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- #janetYellen says a haircut on U.S. treasuries would be a disaster, but sees no problem on imposing an even larger haircut on U.S. dollars!
- How can the Fed's rase rates, when its stated criteria for doing so, participation and involuntary part-time employment, are getting worse?
- With a trade war on the horizon, China, Japan, and others could even go a step further and start dumping US debt on the market. That means bond prices will tank even faster and yields will increase. That's bad news! http://bit.ly/2Hepdkk
- Trying to write a very concise explanation of what the Fed does when it engages in QE. Help appreciated
- Fed stuck between a rock and a hard place about upcoming meetings. Learn about it in this week’s Fed Up Friday: https://t.co/jdHrYJEEwK
- The government wants to check my cat
- Included in the box of my father's effects that the Federal Prison System sent me were over a hundred letters belonging to another inmate!
- Any investment advice besides "buy gold bars"?
- Everyone is supporting Rand, right?
- When the next recession hits, the Fed will cancel plans for tightening, & it may even throw in a few bailouts. http://bit.ly/2iM0oFA
Thursday, December 17, 2015
What can a subjectivist say makes free markets preferable?
When I ask Austrians what makes markets desirable, I often hear the answer the line about markets "allocating goods to their highest-valued use." But any consistent subjectivist knows that we can't make interpersonal comparisons of utility/value, which means there is no "highest-valued use." What, then, can we say markets do or tend to do that makes them desirable to alternatives? We might say that markets make best use of dispersed and inarticulate knowledge, but what does this mean as a result? What general statement can we say about the markets' outcomes that is consistent when the school's foundational subjective theory of value. In short, my question is: What can an Austrian say markets do? Why choose markets?