Posts filed under “Philosophy”
Nice piece I came across in Library of Economics and Liberty.
There is not a lot to disagree with these. My one caveat about all such rules is that are a rough framework for conceptualizing the world, and are neither gospel nor a mantra. Reality does tend to intrude from time to time, making these sorts of sweeping statements much less tidy.
Regardless, I thought this a good list:
Ten Pillars of Economic Wisdom
1. TANSTAAFL: There ain’t no such thing as a free lunch.
2. Incentives matter; incentives affect behavior.
3. Economic thinking is thinking on the margin.
4. The only way to create wealth is to move resources from a lower-valued to a higher-valued use. Corollary: Both sides gain from exchange.
5. Information is valuable and costly, and most information that’s valuable is inherently decentralized.
6. Every action has unintended consequences; you can never do only one thing.
7. The value of a good or a service is subjective.
8. Creating jobs is not the same as creating wealth.
9. The only way to increase a nation’s real income is to increase its real output.
10. Competition is a hardy weed, not a delicate flower.
from David R. Henderson, The Joy of Freedom: An Economist’s Odyssey
Paul Kasriel will be retiring from The Northern Trust Company on April 30. In the last month of his tenure, he plans to share some of his parting thoughts on economics. He begins with this humdinger: “Now, on to Mary Matalin. I saw her on one of the cable news shows on Wednesday defending Republican…Read More
No one seems to remember the second part of Occam’s razor as rumored1 to be stated by Albert Einstein: “Everything should be made as simple as possible, but not simpler.” That is an issue I am encountering quite frequently these days. We see it in discussions about markets, politics, sports, economics, indeed, just about any…Read More
“What will fill the vacuum formerly occupied by religion?” The most thoughtful, as well as the most memorable wedding gift my spouse and I received in 1993, the year of my first (and only) marriage, was neither the most expensive, nor an object. Rather it was a “Brunch” – that uniquely American invention deplored by…Read More
This post was originally published at The Financial Philosopher, by Kent Thune. “I do nothing but go about persuading you all, old and young alike, not to take thought for your persons or your properties, but and chiefly to care about the greatest improvement of the soul. I tell you that virtue is not given…Read More
Why has the economic crisis deepened America’s conservative drift? The trend towards the hard right is most pronounced in the least well off, least educated, most blue collar, most economically hard-hit states. Why? It is a fascinating glimpse into the Human (or is it American?) Psyche — and I am very curious about it: >…Read More
Max Blumenthal’s latest takes us on a shocking and at times bizarre tour of right-wing Pastor John Hagee’s annual Washington-Israel Summit, blowing the cover off the Christian Zionist movement in the process. Starring Joe Lieberman, Tom DeLay, Pastor John Hagee, Ambassador Dore Gold and a host of rapture-ready evangelicals praying for Armaggedon.
“The reason capitalism has triumphed in the West and sputtered in the rest of the world is because most of the assets in Western nations have been integrated into one formal representational system . . . By transforming people with real property interests into accountable individuals, formal property created individuals from masses. People no longer…Read More