. Both of which can be seen in spades in the person of Jimmy Cayne, whose interviews with William Cohan for House of Cards [...]
Posted in Price System on May 6th, 2009
A student forwarded me this economics joke: There is a small town infested with squirrels. There are so many squirrels that the townspeople hire 3 of its most highly educated people to solve the problem. They hire an engineer, an English professor, and an economist. The engineer starts of by drawing a blueprint of the [...]
Posted in Classical Liberalism on May 5th, 2009
To let my readers know just how large the windmills are that I am tilting at, these come from a student paper on the role of government in the financial sector throughout history: Laissez-faire is the basis for many economy philosophies I’d like to see the MANY that are based on laissez-faire. Any takers? This [...]
Posted in Price System on May 4th, 2009
In thinking about the difference between what economists refer to as “normal” and “inferior” goods, one may be inclined to think there is a clear dichotomy between the two. Generally speaking, a good would be classified as normal when you consume more of it when your income increases. Conversely a good would be considered to [...]
Posted in Government Gone Wild on May 2nd, 2009
Thanks to Stephen Huber for the Pointer. Here.
Posted in You Can't Have it Both Ways on May 1st, 2009
Apparently the world’s poor suffer when there is rapid economic growth. A system like the economic growth model we know today creates trillions of dollars of super profits for corporations while condemning billions of people to poverty. Poverty is not, as Sachs suggests, an initial state of human progress from which to escape. It is [...]
![[Most Recent Quotes from www.kitco.com]](http://www.kitconet.com/charts/metals/gold/t24_au_en_usoz_2.gif)
![[Most Recent Quotes from www.kitco.com]](http://www.kitconet.com/charts/metals/silver/t24_ag_en_usoz_2.gif)