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 Extended Order, Government Gone Wild, Institutions, Unintended Consequences on May 7th, 2012
Can a good thing be turned into a bad thing. It appears that Americans are responding to the taxes, exhortations, health risks and other anti-smoking efforts and have actually been reducing their smoking at rates faster than experts initially calculated. So what’s the problem? Some of you are old enough to remember the tobacco boondoggle [...]
Posted in Extended Order, Methodology on Mar 20th, 2012
It required me to revisit the debates (actually, did they ever really have debates, or do we just debate their ideas today?) between the French Rationalist thinkers with the Scottish Evolutionary thinkers. The Scottish thinkers understood the value of tradition and urged us to be humble when it came to the following of rules, most [...]
Posted in Extended Order on Feb 20th, 2012
Frank Knight was one of the first economists to clearly describe the difference between risk and uncertainty. Risk is something for which the probability distribution is reasonably well understood ex-ante. For example, if you secure your daily bread by a coin flip, we can understand the likelihood that you will obtain a meal upon any [...]
Posted in Classical Liberalism, Extended Order, You Can't Have it Both Ways on Dec 21st, 2011
We might as well make this an ongoing series as well. Let’s stop and think about why some of the Occupy Wall Streeters are upset. They are upset that working hard and getting an education has not produced a “fair” return for them, and that some folks in society are getting an “unfair” return. Fine, [...]
Posted in Extended Order, Institutions, growth on Nov 28th, 2011
Today we begin a periodic series that will attempt to capture, via the numbers, exactly what has happened to the size and scope of government since the Great Society. People of all stripes have lovely narratives about “climates” of regulation or deregulation, point to increases or decreases in tax rates, point to the composition of [...]
Posted in Extended Order, Macroeconomics on Nov 25th, 2011
While my wife makes her way through the stores today to cash in one some deals we’d otherwise not take advantage of (for example, it’s a great day to get your new linens and bath towels – while everyone is fighting over the latest toy, these sorts of mundane household items are often on sale [...]
Posted in Extended Order on Oct 13th, 2011
Reflect for a moment on the wonders of the iPod, or really any digital audio device. On a single device, you can completely store and personalize all of your music, audio-book, podcast and other audio files. It can go virtually anywhere you go, whether you are hiking in the High Peaks or driving through the [...]
Posted in Competition, Extended Order, Voluntary Society, You Can't Have it Both Ways on Sep 9th, 2011
The beginning of every academic year brings me great joy. Not only do I get to meet lots of new interesting and bright people, but I have never failed to be introduced to a new way of thinking, a new idea, a new outlook on something I have seen in only one light for a [...]
Posted in Extended Order on Aug 26th, 2011
The average replacement cost of centralized nuclear and fossil-fuel powered power plants is about $1,500 per installed kilowatt. This might mean nothing to you, but consider this: a typical American household requires about 1 kilowatt to operate all of the electric implements in its house. Now consider this: how much money do you think it [...]
Posted in Extended Order, Regulation on Aug 21st, 2011
This is by no means meant to be relativist. Earlier this week we discussed some of the problems with the Fractivist movement – among them was the possibility of fracking fluids contaminating wells. I understand that this is a real (and controllable) problem. Do any of you recall the US government mandates to put oxygenates [...]
![[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)