Jeff Tucker Free Talk Live Interview on Open Information and IP
Jeff Tucker was interviewed yesterday by Mark Edge, as part of his "Edgington Post Interview Series," for his Free Talk Live radio show, about the Mises Institute's "open information" approach (see Jeff Tucker, A Theory of Open, B.K. Marcus, Mises.org on iTunes U, Doug French, The Intellectual Revolution Is in Process). The interview is lasts about 24 minutes, and starts at 2:52:07 in the Feb. 8, 2010 show. Tucker makes some great points, such as his idea that perhaps the antitrust law prevented movie studios from owning the theaters and thus may have made them less likely to be willing to consider online distribution models; and his example of how the Cantor-Cox book, which was released for free online months before the paper version, helped to create a ready-made audience for the paper book.
Hahn on the economics formerly known as common sense
Professor Hahn, of the greatest but least known Austrian economists of his generation, offers a fantastic refutation of Keynesian macroeconomics including its wild obsession with effective demand, and also a systematic presentation of the Austrian theory of the business cycle.
It might have been common sense in his day, but it is surely not in ours. In our times (this book appeared in 1948) the truths he proves here are bracing. Prosperity comes from saving and investment. The printing press creates nothing and destroys plenty. The central has no tools that can get us out of recession and onto a sound footing. Intervention of all sorts creates more problems and solves none.
He writes with eloquence and scientific precision. He even gives us the first serious graphical comparison of the Keynesian v. Austrian views that appeared between Hayek and Garrison!
This book is a treasure, all but lost to history. This reprint brings it back in a big way and at the right time.
The book was attacked relentlessly in all the journal during the height of Keynesian hysteria. But it turns out that Hahn was right and his critics were wrong. Even to this day, it remains an outstanding discussion of the business cycle . In fact, it reads as if it appeared just last week.
May Hahn's wisdom here once again become so known as to be common sense once again.
Closing down the Ritz
The Ritz-Carlton Lake Las Vegas will close on May 2nd. Bought out of bankruptcy last year by an arm of Deutsche Bank the hotel earned a AAA Five Diamond Award just this past November.
Is this the thing?
What do you think about this possible homepage and site design? Up with Stephanie Long who designed this.
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Arguments Against Anarchy
Government has no magic powers or authority not possessed by private individuals. Let he who asserts that government may do that which the individual may not assume the onus of proof and demonstrate his contention. FULL ARTICLE by Jarret B. Wollstein
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The Nondismal Science
Greaves shows the very important relationship between inflation of the money supply after World War II, the Marshall Plan, and foreign-aid programs; this analysis is must reading. FULL ARTICLE by Leonard P. Liggio
Passion Comes from Liberty
Passion and entrepreneurship are innate in the human mind. They are products, not of outside motivation, but of internal ratiocination — the drive to maximize utility. This is the driving wheel of economic and societal development. FULL ARTICLE by Jonathan M. Finegold Catalan
Geithner: U.S. will never lose Aaa debt rating
We can all sleep soundly, the Treasury Secretary told ABC News that a downgrade of US debt "will never happen to this country."
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Mortgage Bankers Association selling their building
The Mortgage Bankers Association is selling their building in Washington DC for $41.3 million, which sounds like a lot, except the trade group bought the building for $79 million in 2007 with the help of a $75 million loan from PNC Financial.
A year ago, the folks at Cassidy & Pinkard Colliers described the office market in the nation's capitol as "recession-resilient yet again." And with the city's main employer adding jobs, the outlook for office was somewhat positive.
So who is buying the building? CoStar Group Inc. one of the go-to real estate data providers for appraisers. One would think the people at this company would know a deal when they see it.
Doug French on Radio FreeMarket
Here is an interview with Doug French on fractional reserves on RadioFreeMarket.
Two Product Changes
Human Action now has a new cover, 3.0 one might say. In any case, it is very sleek and good looking, with an astonishing price of $35. The associated products such as the Study Guide and Audio will conform in time.
Meanwhile, the two volume set of Libertarian Forum has undergone upheaval. We are now able to distribute the hardback of these volumes at half the price of what the softcover once was. I recall all too well what it was like to bring these volumes out only a few years ago. It was expensive and the print runs were small, because the demand was low. But with demand on the increase and technology marching foward, we were able to negotiate this special release, which, to my mind, is a huge improvement. These are large books and better in hard back in any case. The image that you see on the site is not the hardcover. We haven't had time to set up the big art shot yet.
In any case, one can hardly believe that these two large volumes of Murray's own publication are now in wide distribution in hardcover. Murray would be completely thrilled to know this! It is an exciting publication of commentary and analysis and some good dose of gossip - a real time capsule of the development of libertarian ideas. They also contain a strong element of lost knowledge waiting to be recovered.
Libertarian Papers, vol. 2 (2010): Arts. 1-4: Moundsville Reconsidered; Austrian Business Cycle Theory and 100 Percent Reserves; Block on Roads; Block on Van Dun
Three new articles published today in Libertarian Papers, vol. 2 (2010):
1. "Moundsville Penitentiary Reconsidered: Second Thoughts on Hyperreality at a Small Town Prison Tour", by Allen Mendenhall
Abstract: In 2007, I toured Moundsville Penitentiary, a tourist spectacle that was once--and fairly recently--a working prison. I wrote about the experience as would a journalist, except that my working paradigm was the postmodern theory of hyperreality, which Jean Baudrillard used to describe the complex tensions between reality and illusion. A term of semiotics, hyperreality refers to the disappearance of the referent and its subsequent, oft-replicated simulation. It almost always involves strategically controlled images that distort and conceal true meaning. The International Journal of Baudrillard Studies published my essay in January 2009. Shortly thereafter, many of my libertarian friends and colleagues wrote to ask for clarification or to express their disagreements. In what follows, whether I'm describing hyperreality or speculating about the horror-themed attractions at Moundsville Penitentiary, my principal concern is laying the libertarian foundation for my argument. I do not mean to defend my theories so much as explain them; nor do I insist that my cultural criticism is somehow "the" right way. I simply hope to fill a critical vacuum and to generate conversation not only about the condition of the American prison system writ large, but also about state-run tourist attractions that glorify the history of the sovereign at the expense of real knowledge about human suffering.
2. "Austrian Business Cycle Theory: Are 100 Percent Reserves Sufficient to Prevent a Business Cycle?", by Philipp Bagus
Abstract: Authors in the Austrian tradition have made the credit expansion of a fractional reserve banking system as the prime cause of business cycles. Authors such as Selgin (1988) and White (1999) have argued that a solution to this problem would be a free banking system. They maintain that the competition between banks would limit the credit expansion effectively. Other authors such as Rothbard (1991) and Huerta de Soto (2006) have gone further and advocated a 100 percent reserve banking system ruling out credit expansion altogether. In this article it is argued that a 100 percent reserve system can still bring about business cycles through excessive maturity mismatching between deposits and loans.
3. "Rejoinder to Carnis on Private Roads", by Walter E. Block
Abstract: Carnis (2009) is a commentary on a debate I (Block and Block, 1976; Block, 1978c) have been having with Tullock (1976) on the privatization of roads. The present paper is a rejoinder to Carnis (2009) who is highly critical of Tullock's share of the debate, and offers some luke-warm support of my side of this issue, plus some criticisms of it.
4. "Van Dun on Freedom and Property: A Critique", by Walter E. Block
Abstract: Van Dun rejects private road ownership on the ground that owners will trap homeowners whose property abuts their thoroughfares. The present paper rejects this claim, and demonstrates that a free enterprise system of private ownership will maximize the welfare of householders, not minimize it.
C.S. Lewis Society Newsletter with Calls for Papers
Here. It includes calls for papers for a number of very interesting-looking conferences.
The Revolution Continues: Revamped Online Resources from FEE
The Foundation for Economic Education has revised its online library (HT: Lawrence Reed). A quick scan suggests a treasure trove of useful material. This reinforces my belief that we're living in the middle of an intellectual revolution. As more material like this goes online and as more supplements are developed, I think we're going to see fundamental changes in the educational enterprise. Here's Jeff Tucker on the LvMI presence on iTunes U.
Argentina update: Civilized Coordination from Yale.
Argentina President Christina Kirchner found some Yale-trained talent in her own backyard to serve as central bank president.
"Everyone knows that I am convinced that the central bank and the monetary, exchange rate and financial policy are fundamental for deepening the development policies," Mercedes Marco del Pont said when appointed. "I believe in the operating autonomy of the central bank but I don't think it can be independent from the whole of the nation's economic policies," she said. "We will propose a coordination just like what's done in all the civilized countries on the planet."
Did Goldman Sachs push A.I.G. over the edge?
A very interesting New York Times article explores the business relationship between Goldman and A.I.G..
"Well before the federal government bailed out A.I.G. in September 2008, Goldman's demands for billions of dollars from the insurer helped put it in a precarious financial position by bleeding much-needed cash. That ultimately provoked the government to step in."
Are Rothbardians unreasonable?
In a post on "Libertarian Schisms," economist Arnold Kling tries to figure out whether he's a Rothbardian or a Hayekian.
To do so, he asks himself several questions, the first of which is:
1. How are willing are you to talk about compromises with the state as it is?My answer is, "very willing." For example, when I talk about raising the retirement age for Social Security, that is a compromise relative to "abolish Social Security."
I justify this not on the basis of political pragmatism but on the basis of self-doubt. I believe that the state could reduce or phase out Social Security without harmful consequences, but I am not certain of this. One can imagine potentially harmful consequences, including repercussions that ultimately harm the cause of liberty. In general, I think in terms of incremental steps and experiments rather than in terms of the ultimate libertarian ideal. The much-ignored Unchecked and Unbalanced champions those sorts of ideas, even as it aims for an ideal that is very different from our current form of government.
This is the sort of thing that is often said to make Rothbardians sound ridiculous. They won't accept anything less than the abolition of social security -- and that, of course, means they're nuts!
But I've never met a Rothbardian who would disapprove of raising the social-security retirement age or consider it a "compromise." To the contrary, it is a partial repeal -- fewer people are entitled to taxpayer money than before -- and therefore laudable.
A "compromise" would be something that substitutes a new government program for an old one, as in the case of so-called "privatization."
It also isn't un-Rothbardian, as far as I can tell, to think strategically about what advances toward liberty should be made before others. For example, some Rothbardians have thought about what the consequences might be of allowing open borders before repealing the welfare state -- much to the dismay and disgust of certain "Hayekians." (Unreasonable radical that I am, I say open them now anyway.)
I should add that Kling's post does rightly suggest that most people who call themselves libertarians really aren't too far apart on the vast majority of what matters, and the differences between them are primarily, though not entirely, ones of tone and emphasis. More talk about what we have in common, in addition to what divides us, would probably be beneficial.
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Big Business in Politics
Rome set the example to modern Germany of making war profitable. In the half-century following the fall of Carthage, fifty million dollars in tribute and plunder drained into Rome. This sum gave a great opportunity to energetic men. FULL ARTICLE by H.J. Haskell
Change Your Mind
Our thinking is formed by our reading and it's not enough to only occasionally read serious work while mostly reading useless books, magazines, and newspapers. People don't think the shallow reading harms them, but it does. FULL ARTICLE by Doug French
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The Race Against Government
Isn't there a way we could tap into people's philanthropic side without doing something intrinsically useless, like having a bunch of fourth graders walk around the school parking lot eight times? FULL ARTICLE by Robert Murphy
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voluntary socialism versus human nature
I lived half a year on a kibbutz back in the late 1980s, just as the intifada was starting.
For most of that time, I was the "shotef sirim" — the pot scrubber. For me, it was a proud title. It was the one kitchen job they wouldn't let women do (something about the weight of the pots or the height of the top shelves), so I spent the work days surrounded by women — but with my own little domain behind the oversized sinks and the power spray of hot and cold water.
Now I learn from the Financial Times ("The rise of the capitalist kibbutz") that "Tasks that used to be performed by kibbutzniks regardless of their education and background — such as washing the dishes — are today largely the preserve of hired workers from outside the community."
As the article's title implies, that's not the only change confronting the kibbutzim, the once-upon-a-time bastion of voluntary socialism — the "proof," as some of us once claimed, that "it worked."
As kibbutznik-turned-economics-professor Omer Moav argues,
the kibbutz movement was always destined to fail. It worked, he says, only as long as kibbutzniks enjoyed a standard of living broadly comparable to, if not better than, the Israeli average. "People respond to incentives. We are happy to work hard for our own quality of life, we like our independence," he says. "It is all about human nature — and a socialist system like the kibbutz does not fit human nature."
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And They Still Make Wagon Wheels
Besides providing for the most-desired consumer goods, the market provides for niche goods as well. Consider The World Almanac, the 1008-page compendium of summarized historical and out-of-date facts.
With the internet at my disposal, I can find in-depth research and up-to-the-minute data. Easy, too.
Yet, time and again, I find myself thumbing through the almanac. Not as a primary source, but as an enjoyable diversion -- the original information surfing.
I would never buy one myself. But someone thought it would make a good Christmas gift. And he was right.
As I see it, the fact that you can still buy wooden wagon wheels and almanacs proves that the market serves the consumer.
Top ten free market economists list
Geoff Lawrence, the Fiscal Policy Analyst at the Nevada Policy Research Institute has penned his top-ten list on the NPRI blog.
The list is very Austrian, with two economists that spent a good deal of time in Nevada.
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Disparaging the Boot Is a Bootable Offense
On the heels of this week's decree against a Colorado physician group, the Federal Trade Commission announced another order today against the executive director of another Colorado-based physician group. The Commission voted 3-1 to sanction Mary Catherine Higgins, the executive director of Boulder Valley IPA, over remarks she made criticizing the agency's prior order against the group.
In 2005, the FTC targeted Boulder Valley and forced the IPA to sign a "consent order," similar to the one I discussed the other day. Although sometimes the Commission targets individual employees in these cases, it did not prosecute Ms. Higgins individually. But the story didn't end there, according to a dissenting statement issued by Commissioner J. Thomas Rosch:
First, Ms. Higgins denounced the consent decree in the press, asserting, among other things, that Boulder Valley had agreed to the consent decree only to avoid the substantial expense that litigation would entail. Second, in response to the notice for public comment on Boulder Valley's proposed consent, Anthem Blue Cross Blue Shield complained that "the terms of the Consent Order may be interpreted to allow individuals associated with . . . BVIPA" to continue to attempt to facilitate collusive pricing. Third, following those complaints and conversations with Anthem, staff notified Ms. Higgins that it was evaluating whether to add her to the Boulder Valley complaint or name her separately. Fourth, Ms. Higgins then separately met with the Commissioners (with the exception of the undersigned) in an effort to persuade them not to pursue her individually. Fifth, following those meetings, staff offered Ms. Higgins a consent decree that restricts Ms. Higgins's ability to participate in a pure "messenger system" in obtaining rates for those physicians that Boulder Valley represents. Sixth, Ms. Higgins rejected that consent decree, but rather than litigate, the Commission has since agree to a consent decree that (unlike the Commission's consent decree with Boulder Valley) (1) restricts Ms. Higgins to a limited messenger model for one year and (2) prevents Ms. Higgins from negotiating with any payor on behalf of any physician that participates in the BVIPA for two years.
In other words, Ms. Higgins publicly criticized the FTC, upset a major insurance company, and the Commission retaliated. That was too much even for Commissioner Rosch -- who is hardly shy about abusing his power -- to swallow:
[I]n my view, the Commission's decision today is unnecessarily punitive: Ms. Higgins cannot possibly do her job to the fullest extent for Boulder Valley if she is limited in her conduct as described. Moreover, I am gravely concerned that the Commission's abrupt decision to change its tune can be viewed as retaliation for Ms. Higgins's decision to exercise her First Amendment rights when she publicly criticized the Commission's initial decision against Boulder Valley and for her ensuing decision to meet individual Commissioners in an effort to persuade them not to pursue her separately.
...I believe that by separately naming Ms. Higgins, the Commission has reneged on its deal. Such actions will inevitably undermine the Commission's ability to effectively negotiate consent decrees in the future.
Well that last part would be a good thing. As Ayn Rand said, ""In any compromise between food and poison, it is only death that can win."
Charles Goyette Dollar Meltdown Video Interview
Charles Goyette Dollar Meltdown Video Interview from Michael Martin on Vimeo.
Author and radio show host Charles Goyette speaks with Michael Martin of MartinKronicle and Contributor to the LvMI Economics Blog about the state of the US economy, Bernanke's re-appointment, and US long-term debt.
The Mises post Goyette refers to early in this interview is called Goyette: We're Near The Crack-Up Boom.
Goyette will be speaking at the Mises Circle / Phoenix on April 10.
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