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The art of economics consists in looking not merely at the immediate hut at the longer effects of any act or policy; it consists in tracing the consequences of that policy not merely for one group but for all groups—Henry Hazlitt

Showing posts with label Complex system. Show all posts

Wednesday, November 21, 2012

Quote of the Day: The Energy Available to a Society Depends on the Organizational System

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Civilizations based on conquest inevitably decline when they meet their match…or just run out of energy. Civilizations that expend their e...

Saturday, November 03, 2012

On the Central Planner’s Forecasting Failures

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Do central planners have detailed or accurate knowledge about the workings of the markets and the economy? From Bloomberg , The Ban...

Saturday, December 17, 2011

Chart of the Day: Economic Freedom, Corruption and the European Debt Crisis

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From Gallup (including chart) Residents in wealthier EU countries with the most unsustainable debt burdens -- including Greece, It...

Monday, December 05, 2011

Quote of the Day: How Interventions Destabilizes

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The critical issue in both cases is the artiﬁcial suppression of volatility -- the ups and downs of life -- in the name of stability. I...

Tuesday, August 03, 2010

Quote Of The Day: No Scientific Understanding Of Human Society

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From James Manzi, (hat tip Prof Arnold Kling ) ``At the moment, it is certain that we do not have anything remotely approaching a scienti...

Thursday, April 02, 2009

Nassim Taleb at CNBC: Understanding Risks From Complex Systems

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CNBC's interesting interview with Black Swan author Nassim Taleb...

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