This is the second post in the live-blogging Economics as Religion series. The first post was published on Monday, March 11.
“To the extent that any system of economic ideas offers an alternative vision of the ‘ultimate values,’ or ‘ultimate reality,’ that actually shapes the workings of history, economics is offering yet another grand prophecy…
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Tenets of Economic Faith
Economics as Religion: The Paradox of Self-Interest
Over the next few weeks, I will be live-blogging Robert H. Nelson’s Economics as Religion. Though the book is somewhat dated (published 2001), its discussion is still relevant. This is the first post in this series. Hope you enjoy!
Introduction: The Market Paradox
The role of self-interest in economic growth is a paradox.
Of course,…
Waging War on Work
This piece was originally published by the Ludwig von Mises Institute on February 11, 2013.
Employment law is a mainstay of state economic policy. Few question its efficacy as a means to correct “market failures”—like unlivable wages for meaningful work—that would leave society in shambles. In fact, no serious debate exists among American policymakers about…
The Dark Side of Monetary Inflation
Mia over at PragmaticMom.com has posted a great analysis of basic monetary economics over at her blog. I encourage you all to read it. Here’s an excerpt:
This is the key question of why the United States (and therefore Rosie) can’t just print endless amounts of money. This questions shifts from a question of Government…
In Praise of Speculators
This article was originally published at Values and Capitalism.
In recent years, the purported effect of oil speculators in raising the price of oil has sparked much debate and concern. Pundits of various political bents have sought an explanation for the rising price of oil among the activity of speculators, and legislation has recently been…
UNICOR undercuts economic fairness
Recently, a government corporation established as “Federal Prison Industries, Inc” (more commonly known as UNICOR), has gained attention in the public eye. Although UNICOR has been in existence since 1934, I first learned of its existence just last week while watching The Colbert Report. On October 7th, the Huffington Post ran this article criticizing UNICOR…
What is the Economy?
The way “the economy” is discussed in our modern day has led to widespread misunderstanding about what “the economy” actually is. In the following, I will briefly share what it is, what it is not, and where the conversation about the economy has gone awry.
What it is:
The term “the economy” is used to…
President Obama Sounds like an Austrian Economist
Yes, the title is intentionally provocative. Last night I decided I would read President Obama’s nomination acceptance speech from the DNC. Truth be told, when taken out of context, the President said some things that resonate with the Austrian School of economics. The President rightly evaluated that there is no easy, quick and painless way…
Organizing the Firm
The last subject covered by Nicolai Foss and Peter Klein in Organizing Entrepreneurial Judgment is the internal organization of the firm. Foss and Klein argue that the organization of the firm is critical to how entrepreneurial judgment will be manifested at different levels of the firm. Ownership rights are foundational for this organization to occur.…
Entrepreneurship and the Nature and Boundaries of the Firm
In the final chapters of Organizing Entrepreneurial Judgment, Nicolai Foss and Peter Klein set out to theoretically account for the existence, boundaries and internal organization of the firm. They continue to focus on the central role of the entrepreneur in explaining the firm. Chapter seven is the point at which Foss and Klein really begin…
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Reality TV Inventor Loses Big to ‘Buy American’ Fallacy
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Unlearning Economics
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MIT Economist, Former IMF Chief Engages Ron Paul on Banking and Makes an Interventionist Mistake
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The Monopoly Bogeyman
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How My Naïve Perception of the Economics Profession Eventually Changed
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Tenets of Economic Faith
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Economics as Religion: The Paradox of Self-Interest
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Waging War on Work
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The Dark Side of Monetary Inflation
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In Praise of Speculators
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Chris A: With due respect Nicholas, I think is has zero int...
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Nicholas Freiling: Chris, What effect do you think economic inter-...
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David: Doesn't the Fed increase the money supply by purc...
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