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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 local knowledge. Show all posts

Wednesday, November 06, 2013

Why Small is Beautiful

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At the Daily Reckoning , Dominic Frisby has a splendid article on why small societies have mostly been prosperous First Mr. Frisby note...

Friday, June 01, 2012

Austrian Capital Theory and the Market Process

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The beauty of Austrian economics is of its emphasis on the nitty-gritty of the market process. And capital theory, which has largely ignored...

Friday, October 28, 2011

Entrepreneurial Knowledge and Failure as Virtue

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Entrepreneurial knowledge and the societal acceptance of failure should be seen as stepping stones or building blocks to economic progress. ...

Saturday, March 26, 2011

Markets Operate Under The Hayekian Knowledge Framework

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Markets, acting on and coordinated by information, are likewise distinct, dispersed and localized. Winnie Phua of Matthews International C...

Saturday, January 30, 2010

Video Interview: Macro Economist Kenneth Rogoff Versus 'Enterpreneur' Tom Gloser On The Global Economy

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This is an interesting video interview by CNBC of Harvard's Ken Rogoff and Tom Gloser of Thomson Reuters in Davos. It is interesting bec...

Monday, September 21, 2009

The Myths Of Government’s Managing The Economy

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`The paradox of "planning" is that it cannot plan, because of the absence of economic calculation. What is called a planned econom...

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