link: http://ift.tt/1Smftqj
Hot And Trending...
Trending
- March report "How Revolutions, Wars and Plagues are Harbingers of 'Great Changes' in Societies and in Economics" published. http://bit.ly/2y4LJZQ
- Steve Wynn says deficit spending is “degrading” America’s standard of living. See what he says about the debates: https://t.co/nXr3r30CWN
- Somaliland's Private Sector at a Crossroads
- What are the causes of economic bubbles according to the Austrian School of Economics?
- Sure looks like a robust recovery when profits are plunging at Walmart, the nation's largest retailer. Part-time paychecks don't go very far
- My CNBC Asia interview last night: Whole World Has Been Fooled by the Fed’s Con @SchiffGold http://t.co/YcOF0AiN2O
- CEO who raised price of drug by 5000%
- VOXEU: Leveraged bubbles
- Why own gold? A lot of people claim buying gold doesn’t make any sense. http://bit.ly/2xvpsUu
- The Austrian theory of the business cycle continues its comeback
Sunday, April 24, 2016
Monkey's Paw Economics --- steal this book title
I was [thinking](http://ift.tt/1SmfqL3) about Mises's values-free approach to policy and economic-advocacy, ie: suitability analysis, which he undertook so successfully in Austria as a policy analyst in his various capacities, and there occurred to me a good popular-analogy to explain this approach. Suitability analysis of Austrian economics shows the disconnect between means and ends, and is very similar to the popular trope of the [Monkey's Paw](http://ift.tt/1SmfqL5), or another way to put it is [Be Careful What You Wish For](http://ift.tt/1AOGqXu). It is through suitability analysis that we can show two things, both how and why the means of the mainstream cannot achieve their policy ends, and secondarily what ends a policy is in fact likely to achieve and thus often make the very problem worse that was aimed at being improved or solved. I think with this analogy we have a good hook into the mind and interest of the average reader, and this theme could be developed strongly for a popular audience with the kinds of examples that Austrian economists have long developed over the years. But, as I am not credentialed and otherwise busy, I hope one of you will be inspired by this and take it up. Cheers :)