Category Archives: Around the Web

“Friedman Friday” Milton Friedman – Power of Choice – Biography (Part 1)

The Daily Hatch

Milton Friedman – Power of Choice – Biography (Part 1)

Published on May 20, 2012 by BasicEconomics

 
David R. Henderson

The Pursuit of Happiness ~ Milton Friedman: A Personal Tribute

May 2007 • Volume: 57 • Issue: 4

David Henderson (davidrhenderson1950@gmail.com) is a research fellow with the Hoover Institution and an economics professor at the Graduate School of Business and Public Policy at the Naval Postgraduate School. His latest book, co-authored with Charles L. Hooper, is Making Great Decisions in Business and Life (Chicago Park Press, 2006).

So much has been written about Milton Friedman’s many contributions to economic research and analysis and to the struggle for economic freedom. My appreciation for him is more personal: He helped change my life.

Like many young people who read and loved Ayn Rand’s works, I adopted not just her ideas, but also some of her baggage. The problem was…

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I Shit You Not

Congress is Hiring: Anyone who can draft a BUDGET. Our current representatives seem to think SHUTDOWN is the answer.

What does it say our the stability of our Nation when our government is forced to shut down because we elect leaders who (for 3 years ) can not pass a budget? Contrary to popular belief, the government is not shutting down because we can not afford to continue operating. Instead, the policy that allows for funding expires. Thus the shut down.

Shut Down Government

Shut Down Government (Photo credit: KAZVorpal)

Why has the government worker become a political pawn? Every political debate on the street, there is always one side who feels a government shut down is the answer to fix our budget. This is a heartbreaking realization. So because our politicians drove our economy into a recession at an unapologetic rate, we should in turn lay off all the government workers. Thats what a shutdown does: layoff workers. So the same politicians feel the only way to balance our checkbook is by reducing the monies paid to workers by “furloughing” them – temporarily layoff.
Is a government shut down really the answer? why? It is Congress’s job to pass an annual budget, regardless of party affiliation. One of the primary responsibilities of Congress is to direct the Nation’s spending. Each year Congress should pass a budget that appropriately represents our Nation’s expenses. Have they done this? Not or the last 3 years. Instead of doing the leg work of looking at each expenditure and it’s purposes; it’s current needs, or areas to reduce cost, they have instead decided EXTEND the previous year’s budget, for another year. I guess they are thinking what worked this year must work for the next year.
In our elected officials failing to do the duties in which they swore to uphold, the little man has yet again to pay for it. Because someone who earns well over a 6 figure income (for life) fails to do his job, 5 people who make 50,000/yr are to be laid off. This is the logic to be used by a world leader?
The American public has not only failed themselves, but as a world leader, we are not setting the bar very high for our elected representatives.

Deficit and debt increases 2001–2009. Gross de...

Deficit and debt increases 2001–2009. Gross debt has increased over $500 billion each year since FY2003. (Photo credit: Wikipedia)

Let’s Take A “Serious” Look At Conspiracy Theories.

AUSTRIAN ECONOMICS ADDICT

Let’s take a break and laugh at ourselves concerning conspiracy theories. Many of us fall into the trap of thinking their has to be complex explanations for everything. Many times there are simple explanations for complex situations. The simple fact that the earth is tilted on its axis explains why the seasons change. Seasonal change sets in motion complex processes from photosynthesis to bird migration.

Always remember correlation is not causation.

This Star Wars conspiracy theory video is really funny. But let’s also understand that many people try to discredit arguments that they can’t refute with logic and facts, by labeling the person who puts forth the argument  a “conspiracy theorist”. The red flag should always go up when the person is being attacked, instead of his argument being  answered.

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Ticket Scalping, The True Free Market In Action.

AUSTRIAN ECONOMICS ADDICT

I’m going to the Ohio High School Basketball Tournament this weekend not and not just to watch the games. I like to observe the economic principles at play in the free market for tickets,(aka scalping) that takes place outside of the arena, it is a real education. This video explains whats going on.

Most of the people who participate in the free market of ticket scalping, have no understanding of the economic principles they are demonstrating by their actions. Supply and demand, subjective value,

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“Today’s Conventional Wisdom”: It’s Not The Left That’s Changed, It’s The Economy

mykeystrokes.com

Have American liberals moved too far to the left? That’s long been the contention of conservatives contemplating liberal positions on a host of social issues, such as gay marriage and the legalization of undocumented immigrants. But opinion polls on these issues show that yesterday’s far-out liberal positions are quickly becoming today’s conventional wisdom.

A more nuanced conservative critique focuses on liberals’ support for a greater government role in the economy. To be sure, New York Times columnist David Brooks argued in a recent column, liberals have traditionally urged government to take up the slack in economic activity during recessions, but now, as the budget proposal of the Congressional Progressive Caucus shows, liberals believe that “government is the source of growth, job creation and prosperity” even when the economy has righted itself. The progressives’ budget, Brooks complains, proposes spending $450 billion on public works and sending $179 billion to…

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What Is The Greatest Weakness Of The Free Market?

divineeconomytheory

What is the greatest weakness of the free market? In other words, even though the free market is the best means for prosperity and justice and peace it still is not without problems.

The market is merely the communication vehicle that conveys the imperfect knowledge that humans have in a world of uncertainty. Hence the greatest weakness is also its greatest strength. The free market is the best means of allowing the flow of knowledge – imperfect as it is – in a way that ameliorates the uncertainty in an optimal way.

All human intervention is a corruption since it adds another layer of the imperfect knowledge (due to the finite nature of human understanding) which, in turn, creates even more uncertainty. That is why the free market is best when it is unhampered.

Follow me on Twitter @DivineEconomy

If you know of anyone interested in ethics and economics,
or…

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Keynes vs. Hayek: the rap version

File Under Optimism

I can’t believe I haven’t seen this brilliant video until now. Hayek vs Keynes on how to deal with boom and bust. In rap! Priceless. Bring on the limo, I’m in!

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The Morality Of Capitalism

AlsanBlog

In an op-ed piece for the Washington Post, Steven Pearlstein suggests that the nation is caught up in a historic debate over free-market capitalism and poses the question:  is capitalism moral? Pearlstein points out that over the last thirty years, the experiment with communism has been “thoroughly discredited,” and that a “billion people have been lifted from poverty through free-market competition.” But he also claims that we’ve recently seen a dark side of free markets, which for Pearlstein includes stagnation, inequality, financial crises, and 20-year-olds still living with their parents.

In praising capitalism, Pearlstein uses the phrase “free-market competition,” but when he describes the evils of capitalism, he uses the words “free markets.” Although Pearlstein doesn’t draw a distinction, these phrases are not interchangeable.  Markets can be free and at the same time non-competitive, such as monopoly. There are different forms of capitalism and what free-market advocates support is free-market competition (which is another way of describing decentralized economic power), not the consolidation of power that…

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Strategic Planning Is Vital to Long Term Business Growth