Description

We will discuss the impact of “Brexit” on Britain and the EU, as well as differences between neoclassical economics and Austrian economics with respect to methodology.

See More See Less

Subscribe

Leave us a review, comment or subscribe!

Meet the hosts

discussions

  • There are many problems with the standard neoclassical microecon treatment of firms and production, most of which involve the super-mathematization of every decision, technology, and relationship. One problem that I don’t see emphasized in the critique literature, however, is the blind eye to what influences the costs of production.  Your typical neoclassical production function shows that output is some mathematical function of combinations of capital and labor, and therefore cost functions are simply those optimal quantities multiplied by their respective prices. But, what determines the prices of capital and labor? A mainstream economist would shrug and say “input prices are exogenous”. This is certainly false. We know that input prices are determined by the valuations of entrepreneurs, who value capital and labor precisely as much as they expect to profit by employing said inputs–and these profits, as we all know, are wholly dependent on how folks value the produced good. Said another way, input prices are determined by consumer demands for the goods they produce! I’m reluctant to bring this up to a mainstreamer, out of fear they’d just stick a utility function into their cost functions and call it “fully identified”.

    Jump to Discussion Post 6 replies
  • This will be a general discussion to share tips and tricks to survive conventional Keynesian Economics Lessons in university.

    Jump to Discussion Post 4 replies
  • While tedious and at times nonsensical, Brexit has lifted the curtain on the House of Commons and the abilities of our elected representatives. The danger here is that something uglier and shrill replaces the mostly mild-mannered MPs. But it could just make people think that they might be better off running things themselves and no longer looking to politicians to solve all their problems.

    Jump to Discussion Post 0 replies
  • The “Tax Honesty” movement has demonstrated a few things to a lot of people.  To cover a lot with a few words, I’ll put it this way:  The IRS breaks its own rules in order to rob us through deceit. Some people (Irwin Schiff, for example) have suffered because they attempted to protect themselves from the rule-breakers.  There is now a theory popular among liberty-minded people that the government is too corrupt and powerful for anyone to succeed in an effort like Irwin Schiff’s.  There is also some good evidence showing this theory to be wrong.  It’s available at Peter Hendrickson’s website, losthorizons.com. I think that a lot of bureaucrats feel and believe that they are helping society.  This leaves them open to consider fixing situations in which their bureaucracy is breaking its own rules.  And let’s face it, there are some rules that can actually help liberty.  Perhaps the loads of evidence that Hendrickson has on his site can be explained by the presence of such “good-hearted” individuals in the bowels of the IRS. In any case, if you can, please entertain the possibility that the US Income Tax is not being administered honestly.  Consider that maybe, just maybe, in the gargantuan tangle of words called “Title 26,” the legal meaning of the law as it applies to most people is not coercive at all.  Maybe, if it were properly applied, the government would be a nuisance like neighbors who let their dogs poop on your lawn, instead of a nuisance like cancer in your lungs.  It could be true.  I think it is true, and I think that failing to follow all the twists and turns that Hendrickson uncovered to see for yourself that it is true kind of justifies you still being enslaved to a government that steals from you in order to cause havoc all over the planet in a massive deception that justifies its existence. If we want to honor the goodness in all people, including those who have been tricked into serving evil, we can do so by understanding the rules they think they should be following, and using them to protect ourselves from enslavement.

    Jump to Discussion Post 37 replies
  • Is the European Union close to communism??

    Jump to Discussion Post 6 replies