Calculation and Knowledge

Praxeology and economics have a definite place in the evolution of human history and in the process of scientific research.

In 1920, Ludwig von Mises destroyed the intellectual foundations of the case for socialist central planning.

A socialist management would be like a man forced to spend his life blindfolded.

Bob has Steve Patterson back on the show, to concede that Steve’s skepticism of higher mathematics was right all along.

Left-wing intellectuals such as Polanyi are always weeping about the "Coca-Colaization" of the rest of the world, bemoaning the supposedly lost glories of "folk culture" in the undeveloped countries, writes Rothbard.

Trade-offs are made necessary by scarcity. Individuals must choose between the alternatives forced upon them by reality. A refusal to acknowledge this leads to big problems.  

Demonstrated preference has everything to do with the choices an economic actor faces in a given moment, not all the conceivable options.

Acton says the muse of the historian is Rhadamanthus, the avenger of innocent blood: "The historian must be a judge, and a hanging judge at that, to right the wrongs of history."

Bob reviews Mark Spitznagel's latest book, Safe Haven: Investing for Financial Storms, on which he was a consultant.

Robert Murphy joins the show for a fascinating look at Mark Spitznagel's new book Safe Haven. If you're interested in the intersection of investing and Austrian economics, don't miss this episode!