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As promised … now available in open access … Institutional Diversity and The Economic Calculation Debate cambridge.org/core/elements/…

“The idea of social justice is that the state should treat different people unequally in order to make them equal.” — Friedrich Hayek

Karl Marx never bathed and had boils all over his body, was an alcoholic, had an unpaid maid whom he might have r*ped (he certainly got her pregnant, despite what Wikipedia says). He smoked so much it killed one of his babies (which he left in the family bed - the only one they

Imagine lying about having read the article making the argument that is being discussed, feigning offense when that lie is pointed out, and then immediately ask what the argument is...

If you've already read "How to Think About the Economy - A Primer" AND you still have doubts / questions about entrepreneurs, get Per Bylund's latest. (And if you haven't read the primer, link is in the first comment.)

💡 Najlepszy sposób na pozbycie się uprzedzeń i działań wynikających z uprzedzeń? Pozwolić, aby odbywały się one na wolnym rynku pozbawionym zabezpieczeń.

The market is truly social.

Check out my new book. Let me know what you think!

Trade that is not subject to, meaning caused or determined by, coercion (compulsion) or deception (fraud), is the result of both parties expecting to gain. Any voluntary exchange, therefore, is necessarily good from the perspective of the exchangers.

The only ones who should have a say in so-called trade policy are those who bear the cost of it. Everybody else who has opinions have no skin in the game.

Value is satisfaction attained/experienced through the use of means (consumption). Consumers acquire goods for their expected value; purchases are based on their ranking of alternatives. Those alternatives are produced by entrepreneurs speculating on the value they facilitate.

Value is to price what the mind is to the head.

"O Valor é para o preço aquilo q a mente é para a cabeça" P. Bylund Excelente!! O Valor das coisas para os indivíduos é algo apenas e só totalmente formado na cabeça de cada um - subjetivismo.