"Thinking
is the source not of truth but of meaning. It flirts with doubt,
perplexity and wonder, and because of this it is the permanent enemy not
just of ideological dogmatism but of all forms of intellectual
complacency and elitism." -- Finn Bowring
Britain
is home to up to 35,000 "Islamist fanatics," more than any other
country in Europe, according to European Union's counter-terrorism
coordinator, Gilles de Kerchove.
CNBC
reports that the burger chain Shake Shack is planning to an experiment
in New York which will not have a traditional cashier’s counter.
Instead, “guests will use digital kiosks or their mobile phones to place
[and pay for] orders.” Their order will be processed immediately to the
kitchen and the guest will receive a text message when their food is
ready. Then this line in the reporting article: "Adopting
this payment policy in Astor Place will give the company a chance to
work out the kinks before it rolls out a $15 minimum wage in these
locations."
'And,
at least in the 1940s, everyone knew that “the economic problem” was
defined by Lionel Robbins as the allocation of scarce resources among
alternative ends. Scarcity, the inability to meet all demands, implies
that choices must be made, from which it seems to follow directly that a
criterion for “better” and “worse” choices is required. This criterion
emerges as some common denominator that allows the differing demands to
be translated into a single dimension, which we [economists] then label
as “utility” or “value.”'
This
is Buchanan redefining the basic idea behind economic: The allocation
of scarce resources. The concept of scarcity is a difficult one for the
Left.
The
Spanish government’s “proportionate use of force” in Catalonia was
necessary to uphold the rule of law, the European Commission declared on
Wednesday. "Proportionate use of force." !!!! Governments always think
the gun is comparable to the ballot.
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Who is....Richard Thaler?
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This is an insightful observation by Buchanan on Marx: "We must, I think, appreciate the rhetorical genius of Marx in his ability to convert arguments advanced in support of market organisation into what could be made to appear to be support for a particular distributional class, the capitalists. By clever substitution of emotion-laden terminology, the market system became ‘capitalism’, and the search of every persons for his own advantage became the profit-seeking of the greedy capitalists."
This cleverly generally personalized the impersonal market force of individuals.
The steel company at the time of Venezuelan nationalization was producing 4.5 million tons of steel with 5,000 workers. It now has 22,000 workers but it's producing something like 200,000 tons of steel. So they ran those companies to the ground. Aluminum is almost not done any more, when Venezuela was producing about a million tons of aluminum when nationalized.
And, in a similar brain defect, N.Y. Bill de Blasio speaking of the difficulties of his job--now, keep in mind, this is an educated Western leader--"...what's been hardest is the way our legal system is structured to favor private property. I think people all over this city, of every background, would like to have the city government be able to determine which building goes where, how high it will be, who gets to live in it, what the rent will be. I think there's a socialistic impulse, which I hear every day, in every kind of community, that they would like things to be planned in accordance to their needs. And I would, too. Unfortunately, what stands in the way of that is hundreds of years of history that have elevated property rights and wealth to the point that that's the reality that calls the tune on a lot of development."
de BLasio is no real threat to us. His is less a political statement than a fashion statement. One of the nation's great advantages is that most U.S. citizens know--indeed rely on the fact--the bloviating politician is more than inept, he is insincere. But what would happen if we had the bad luck to run into a well motivated, sincere guy like this one, memorialized on an Irish postage stamp? An Irish stamp!!
(Artist
Jim Fitzpatrick who has created an Irish postage stamp using the poster
of Che Guevara he created in 1968 entitled 'Viva Che!' based on a
photograph by Alberto Korda poses for a picture at his studio in Dublin,
Ireland October 11, 2017. REUTERS/Clodagh Kilcoyne)
The
unjust discrimination, the denial of opportunity, the suppression, and
the cruelty of apartheid and of Jim Crow were not the results of market
forces; they were the results of government suppression of market forces.
Golden oldie:
http://steeleydock.blogspot.com/2013/07/the-filter-of-memory-and-motive.html
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steeleydock.blogspot.com
Suspicion and conspiracy have become a way of life. Today is the
anniversary of the crash of TWA Flight 800 which, July 17, 1996, blew up
over the Atlantic.
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And Sumner on Thaler: "I had thought that the point of
behavioral finance was to try to identify areas where the publics'
intuition is in some sense "wrong" and design public policies to nudge
them in the right direction. In that case, shouldn't we be encouraging
price gouging, not discouraging it? Especially with public policy.
Perhaps President Trump could "name and shame" companies that run out of
essential supplies because of an unwillingness to price gouging. (Yes,
not likely, I'm just trying to show the logical implications of
behavioral economics.)"
The Cato Institute, the Fraser Institute, and more than 70 think tanks around the world have published the latest edition of Economic Freedom of the World. Canada and the United States are tied for number 11!
The point of democracy is not to discover and implement the
so-called “will of the people,” for no such thing exists (as proven,
among others, by Kenneth Arrow – who was no libertarian or classical
liberal). Instead, the point of democracy is to give each individual a say in making collective decisions.--Bordeaux
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thinkmarkets.wordpress.com
by
Mario Rizzo Richard Thaler has won the Nobel Prize for initiating the
behavioral moment in economics. My view of the Nobel Prize in economics
is much like Time magazine’s view of its “Person of …
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And Henderson comments: Mr.
Thaler has yet to apply in a serious way his theory of irrationality to
government officials. Their bad decisions are even worse because
citizens bear most of the costs. It would be great if Mr. Thaler
explored this area more. Someone should nudge him.
Vernon Smith on Adam Smith:
Smith saw society as seeking human socio-economic betterment through
the control of actions that our common experience leads us to judge as
hurtful rather than through collective actions designed to achieve
future conjectured benefits. The latter is uncertain and fraught with
unintended consequences; moreover, history is littered with examples of
grandiose failures. The former relies on natural impulses for
individuals and assemblies to pursue betterment, risking only their own
resources; this framework led him to oppose slavery, colonialism,
empire, mercantilism, and taxation without representation at a time when
such views were unpopular.
His policy views derive from his belief that every person’s socio-economic achievements should depend as much as possible on merit and as little as possible on privilege.
I still can't get over the Irish having a Guevara stamp.
His policy views derive from his belief that every person’s socio-economic achievements should depend as much as possible on merit and as little as possible on privilege.
I still can't get over the Irish having a Guevara stamp.
AAAAAAaaaaaaaaannnnnddddd.....a graph:
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