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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 market prices. Show all posts

Friday, October 26, 2012

Quote of the Day: The Knowledge Problem

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As with Hayek’s work, central to Pennington’s book is a deep understanding of the knowledge problem. This of course involves understandi...

Sunday, October 14, 2012

The Philippine SEC’s Phantasm of “Trading Gangs”

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Below is an example of Hayek's Fatal Conceit applied to the Philippines From the Business Mirror , The Securities and Exchange C...

Monday, October 01, 2012

Quote of the Day: Prices and the Myth of Energy Budgets

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There is no "energy budget" any more than there is a lumber budget, coffee budget, iron budget or oatmeal budget. There are supp...

Friday, September 21, 2012

Quote of the Day: Economic Calculation

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Without private ownership in the means of production, there will not be a market in the means of production. Without a market for the mean...

Sunday, August 29, 2010

The Road To Inflation

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``The incorrigible inflationists will cry out against alleged deflation and will advertise again their patent medicine, inflation, rebaptisi...

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