Calculation and Knowledge

Displaying 1 - 10 of 571

Technological Innovation Is Nothing to Fear

Free MarketsCalculation and Knowledge

Blog09/21/2019

Robots are not fundamentally different from other labor-saving innovations, and there's no reason to believe increased innovation will lead to mass unemployment or mass poverty.

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Why the Government Can't Measure Income, Happiness, or Well-Being

Calculation and Knowledge

Blog09/17/2019

When a parent leaves the work force to focus on parenting, this shows up in government stats as lower employment and less consumer spending — suggesting a less productive economy. But that's not what's going on at all.

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The Problem with Aggregate "Calculations" of the Value of Immigration

ImmigrationCalculation and Knowledge

Blog05/14/2019

It's impossible to calculate the cost and benefit immigration without considering psychic profit and loss. And the government definitely is in no position to make any calculations at all.

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Even Socialists Know that Economic Planning Requires Market Prices

SocialismCalculation and KnowledgePhilosophy and Methodology

Blog04/03/2019

Hard-left "democratic socialists" think they figured out how to make government planning possible: use prices. But there's a problem in their argument: prices are impossible without markets.

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The Beauty of Consumer Reviews

Calculation and Knowledge

Blog01/31/2019

Consumer reviews demonstrate one of the important ways that the market itself provides people with more important information in making purchasing decisions.

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Ten Reasons Why Governments Fail

Calculation and KnowledgePolitical Theory

Blog11/22/2018

Politicians and bureaucrats often fail to deliver what's promised because the very nature of government makes it impossible for them to succeed.

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The Problem with Prescriptive "Rationality" in Economics

Calculation and KnowledgeOther Schools of Thought

Blog10/18/2018

Behavioral economics claims it has shown that people behave irrationally — often make mistakes, and have problems with self-control. But is this really irrational behavior?

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Socialism: The Calculation Problem Is Not the Knowledge Problem

Calculation and Knowledge

Blog03/16/2018

This market process is what allows a capitalist system to efficiently allocate resources, whereas a socialist system cannot—not even “in principle.”

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Economics Is Like Birdwatching — You Have to Know What to Look For

Bureaucracy and RegulationCalculation and KnowledgePhilosophy and Methodology

Blog01/20/2018
Using economics is akin to birdwat­ching, except for the fact that few untrained birdwatch­ers presume they have enough expertise to “educate” others.
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How Expectations Coordinate Markets

Calculation and KnowledgePhilosophy and Methodology

Blog01/02/2018
But when prices change today, what are they telling the various and relevant market participants about what it suggests will be the situation tomorrow?
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