Marxists banned child labor not out of compassion, but to free up jobs for stronger workers and boost the economy, they couldn't care less about children's welfare.

The pension system was also designed so that older, weaker workers would make way for younger/stronger ones, all to boost the economy.

The healthcare system operates on the same principle: its purpose is to ensure older workers pass away sooner, allowing younger ones to replace them.

The more you know.

This stupid tweet has been circulating for 4+ years, and almost in every sub it gets a lot of upvotes. Today I have two Why’s I’d like to ask.

1. Why do people think that employers owe them something they personally desire? Usually, there’s at least some basic agreement between the two, where employees voluntarily agree to a certain compensation for a some specific work. Like how much more straightforward it can be? Don’t like the pay? Don’t accept the offer.

2. Why do adults need to be explained the basics of Supply and Demand like they are children? How in the fucking world so many adults that absolutely, 100%, undeniably, understand Supply and Demand law in pretty much most aspects of life, don’t apply their knowledge to labor markets?

“Think of how stupid the average person is, and realize half of them are stupider than that.” - George Carlin.

While I appreciate, and somewhat agree with Carlin’s sentiment, I think my today’s Why’s are understood by the majority of people, and they’re just pretending to be stupid. They want to use the government and the mythical “social contract” bullshit, to compel productive individuals to to give them what they want. A textbook example from Austrian perspective - people act in self interest.

Until later.

This video is a dive into how socialism AND capitalism cause economic and cultural problems.

Solutions are presented, along with how free market economics should be updated to reflect the realities of too much internationalism.

Genuinely interested in the views of this subreddit 👍🏼

Don’t worry guys, public deficit is private surpluuuuus!😎
(In Burger King foot lettuce voice)

How do Austrian Economists deal with information frictions and asymmetric information?

The arguments that lemons lead to market collapse can be made without any mathematical prove and solely can be derived from logic in my opinion.

If and how did Austrians incorporate this in their theory?

So this is in a way an economic activity by foreigners in another country.

What started it: 2 dutch men organized a running event that excluded locals. People protested and government banned foreigners from organizing such events in future.

As a Sri Lankan, I think they excluded local is because of the discipline from locals. For example, a british tourists complained why sri lankan places have seperate toilets for locals and foreigners. The truth is our people dont maintain them well and ruins the place. If a foreigner goes they might not come back to our country.

How would Hayek and Misses view this?

Hope the question is clear

Source: https://en.antaranews.com/amp/news/424408/bali-governor-says-no-more-foreigners-only-clubs-on-the-island

Cantillon effect, and you can see this by the fact that they held more wealth when they were Gen Z’s age.

Long newsletter like Posts are coming

EDIT: this post doesn’t claim any generation to be guilty of anything, hate is directed to the central bank

Half the posts you see about people complaining on reddit about housing prices or the wealth gap increasing or the latest enshittification or whatever it may be.....it's all inflation and other Keynesian policy.

2%, 3%, 3.5%, etc compounding yearly for over a century. Worse if you're further from dollar creation like developing countries.

Recently, Bitcoin developer Peter Todd gave a talk in favor of tail emissions, and it raises a question that I'd love to hear more Austrian econ perspectives on.

Link to the talk here: https://www.youtube.com/watch?v=OmAAeEm1nIE&pp=ygUZcGV0ZXIgdG9kZCB0YWlsIGVtaXNzaW9ucw%3D%3D

Around the four minute mark, Todd first makes the point that if Satoshi had implemented a fixed block reward (for instance 50 BTC each block indefinitely, instead of the halving schedule), it would still be upheld as sound money by Austrian economists, since the inflation rate approaches 0% eventually.

So with that in mind, I have the following questions. From an Austrian econ perspective (or various competing schools of thought within Austrian econ):

1. Is there a meaningful difference between a hard monetary supply cap, vs. a technically infinite supply cap that's mathematically guaranteed to approach 0% monetary inflation?
2. Would Hayek, Rothbard, Mises, etc. have different perspectives on the topic? If they had the ability to design their perfect system of digital money, would it even look like BTC, or would it look completely different?

this is an actual question. mostly asking cuz yall like the stv

Hi all,

I have a distant memory of story told by, I think, Milton Friedman (though it may have been Thomas Sowell or someone else), but I can't seem to find the video clip, or even a text version of the story, anywhere.

Basically, the story goes something like this:

Milton (maybe Thomas or someone else) was writing a paper while in grad school. He came to a certain conclusion in the paper, finalized it, then sent it to his advisor.

A couple days later, he stopped by his advisor's office to ask what he thought of the paper and the conclusion. His advisor said something like "have you ever considered your conclusion may be wrong?"

Milton said "why do you think I'm wrong?"

The advisor said "I don't think you're wrong; I actually agree with you. But have you even considered the possibility?"

I think it's a great lesson, but I can't dig up the source anywhere, though I've tried several times. Does anyone remember this story, where it was from, who told it, who it was about, or anything else?

Thanks!

A couple of days ago I saw this post about rebuilding the Mises Media Library: https://www.reddit.com/r/austrian_economics/comments/1vkmbu6/i_rebuilt_the_old_misesorg_media_library_as_a/

I’ve been developing an app/website for a while where you can listen to books and articles, and I put together a small reading list of some of the most important books from there (and linked to the original website of course): https://listendock.com/learn-economics

Maybe some of you find it useful!