MicroGroks
Economics is all about the study of scarcity and tradeoffs of which there are many. We know this because prices for different products are all different. Just because someone wants something doesn’t mean that it HAS to be available to them at their desired price point.
Capitalism cannot just be summed up as voluntary acts of transaction in which both sides believe they have received the greater value.
President Trump secured the Republican Party Nomination for President last night. And in classic Trumpian style, before he said a word, he spun the left up like he always does. As the crowd chants four more years, he says, “If you really want to make them crazy, say 12 more years.”
The person who employs his stock in maintaining labour, necessarily wishes to employ it in such a manner as to produce as great a quantity of work as possible. He endeavours, therefore, both to make among his workmen the most proper distribution of employment, and to furnish them with the best machines which he can …
Emphasis mine: Industrial policy is the replacement of price-guided resource-allocation patterns with commands issued by politicians and their hirelings. But as Hayek points out, it is impossible for politicians and their hirelings to possess any of the “knowledge of the particular circumstances of time and place” that must be known if the resulting use of …
As noted last night, America is not alone in our trade war with China. Everyone that trades with the Chinese could do better. And as of this morning, China is ready to talk to Donald Trump. Their currency and markets are collapsing.
This is getting to be as good as TreeHugger in finding out what Progressives really think and how (to use that Hillary word) “bossy” they can be.
Do you have a right to commerce? If you did, what would that mean? You must sell this or that? You must buy this or that? You need to accept credit cards or checks? How about, you need to take cash?
What causing political change? In America today the political landscape is shifting. That is the natural result of polarization. The underlying truth is that over the last few decades a billion people worldwide have lifted themselves out of poverty. This happened because capitalism was deployed with globalization of markets. The greatest benefits accrued in China …
At the heart of economics is a scientific mystery: How is it that the pricing system accomplishes the world’s work without anyone being in charge? Like language, no one invented it. None of us could have invented it, and its operation depends in no way on anyone’s comprehension or understanding of it. Somehow, it is …
