Liberty and Economics

I want to share this with you. I think that this video put together by the Ludwig von Mises Institute shows the importance and connection between liberty and economics. In the world of ideas it is important to convey people that free markets is the only way to achieve economic growth. Socialism is meant to fail. Socialism cannot use economic calculation as a tool to benefit society. Socialism denies freedom and kills society.

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Wisdom from the Gossip Crowd

Last week, Dan Klein had met with a group of students on a draft of his recent paper. During the discussion he had raised a question that all students with the love for liberty usually ask themselves , "How come I get it? How come all these other people I know get it, but the everyday citizen does not get it?" The "it" being government intervention within our personal lives being more harmful and not as efficient as the market. Those in the room shared his agony with the question and for me coincided with the question, " Why does the battered wife not leave her beating husband? " The solution was simple when I sat around a table with my cousins and my wife and heard a discussion of a guy who felt he owned the world going out with other girls and yet his girlfriend stays by him. When the remark was made that his girlfriend was stupid for staying by him, I heard the words that made me understand why people still don't get "it". " She belie...

Subjective Value through Non-Austrians

James Buchanan in his book The Reason of Rules(10.2.9) states: The individual is the unique unit of consciousness from which all evaluation begins. Note that this conception does not in any way reject the influence of community or society on the individual. The value structure of an isolated human being may be totally divergent from that of such a person described by membership in one or many social relationships. The presupposition requires only that societal or communitarian influences enter through modifications in the values that are potentially expressed by the individual and not externally. Armen Alchian and William Allen in Exchange and Production: Competition, Coordination, and Control : Groups, organizations, communities, nations, and societies are best understood by focusing on the incentives and actions of their members. A business, union, or family may be formed to further some common interest of its members, but group actions are still the results of decisions of individu...

Saying No is hard; but in this case at what cost

Ecuador’s President, Daniel Noboa, called the electorate to the ballots on a National Referendum. The eleven questions established for this political process were in two main fields: security and labor market reforms. The Referendum took place on April 21, 2024. The official results of the National Referendum are that in 9 out 11 yes-no-questions the Ecuador’s electorate gave the option of Yes a majoritarian support to the Administration’s plans. However, two questions the support leaned towards No; those questions main focus was on reforms to labor and foreign investment. The following graph show the results of the Referendum. Graph 1 Results of the National Referendum Source: CNE (National Electorate Council for it acronym in Spanish) In the graphs, question D (3) stated that: Do you agree that the Ecuadorian State should recognize international arbitration as a method for resolving disputes in investment, contractual, or commercial matte...

Austrian Knights

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