L.A. Liberty

A Libertarian in Leftywood

Austrian Economics vs Keynesian Economics
What I like about this chart is that Keynesians are unlikely to feel mischaracterized. Which is good. Because the supernatural silliness of “animal spirits” is front and center.
I’d also note that Keynesians previously defined inflation the same way as Austrians and everyone else did (even Keynes himself defined inflationism as “debauch[ing] the currency” and “print[ing] notes.”) until they realized how politically inconvenient accuracy can be.
(See also: “What Inflation Is: On (Re)Defining a Term,” “On Monetary Inflation Leading to Price Inflation,” “Re: What Inflation Is,”)

Austrian Economics vs Keynesian Economics

What I like about this chart is that Keynesians are unlikely to feel mischaracterized. Which is good. Because the supernatural silliness of “animal spirits” is front and center.

I’d also note that Keynesians previously defined inflation the same way as Austrians and everyone else did (even Keynes himself defined inflationism as “debauch[ing] the currency” and “print[ing] notes.”) until they realized how politically inconvenient accuracy can be.

(See also: “What Inflation Is: On (Re)Defining a Term,” “,” “,”)

The State has said to society…I shall confiscate your power, and exercise it to suit myself. [T]he interests of the State and the interests of society…are directly opposed… The State…has invariably, as Madison said, turned every contingency into a resource for depleting social power and enhancing State power… There are two methods…whereby man’s needs and desires can be satisfied. One is the production and exchange of wealth…the economic means. The other is the uncompensated appropriation of wealth produced by others…the political means.

The State…is the organization of the political means…[which] stands as primarily a distributor of economic advantage, an arbiter of exploitation…an irresponsible and all‑powerful agency standing always ready to be put into use for the service of one set of economic interests as against another.

The State is not…a social institution administered in an anti‑social way. It is an anti‑social institution…

State power has an unbroken record of inability to do anything efficiently, economically, disinterestedly or honestly; yet when the slightest dissatisfaction arises over any exercise of social power, the aid of the agent least qualified to give aid is immediately called for.

Under a regime of actual individualism, actually free competition, actual laissez‑faire–a regime which, as we have seen, cannot possibly coexist with the State–a serious or continuous misuse of social power would be virtually impracticable.

— Albert Jay Nock, Our Enemy The State [1935]

You tell me if the revving-up of Uncle Sam’s welfare-state activities in the mid-1960s can be considered, by any scientific criterion, to have been clearly successful at reducing officially measured rates of poverty in the U.S.

You tell me if the revving-up of Uncle Sam’s welfare-state activities in the mid-1960s can be considered, by any scientific criterion, to have been clearly successful at reducing officially measured rates of poverty in the U.S.

Paralyzed Man Can Now Walk Thanks to the Cells in His Nose →

letterstomycountry:

From the article:

A knife attack put Darek Fidyka on his back for two years, but an amazing medical procedure appears to have partially mended his spinal cord.

The BBC reports that researchers and doctors in the UK and Poland figured out how to transplant cells from Fidyka’s nose to his spine, along with a bit of nervous tissue from his ankle. The olfactory ensheathing cells taken from the nose are key, because they’re the only cells in the nervous system that regenerate as we age through adulthood.

According to the Beeb, Fidyka has a long way to go, but he can now walk with some assistance outside the hospital.

Here’s how it works:

In the first of two operations, surgeons removed one of the patient’s olfactory bulbs and grew the cells in culture.

Two weeks later they transplanted the OECs into the spinal cord, which had been cut through in the knife attack apart from a thin strip of scar tissue on the right.

They had just a drop of material to work with - about 500,000 cells.

About 100 micro-injections of OECs were made above and below the injury.

Four thin strips of nerve tissue were taken from the patient’s ankle and placed across an 8mm (0.3in) gap on the left side of the cord.

The scientists believe the OECs provided a pathway to enable fibres above and below the injury to reconnect, using the nerve grafts to bridge the gap in the cord.

The scientists involved, whose work was funded by foundations, say they have no desire to profit from the breakthrough.

Read the full story at the BBC.

Amazing

What keeps the market process in motion is competition - not competition in the sense of “perfect competition,” in which perfect knowledge is combined with very large numbers of buyers and sellers to generate a state of perennial equilibrium – but competition as the rivalrous activities of market participants trying to win profits by offering the market better opportunities than are currently available. The existence of rivalrous competition requires not large numbers of buyers and sellers but simply freedom of entry. Competition places pressure on market participants to discover where and how better opportunities, as yet unnoticed, might be offered to the market. The competitive market process occurs because equilibrium has not yet been attained. This process is thwarted whenever nonmarket barriers are imposed blocking entry to potential competitors.

— Israel Kirzner, Discovery and the Capitalist Process 

Apply today!!!

Apply today!!!

Big Players [such as the Fed] and regime uncertainty create and increase the very sort of uncertainty that Keynes described. If we may call such policies ‘Keynesian’ then we may draw the inference that Keynesian policies tend to create and enhance the irregular ups and downs that Keynes attributed to modern capitalism as such. In this sense, Keynesian policies tend to create a Keynesian economy. Those post-Keynesians who argue for discretionary state intervention as a result of certain features of economic behaviour argue for policies that will increase – rather than reduce – the very behaviours they see as the problem.

— Roger Koppl, From Crisis to Confidence: Macroeconomics after the Crash

(Source: cafehayek.com)

Los Angeles Can’t Fix Its Sidewalks but Wants to Fine Citizens for Not Keeping Them Clean →

CBO Thinks Millions of Americans Aren’t Going to Sign Up for “Affordable” Care →

==> In total, the government expects to collect $4.2 billion in one year from individuals because they don’t have health insurance.

==> 1 million people who earn less than twice the poverty level will be fined for not having health insurance in 2016.

==>  This group of people–earning less than twice the poverty level–accounts for 25% of those who will be fined.

==> The government will extract $500 million in penalties from this group. These people are too poor to buy health insurance, remember.

==> Drilling down further, 200,000 people will be fined who earn less than the poverty level. These 200,000 people whom the government says are living below the poverty level will be forced to pay the IRS a total of $100 million in fines just for 2016. They also will not have health insurance, remember.

What is not shown in the above table–though the report itself explains–is that the total number of nonelderly uninsured Americans projected for calendar 2016 is some 30 million. This figure includes illegal immigrants and people who are exempt for various reasons from the mandate.

Isn’t it interesting that the “universal coverage” provided by the “Affordable Care Act” will still yield–according to the government’s own projections–almost 4 million Americans who will prefer to pay an average tax of more than $1,000 to the government for 2016, rather than buying health insurance that year?

Eric Holder's police shooting record? Dismal →

Holder is garbage.

LA Schools' $1 Billion iPad Fiasco Ends After Corruption Revelations →

Teachers Union Prez: 'I'm Going to Punch You in the Face and Push You in the Dirt' →

The Robber Barons and the Progressive Era | Tom Woods

How to Survive a Traffic Stop →

Important advice on dealing with armed state bullies.

Fidel Castro’s face on toilet paper…

Fidel Castro’s face on toilet paper…

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