I appreciate everyone’s comments on my intro to my “Capitalism and Socialism” course; indeed, one of the first things we’re going to do is figure out exactly what we mean.
Two themes we will explore are the emergence of social order and the restriction of coercion. That’s part of what my Forbes column today is about. Attempts to centrally plan a response strategy to pirates runs into the knowledge problem. Further, Peter Leeson has done some fascinating work on the emergence of cooperation among pirates. You can find a symposium on his The Invisible Hook: The Hidden Economics of Pirates that was published in the Review of Austrian Economics here.
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pirates indeed…
http://www.4shared.com/document/hiobPFk3/Peter_Leeson_-_The_Invisible_H.htm
Everyone in Wisconsin, Ohio, Indiana, New Jersey, New York, Florida, Iowa, Penna., Michigan, VT., MA, And MD. Should read this article (or have it read to them) as it is so clearly applicable to the events currently taking place within those states. The fact that state governments agree to pay enormous salaries and benefit packages to their public employees(unions) and then stick it to the tax payers is creating tremendous problems for the current taxpayers but, future generations will be faced with tax levels at rates as yet unseen in the history of America.
But, not surprisingly , the voters and tax payers are turning on the governors and legislators who are trying to rein in the out of control spending. The reason is simple enough, they are too stupid to comprehend basic 101 economics. You can’t spend money you don’t have , because it is not money, it is creation of debt. Debt that will become too large to ever be repaid. Their only out is a short term fix, just pay the interest, but soon they cannot pay that either and default will occur.
Thanks, newson!
The pirates book seems pretty interesting and worthwhile, however I can’t let this one go which I found in the first chapter:
I would instead say, “Governments aren’t charitable or beneficial organizations at all. They attack innocent people indiscriminately for their own gain. Their use of privateers to attack innocent people from other countries is a clear demonstration of this.”
The only place this roulette systems are available to try is on http://www.moneyblowers.com and it free for 4 hours, and no need to download.
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