All Posts Tagged With: "market process"
The Failure of Market Failure
Which process has better built-in mechanisms to provide the knowledge and incentives necessary to notice imperfections and improve on them?
8Dec2011 | Steven Horwitz | 41 comments | ContinuedLudwig von Mises: Economist, Philosopher, Prophet
Editor’s Note: September 29 is the 130th anniversary of the birth of Ludwig von Mises, the great Austrian economist, defender of classical liberalism, and adviser to FEE. Below is a selection of Mises’s writings published in The Freeman over the years. The Market It is customary to speak metaphorically of the automatic and anonymous forces [...]
24Aug2011 | Ludwig von Mises | 0 comments | ContinuedHuman Action, 1949: A Dramatic Episode in Intellectual History
A great book, it has been remarked, is like a great castle. It can be viewed from many different angles, each offering a unique perspective. Viewing Ludwig von Mises’s monumental work from the vantage of 2009 permits one to see with great clarity one fascinating aspect of the book–the sheer drama of its emergence at [...]
19Aug2009 | Israel M. Kirzner | 5 comments | ContinuedMust-Read on Health Care
I exaggerate only slightly — and I mean slightly — when I say that all you really need to read on the healthcare debate is Steve Horwitz’s Freeman article “Profit: Not Just a Motive.”No one who is ignorant of these arguments can be counted as a serious participant in the debate.
17Aug2009 | Sheldon Richman | 0 comments | ContinuedMarkets Don't Ration!
If I can’t buy a Lexus for $1,000, it’s not because the market rations the car to someone else. It’s because no one will sell it to me at that price when he can sell it to another person for more. Markets don’t ration!
17Aug2009 | Sheldon Richman | 1 comment | ContinuedThe Market Doesn't Ration!
Why do economists, even those who favor the free market, call what the market process does “rationing.” When you choose, because of the price, to buy four pounds of hamburger rather than eight, that is not rationing. Rationing is when an authority says you can only buy four. It indicates a conscious process of allocation [...]
1Aug2009 | Sheldon Richman | 5 comments | ContinuedBottom Line
[T]here is no way for government macroeconomic policy to correct an incorrect perception of how [savings/consumption] plans have changed. There is no way for government to acquire the knowledge necessary to be able to coordinate individual plans. Such information simply does not exist. If it is going to ever exist it will be generated by [...]
24Jan2009 | Sheldon Richman | 0 comments | ContinuedThoughts of Miracles on the Plane
William Zieburtz is a dad, economist, and frequent traveler residing in Atlanta, Georgia. I am right now flying through the air. It is just me, just regular old me, just my mother’s son, and yet I am flying 37,000 feet above the ground. It seems miraculous, and miracles give rise to questions. The first being—what [...]
1Dec2003 | William B. Zieburtz Jr. | 1 comment | ContinuedAn Asset That’s a Liability
One of the things that make the free market (in Bastiat’s felicitous phrase) the “prodigiously ingenious mechanism” it is also makes it vulnerable to destruction: people don’t have to understand how it works. As long as they are free to pursue their own purposes in an environment where life and property are safe, the market [...]
1Jul2000 | Sheldon Richman | 1 comment | Continued-
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