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Monthly Archives: November 2009
Giving Thanks
I’m thankful for a planet rich in natural resources, the industrious and creative human race which inhabits it, and the unique combination of property rights and legal protections that allow people to reach their full productive potential. Everything else that I’m thankful for could not exist without those things.
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Mind the Gap
Paul Graham’s essay from way back when (2004) addresses the foundations of wealth and material prosperity. Nothing earth shattering, but a well written piece that shows why income inequality is not a priori wrong. I highly recommend reading the entire essay. Some of the major points Graham makes are:
People make wealth through creation
Wealth ≠ money
Only since [...]
What is Money?
Money is the good that facilitates trade. If I want something from you, I have to offer you something that you’ll take in exchange. I offer you cash because you know you can offer that cash to someone else. I offer your company my credit card and your company accepts it because the credit card [...]
Did the Austrians see it Coming?
Robert Murphy is an Austrian economist and the author of many books, including The Politically Incorrect Guide to Capitalism. I’ve owned the book for a while and have found it valuable, if a bit simplistic since it is written for a popular audience. After hearing Anthony Gregory speak on monetary policy and banking, I revisited [...]
Posted in Banking & Finance, Regulation Leave a comment
Anthony Gregory on the Fed
Anthony Gregory, Berkeley alum and the editor of Campaign for Liberty, spoke this past Wednesday to campus libertarian club Students For Liberty. The title of his talk was “Monopoly Money: Business Cycles and the Federal Reserve.” Gregory explained how the Austrian business cycle, F.A. Hayek’s Nobel winning formulation, relates to the current financial crisis.
The story goes [...]
Posted in Berkeley, Government Spending, Unintended Consequences Tagged anthony gregory, austrian business cycle, bubble, federal reserve, hayek, housing, krugman, sfl Leave a comment
Thirty Five Point Six Million Dollars
via Cato@liberty…
“Thirty five point six million dollars, thirty five point six million dollars, hey! Thirty five point six million dollars, hey, how about that, how about that…” –The Right Honoroble Senator Byrd.
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Posted in Government Spending Leave a comment
City Government Bullies Local Vendor
Cupkates is a new mobile cupcake vendor that operates out of a truck in commercial zones in Berkeley and Oakland. It’s founder, Kate (no last name is given on her website), has recently been having trouble with the city of Berkeley which appears to have its policies confused. Kate is clearly hardworking and innovative–you can follow her [...]
Posted in Innovation, Regulation Tagged corruption, entrepreneurship, local government, state abuse of power 1 Comment
Folk Economics
I considered titling this post “Folkonomics,” but I decided that the -onomics suffix is quickly becoming overused what with all the Freak-’s and the Superfreak-’s, not to mention Wendy’s new Threeconomics (three small sandwiches for three dollars). I have no time for cutesy neologisms. This is serious.
The term folk economics has been used by Michael [...]
Poverty and Prostitution
In a recent debate I had over the proper public policy for prostitution (my view was it should be legal, her view illegal), my adversary argued that the conditions of poverty force women into prostitution. Here’s why that argument doesn’t make much sense from an appropriate economic perspective.
Independent of the level of absolute poverty within [...]
Posted in Econ 101, Freedom, Self Interest Leave a comment
I Hope He Fails