Adam Smith’s Wealth of Nations with its often misunderstood ‘invisible hand’ was preceded by The Theory of Moral Sentiments, a work many consider more important and should be considered an integral part of Wealth of Nations. This Quotation of the
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from Don Boudreaux at Cafe Hayek (highly recommended) , a quote from Robert Higgs: Nothing has done more to render modern economic theory a sterile and irrelevant exercise in autoeroticism than its practitioners’ obsession with mathematical, general-equilibrium models. Not only
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Don Boudreaux at Cafe Hayek quotes from Deirdre McCloskey’s outstanding Bourgeois Equality in his Bonus Quotation of the Day: Members of the left clerisy, such as Tony Judt or Paul Krugman or Thomas Piketty, who are quite sure that they
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from Don Boudreux at Cafe Hayek Saviors Need Victims Who Need Saving Saviors need victims who need saving. And if such victims are not real and readily available, the saviors conjure them up by convincing themselves that this or that
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Don Boudreaux at his excellent Cafe Hayek in his Quotation of the Day, finds an excerpt from Armen Alchian from a textbook, University Economics in 1972. This excerpt points out several economic fallacies, many of which are still common today,
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from Cafe Hayek Quote of the Day Don Boudreaux comments on his excerpt from the excellent book Illiberal Reformers by Thomas Leonard (Don’s comments) Isn’t it, therefore, strange that those politicians, pundits, professors, and preachers who today wish to turn
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The Secret History of the Minimum Wage by Diedre McKloskey at Reason Friedman’s Sampler from the WSJ in 2006 What most people really object to when they object to a free market is that it is so hard for them
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These are some of the best articles that stood out to me so far this year- and a few of mine . America Doesn’t Have a Gun Problem; It Has a Democrat Problem from Sultan Knish Chicago’s murder rate of 15.09
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Don Boudreaux in his excellent Cafe Hayek quotes from Matt Ridley’s The Evolution of Everything. I consider this the best new book of the year followed by Yuval Levin’s The Fractured Republic. Ridley compares the spontaneous order of evolution with
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from Don Boudreaux’s Cafe Hayek’s Quotation of the Day 2/20/16 … is from pages 292-293 of Richard Vedder’s and Lowell Gallaway’s still-relevant and resonant 1993 book, Out of Work: One of the clichés that has emerged from the Keynesian episode is
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Don Boudreaux expands on a quote from Richard Epstein and the core conflict between the Constitution and Progressivism Epstein goes on to show that what he calls “a presumption of error” – that is, a wise presumption that individuals exercising
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from Don Boudreaux at Cafe Hayek The Sorry State of American Politics: I often struggle to find the best excerpt from a post. I give up here and post the entire content, as brief as it is. Here’s a letter
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from Cafe Hayek – Quotation of the Day on Minimum Wage The ‘new’ minimum-wage research that commenced in earnest in the mid-1990s is highly appealing to non-economists, for it supports their economically uninformed understanding of markets in general and of
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From Don Boudreaux at Cafe Hayek, Sometimes There Are No Good Options: Whenever I hear politicians and their deputies discuss the subject that I know best, economics, they typically get it wrong. And they get it wrong not in minor
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from Cafe Hayek, A Canned Lie: As ‘responsibility’ is commonly understood in modern English, a responsible person is able and willing to respond to the events in question by personally bearing the bulk of the consequences. If Ms. Clinton were really to take responsibility,
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from Cafe Hayek, First Day of Class by Don Boudreaux: I add here only a summary of my teaching goal: It is to make my students aware that society in general, and the economy in particular, is far more complex than most professors,
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from Cafe Hayek, Teach The Timeless Verities by Don Boudreaux: My goal – by teaching basic, foundational, principles of microeconomics – is to inoculate students against the bulk of the common economic myths that they’ll encounter throughout their lives –
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From Cafe Hayek, Keynesian Splenetics: Second, Keynes (at least by the time he wrote his General Theory) utterly failed to appreciate the incomprehensibly vast, nuanced, and ever-changing market details each of which must be accounted for and adjusted to in order
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From Cafe Hayek, Uber vs Piketty by Don Boudreaux: Thomas Piketty famously argues that owners of capital grab ever-larger shares of wealth, and that the single best ‘solution’ to this alleged problem is a global tax on wealth and high
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Without debating the substance of the ACA or the arguments used in the King vs Burwell ruling, the Supreme Court functions within a gray area. On one hand it should not be their purpose to correct or reject bad legislation,
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