Posted tagged ‘Murray N. Rothbard’

Must Reads For The Week 10/25/14

October 24, 2014
The pen is mightier than the sword...

 The pen is mightier than the sword… (Photo credit: mbshane)

Minimum Wage Increase Blowback: McDonald’s Plans Major Automation By Third Quarter Of Next Year, at economicpolicyjournal.com. You can’t raise wages above what the labor produces. Why do you think private sector union labor was 35% of the work force in the 50’s, and it’s 7% today. Unions priced themselves out of the market. They are now focused on unionizing Government workers, because politicians will always give in to their demands for more tax payer money.

Wal-Mart That Economic Wrecking Ball, at economicpolicyjournal.com. Wal-Mart gets slammed for supplying consumers with products at lower prices.

The Affordable Care Act Will Push More Women Than Men Into Part-Time Work, at economicpolicyjournal.com. Talk about your war on women?

Pipe Lines Pose Fewer Risks Than Compared To Transporting Oil By Rail Or Truck, at fraserinstitute.org. I think it is funny when environmentalists paint themselves into corners when they think they are making the “environmentally correct” decision. Unfortunately they don’t understand that when it comes to making decisions, there are no solutions there are only trade offs.

Quotation Of The Day On The Moral Case For Fossil Fuels, by Mark J. Perry, at aei-ideas.org. Our current standard of living was brought about, and is presently powered by fossil fuels. The only type of power that can compete with carbon based fuels is nuclear energy. Unfortunately we have been brain washed into being afraid of the word nuclear, we won’t even consider it as an alternative energy source.

Hacking Higher Ed. With Competency-Based Education, by Joanne Jacobs, at openstandard.mozilla.org. I saw this at carpe diem blog. Big college’s monopoly in higher education is going to start to crack. The best teacher in a particular subject can teach an unlimited amount of students online, why would you want a countless amount of average college professors who can only teach the limited number of students who attend their classes.

Fed Up With Govt. Misconduct, Federal Judge Takes Nuclear Option, by Sidney Powell, at observer.com. Eric Holder’s  Justice Department used false evidence to accuse Sierra Pacific of starting a wild-fire. Chief Judge Morrison C. England Jr. ordered every federal judge from the Eastern District of California to recuse themselves. The $55 million settlement will probably be set aside because of the misconduct. Why would anyone trust Government bureaucrats to do their job in a non political and unbiased way?

Google vs. The Entire News Industry: And The Winner Is…. at zerohedge.com. This is the creative destruction of the free market happening before our eyes.

Citizen Pulls Cop Over Gives Warning, youtube video. I don’t know if this guy is right. I am impressed with how both acted in this situation. Both were respectful and neither one escalated the situation to a point that it got out of control.

Predatory Journalism, by Thomas Sowell, at jewishworldreview.com. Anything Thomas Sowell writes is a must read.

 

This cartoon is really about big bloated Government in general not just the present administration. Republicans wouldn’t be able to make the present bureaucratic and regulatory mess work more efficiently. Even if they could, they would just be intervening in every aspect or our lives more efficiently. (I saw this at zerohedge.com.)

 

 

 

 

 

 

 

 

 

 

 

Two quotes about the incompetence of big Government.

Murray Rothbard – “Bureaucracy incompetent enough to plan a stationary system, is vastly more incompetent at planning a progressing one.”

George Gilder – “The ambitious agenda of contemporary liberalism simply ensures that Government will do nothing well, except to expand itself as an obstacle of growth and innovation. Government best supports the future by refraining as much as possible from trying unduly to shape it.”

 

 

Must Reads For The Week 3/22/14

March 22, 2014
The pen is mightier than the sword...

The pen is mightier than the sword… (Photo credit: mbshane)

The Philosophy Of Liberty, at libertypenblog.blogspot.com. You have a responsibility to be able to articulate why the philosophy of  liberty is better for individuals and society as a whole, than Government planning. This short video does a great job of explaining why.

France’s Reckoning: Rich, Young Flee Welfare State, at cbn.com. Great video showing what lies ahead if we keep going down the central planning road. Oh I forgot, it can’t happen here! I saw this at libertasfound facebook.

ObamaCare’s Secret Mandate Exemption, online.wsj.com. Did the administration delay the individual mandate until 2016? Looks like you can fudge the truth to get out of the individual mandate, just like the President fudged the truth to get Obamacare passed. I saw this at libertariangirl facebook.

Muray Rothbard On The Only Way To Truthfully Regard Minimum Wage: Compulsory Unemployment, at economicpolicyjournal.com. Brief explanation in typical Rothbardian brilliance. The money quote, Remember that the minimum wage law provides no jobs; it only outlaws them; and outlawed jobs are the inevitable result.”

Top Ten Reasons It Makes Sense Not To Enroll In Obamacare, by Elizabeth Lee Vliet M.D. at eonomicpolicyjournal.com. Who would you listen to concerning Obamacare,  Dr. Vliet, or Lebron James. Lebron James Spreading Propaganda For Obamacare, at economicpolicyjournal.com. I think Lebron James is a good person and a great team mate, but I wouldn’t follow him if he jumped off a cliff.

Warning Russia, Biden Says US Will Defend Allies, by Josh Lederman, at news.yahoo.com. Do you think Lithuania and Latvia are feeling reassured. Bidens threats are more laughable that Obama threats. If you’re not willing to follow through on a threat, don’t make it.

General Motors CEO Apologizes For Deaths Tied To Recalled Cars, by Tom Krisher, at detroit.cbslocal.com, Will the DOJ come down as hard on crony capitalist Obama Motors as it did on Toyota. Toyota Reaches $1.2 Billion DOJ Settlement Over Sudden Acceleration Issues, by Matthew Rocco, at foxbusiness.com.

China’s Housing Problem In One Chart, at zerohedge.com. China’s housing bubble, watch video here, is bigger than ours was in 2008.

Writing Posts Has Become A Marginal Activity

December 9, 2013
Law of Diminishing Marginal Utility

Law of Diminishing Marginal Utility (Photo credit: Wikipedia)

LABOR vs. LEISURE

I haven’t written as many posts the last two months as I have the previous months. The simple reason is I haven’t put as much time into writing as I had before. After rereading a section titled “Factors of Production: Labor Versus Leisure”, in Murray Rothbards tome “Man Economy and State”, I figured out that the law of Marginal Utility was why I wasn’t putting as much time into writing. After some deeper analysis I came to the conclusion that either the law of Marginal Utility explains it or my situation explains the law of Marginal Utility. Let’s try to explain Marginal Utility by analyzing why I haven’t been posting more articles.

THE MARGINAL UNIT

Prior to 2008 I had always spent an hour or two a day reading. I read books about economics, history, and Government, and I also  keeping up on current events on the internet. Reading was a leisure activity that I valued higher than other leisure activities. This higher value was demonstrated by me using time to read instead of  doing something else with that time. My labor was an expenditure of time for the purpose of exchanging what I produced for consumers goods that meet my needs. These needs are related to food, shelter, clothing, transportation, etc, and yes, even leisure.  We exchange what we produce with our labor to pay for our leisure activities (golf or fishing), unless our leisure activities can fund themselves. As the hours we spend on labor increase, a certain point is reached where we decide the expenditure of the next hour on labor is not valued higher than the leisure activity we would undertake with that hour. That hour is the marginal hour. Put another way we have decided that what we could receive in exchange for that hour of labor isn’t valued higher than the leisure activity that we want to pursue with that time. The leisure activity is the marginal activity. It is the  activity we value higher than the next consumers good we could purchase with the time spent on labor. If we worked every hour of the day, we would have the means to fund just about any leisure activity we desired, but we wouldn’t have the time to spend undertaking that activity.

WHAT WE VALUE CHANGES WITH THE PASSAGE OF TIME

When the economic crisis hit in 2008 the number of hours I was working decreased by two to three hours a day on average. The extra few hours I was afforded, could now be spent on any activity, or be divided between different activities, depending on how I valued them. I chose to spend the extra hours studying economics. I now had three or so hours to use reading if I continued to value reading above some other leisure activity. I spent a good part of my leisure time, from September of 08 to September of 12, reading about economics from the Austrian perspective, because I had found the website mises.org in 08. I had already read a lot of F. A. Hayek’s and Thomas Sowell’s books, so I had a fairly solid base of understanding before I took on books like Man Economy and State, Human Action, Prices and Production, The Theory of Money and Credit, and The Failure of the New Economics. Mises.org was also posting two to three articles a day related to the 2008 crisis which really helped me understand the abstract concepts written about in these books, concepts like The Austrian Business Cycle Theory. When I decided to start this website in September of 2012, the unintended consequence was, the time I was spending reading would now have to be used writing and managing the website. Writing for the site was now the activity I was choosing to spend my leisure hours on, and reading became the activity on the margin, which means reading become the activity I would choose to undertake if I had extra hours to spend on leisure.

As I started to get busier with work at the start of the summer, the couple of hours that I had previously spent on leisure activity, were now being spent working. With less leisure time I had to find extra time from somewhere if I was to continue posting articles at the previous rate. I started to write later into the night and began sleeping less hours. I temporarily decided that spending hours writing and managing the website was more valuable than a couple of hours of sleep. By the end of September I decided that I valued those couple of hours of sleep more than I valued the leisure time spent writing. The total number of posts and articles I have written since then, is lower because of my decision. If I want to post more articles I have to take the time from some other activity and use it for writing, and I also have to be more productive with the time I spend writing.

BECOMING INFORMED IS A MARGINAL ACTIVITY

We always wonder why people are not as informed about what is going on as we think they should be. Each individual goes through the same process of valuation about what they will undertake with their leisure time. Becoming informed about economics, Government, and politics takes time, and therefore will compete with other leisure activities for that time. Most people are so busy with work, family, and the daily grind of life, they don’t have a lot of leisure time to spend becoming informed, that’s where we come in. Those of us who are more informed, have to be the go to guys for the busy people who are less informed. I try to tell my friends that I’m putting the time in to learn about what’s going on. I’m condensing the information so they don’t have to spend vast amounts of leisure time searching for it. I tell them all it will take is 20 minutes a day. All they have to do is go to my website, pick three blogs from the blog roll, and read them every day. The accumulative effect will inoculate them from the spin of the media and politicians. They will eventually be able to look at the news, sift out the B.S., find the truth, and pass it on to the next person who doesn’t have time to spend on becoming informed, because it is a marginal activity.

Related ArticleEnds And Values And The Law Of Marginal Utility, by Murray N. Rothbard, at mises.org.

Related ArticleMarginal Utility Is Not Rocket Science, by Frand Shostak, at mises.org.