Covid-19 and the Socialist Calculation Problem

Just as central planners cannot know how individuals will value a product or service, so too are central planners unable to calculate or plan for the endless array of risk assessments made by potential victims of covid-19. Original Article: “Covid-19 and the Socialist Calculation Problem” This Audio Mises Wire is generously sponsored by Christopher Condon. Narrated by Michael Stack.   Source link

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There Is Money and Then There Are Money Substitutes

Ludwig von Mises Ludwig von Mises was the acknowledged leader of the Austrian school of economic thought, a prodigious originator in economic theory, and a prolific author. Mises’s writings and lectures encompassed economic theory, history, epistemology, government, and political philosophy. His contributions to economic theory include important clarifications on the quantity theory of money, the theory of the trade cycle, the integration of monetary theory with economic theory in general, and a demonstration that socialism must fail because it cannot solve the problem of economic calculation. Mises was the first…

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A Case for One Billion Americans?

One Billion Americans: The Case for Thinking Biggerby Matthew YglesiasPortfolio Penguin, 2020xx + 267 pages Matthew Yglesias, a cofounder of Vox and frequent writer for it, has some useful insights in this book. But he perfectly exemplifies a type of mind that is capable of doing great damage. I hesitate to say this, as he seems engaging and intelligent, but the evidence is unmistakable. He is a statist and planner, who sees his goal for America as obviously true. He fully recognizes the controversial nature of some of the measures…

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Understanding Inequality Requires Much More Than Calling Everything Racist

To offer a semblance of solidarity with the working class, wealthy leftists have substituted identity politics for class conflict, and attempted to recast economic problems as problems of racism or bigotry. So, instead of assailing the manipulation of the economy by the state and crony capitalists, a black worker will instead attack systemic racism or better yet characterize capitalism as intrinsically racist. Rarely do identitarians comment on structural barriers impeding the progress of working-class people and minorities, such as occupational licensing and zoning. Expecting them to do so, however, indicates gullibility,…

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The Capitol Riots and the Coming "Counterrevolution"

Democrats and anti-Trump GOP leaders are calling the Capitol riot a “coup” and “treason.” This is in part because if Washington politicians can portray the riot as a grave threat, they can use the riot as an excuse to greatly expand federal power. Additional Reading “There Is No Such Thing as Treason” by Ryan McMaken: Mises.org/RR_49_01 “The Capitol Riot Wasn’t a Coup. It Wasn’t Even Close.” by Ryan McMaken: Mises.org/RR_49_02 “The Truth about January 6, and Where We Should Go from Here” by Lew Rockwell: Mises.org/RR_49_03 Be sure to follow…

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What Is Fascism? It’s the System We’ve Been Living under for Decades.

[Editor’s Note: In 2011, Lew Rockwell penned this thorough explanation of what fascism really is and what must be done to combat it. Fascism, unlike what the dominant media narrative asserts, has virtually nothing to do with people expressing politically incorrect opinions, or people refusing to wear masks, or a group of disorganized rioters smashing windows in the US Capitol. Fascism, rather, is an ideology of state control, and one that has been immensely successful over the past seventy years in the United States. As Rockwell explains below, the “eight marks…

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TSA weighs barring hundreds from flights, steps up security before inauguration

A TSA officer checks a man’s ID at a screening checkpoint at Orlando International Airport. Paul Hennessy | SOPA Images | Getty Images The Transportation Security Administration on Friday said it is assessing hundreds of people to determine whether they should be barred from flights as it steps up security ahead of President-elect Joe Biden’s Jan. 20 inauguration. “Currently, TSA is processing hundreds of names with law enforcement agencies for a thorough risk assessment,” TSA Administrator David Pekoske said in a statement. “Our intelligence and vetting professionals are working diligently…

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