Economic Theory
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Nirvana and the Theory of the Firm
“Over and over, people, including many economists, have misunderstood issues such as these when evaluating real world firms through the combination of simplifying assumptions that make real issues disappear and a failure to apply the self-interest test.” ~ Gary M. Galles
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How Hayek Can Transform Our Ingratitude into Gratitude
“Understanding Hayek transforms our thinking into a rich appreciation of how individuals cooperate and bring forth the miracles of the modern economy. With the opening of eyes long closed, our ingratitude becomes gratitude.” ~ Barry Brownstein
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Mises’s Regression Theorem, Bitcoin, and Subjective Value Theory
“If value is subjective, and if a medium of exchange is a good like any other, then how can we say that a good could not first be valued by some person somewhere as a medium of exchange rather than for some other purpose beforehand?” ~ Emile Phaneuf III
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All Value Is Subjective, and That’s a Good Thing
“If anything had intrinsic value, we could only either exchange it for a price precisely matching that value, with neither of us becoming better off, or exchange it for a price different from its ‘true’ value, with one person ending up worse off because of the exchange.” ~ James E. Hanley
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An Open Letter to Phil Magness, by Don Boudreaux
“The future of economic analysis would be brighter if economists today were more knowledgeable about its past – and thought as deeply as did earlier scholars such as Buchanan, Stigler, and Dewey about the nature of competition and the complexities of real-world markets.” ~ Donald J. Boudreaux
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Liberalism Then and Now
“A puzzle remains, namely, what has transformed liberalism from the staunch preserver of liberty, with John Stuart Mill being its most celebrated spokesman, to ‘St. George,’ the righteous zealot, who vows to slay all human sufferings?” ~ Habi Zhang
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Review of Ola Innset, Reinventing Liberalism
“Reinventing Liberalism is alternately fascinating and frustrating. At the end of the day, however, Innset has given us a serviceable introduction to neoliberalism and a novel interpretation of its program, and those by themselves make the book worth considering.” ~ Art Carden
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Critical Economic Theory
“Critical Economic Theory can provide the knowledge and critical thinking skills necessary to stimulate real public policy debates instead of whatever lunacies currently take place on social media outlets.” ~ Robert E. Wright
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Rich Man, Poor Man: Comparing the Value of a Dollar to Each
“As is so often true in economics, being attuned to more than what is immediately obvious yields insights very different from those that arise from looking only at what is immediately obvious.” ~ Donald J. Boudreaux
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No, Economists Do Not Assume Perfect Knowledge
“The perfect knowledge assumption humbles economists. Gone is the notion that we economists are the enlightened philosopher kings of the social sciences and that the rest of the naves need only listen to our sagely wisdom. Instead, we are, as Boettke, Coyne, and Leeson argue, students of society, not saviors of society. Our job is…
-
•
Nirvana and the Theory of the Firm
“Over and over, people, including many economists, have misunderstood issues such as these when evaluating real world firms through the combination of simplifying assumptions that make real issues disappear and a failure to apply the self-interest test.” ~ Gary M. Galles
-
•
How Hayek Can Transform Our Ingratitude into Gratitude
“Understanding Hayek transforms our thinking into a rich appreciation of how individuals cooperate and bring forth the miracles of the modern economy. With the opening of eyes long closed, our ingratitude becomes gratitude.” ~ Barry Brownstein
-
•
Mises’s Regression Theorem, Bitcoin, and Subjective Value Theory
“If value is subjective, and if a medium of exchange is a good like any other, then how can we say that a good could not first be valued by some person somewhere as a medium of exchange rather than for some other purpose beforehand?” ~ Emile Phaneuf III
-
•
All Value Is Subjective, and That’s a Good Thing
“If anything had intrinsic value, we could only either exchange it for a price precisely matching that value, with neither of us becoming better off, or exchange it for a price different from its ‘true’ value, with one person ending up worse off because of the exchange.” ~ James E. Hanley
-
•
An Open Letter to Phil Magness, by Don Boudreaux
“The future of economic analysis would be brighter if economists today were more knowledgeable about its past – and thought as deeply as did earlier scholars such as Buchanan, Stigler, and Dewey about the nature of competition and the complexities of real-world markets.” ~ Donald J. Boudreaux
-
•
Liberalism Then and Now
“A puzzle remains, namely, what has transformed liberalism from the staunch preserver of liberty, with John Stuart Mill being its most celebrated spokesman, to ‘St. George,’ the righteous zealot, who vows to slay all human sufferings?” ~ Habi Zhang
-
•
Review of Ola Innset, Reinventing Liberalism
“Reinventing Liberalism is alternately fascinating and frustrating. At the end of the day, however, Innset has given us a serviceable introduction to neoliberalism and a novel interpretation of its program, and those by themselves make the book worth considering.” ~ Art Carden
-
•
Critical Economic Theory
“Critical Economic Theory can provide the knowledge and critical thinking skills necessary to stimulate real public policy debates instead of whatever lunacies currently take place on social media outlets.” ~ Robert E. Wright
-
•
Rich Man, Poor Man: Comparing the Value of a Dollar to Each
“As is so often true in economics, being attuned to more than what is immediately obvious yields insights very different from those that arise from looking only at what is immediately obvious.” ~ Donald J. Boudreaux
-
•
No, Economists Do Not Assume Perfect Knowledge
“The perfect knowledge assumption humbles economists. Gone is the notion that we economists are the enlightened philosopher kings of the social sciences and that the rest of the naves need only listen to our sagely wisdom. Instead, we are, as Boettke, Coyne, and Leeson argue, students of society, not saviors of society. Our job is…