Haz 🇻🇦 @HazThomist Twitter profile

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@Dirla_sama

Haz 🇻🇦

@HazThomist

4 years

@nypost They send young men to die in their wars without remorse but need therapy because they were in the same building as common people.

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Haz 🇻🇦

@HazThomist

9 months

Please tell me why my priest has this in a random cardboard box in the presbytery boiler room

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Haz 🇻🇦

@HazThomist

3 years

"Capitalism is bad because it creates monopolies. I propose we replace capitalism with socialism: one giant monopoly."

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Haz 🇻🇦

@HazThomist

3 years

In 1920, Ludwig von Mises made an important contribution to economic theory with his challenge that socialism was totally unworkable due to the absence of money prices for the factors of production. This short thread will try to sum up the kernel of Mises' calculation problem.

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Haz 🇻🇦

@HazThomist

11 months

Why, yes, I think about Rome every day.

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Haz 🇻🇦

@HazThomist

3 years

The Austrian theory of economic calculation is perhaps the most important theory in the whole corpus of economic science; it is, in short, the theory of civilisation.

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Haz 🇻🇦

@HazThomist

3 years

Once you understand the Austrian view that the cause of the bust is the inflationary boom, you realise that the government measures designed to serve as medicine for the depression/recession are actually poison.

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Haz 🇻🇦

@HazThomist

2 years

Socialists no longer argue, as their predecessors did, that socialism ought to be adopted because it shall produce more wealth than the market system; they argue instead that it shall, in fact, produce less wealth, which they claim is desirable & necessary due to climate change.

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Haz 🇻🇦

@HazThomist

4 years

Not a single economics student I have encountered thus far has ever heard of Mises or even Hayek.

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Haz 🇻🇦

@HazThomist

2 years

@ThisManicMama @edmontonpolice And yet also statistically probable

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Haz 🇻🇦

@HazThomist

4 years

I don't know what Paul Krugman is, but I know he's not an economist.

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Haz 🇻🇦

@HazThomist

3 years

Today marks the 140th birthday of Ludwig von Mises, the greatest economist who ever lived. The great economist elucidated the a priori nature of economics, demonstrated the impossibility of socialism, and theorised the monetary origins of the business cycle.

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Haz 🇻🇦

@HazThomist

3 years

All we need is some hyperinflation and we can all be millionaires.

CNBC

@CNBC

3 years

Inflation’s silver lining: higher salaries

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Haz 🇻🇦

@HazThomist

2 years

@OGRolandRat 10 million young men perished in what they were told was the "war to end war" and save Christian civilisation. Every last one of them died in vain.

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Haz 🇻🇦

@HazThomist

2 years

The great Austrian school economist F.A. Hayek was born on this day in 1899. Truly one of the great economic thinkers.

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Haz 🇻🇦

@HazThomist

4 months

"In condemning us, you condemn all your own ancestors, all that was once the glory of England—the island of saints, & the most devoted child of the See of Peter." St Edmund Campion was killed by Protestant Anglicans and died a martyr for the Apostolic Catholic faith of England.

The Church of England

@churchofengland

4 months

The Church of England is the established Christian church in England. Our roots go back to the time of the Roman Empire, when the church came into existence in what was then the province of Britain. Find out more about our history at .

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Haz 🇻🇦

@HazThomist

3 years

Economics must not be relegated to classrooms and statistical offices and must not be left to esoteric circles. It is the philosophy of human life and action and concerns everybody and everything. It is the pith of civilization and of man's human existence. —Ludwig von Mises

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Haz 🇻🇦

@HazThomist

4 years

@TikTokInvestors Actually, capitalism is the economic system based on private property. Property owners have a powerful incentive to conserve valuable scarce goods. The notion that capitalism leads toward the depletion of the stock of resources is therefore utterly ludicrous.

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Haz 🇻🇦

@HazThomist

1 year

Pius XI in his great Encyclical Quas Primas: “It would be a grave error to say that Christ has no authority whatever in civil affairs, since, by virtue of the absolute empire over all creatures committed to him by the Father, all things are in his power.”

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Haz 🇻🇦

@HazThomist

2 years

@americamag Should the Church also canonise fornicators, adulterers, and those who refuse to attend mass on days of obligation? Go away heretics

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Haz 🇻🇦

@HazThomist

3 years

Australians surrendered their guns to the state and now the state is killing puppies and threatening anyone who leaves their home with imprisonment.

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Haz 🇻🇦

@HazThomist

4 years

The three books that made me an (amateur) economist: 1. Henry Hazlitt, Economics in One Lesson 2. Faustino Ballvé, Essentials of Economics 3. Ludwig von Mises, Human Action

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Haz 🇻🇦

@HazThomist

4 years

The reason I am an adherent of the Austrian school is quite simple. Austrian economists since Menger have placed economics upon the solid foundation of a general theory of human action. They teach that economics is about real people and the choices they make under scarcity.

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Haz 🇻🇦

@HazThomist

3 years

How can anyone compare living standards from 200 years ago to today and conclude that the market economy is a veritable evil that must be abolished? It really does perplex me.

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Haz 🇻🇦

@HazThomist

2 years

1. Tolkien was a devout Roman Catholic. It is absurd and frankly disrespectful to suggest he would countenance such depravity. 2. The Valar are quasi-angelic beings who, like real angels, are incorporeal but can elect to assume a physical form. They are not a pro-trans metaphor.

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Haz 🇻🇦

@HazThomist

3 years

Keynesianism was adopted as the de facto economic doctrine of the state for one reason and one reason only: it afforded the intellectual justification for omnipotent government.

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Haz 🇻🇦

@HazThomist

4 years

A market failure is a voluntary market outcome that an interventionist doesn't like.

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Haz 🇻🇦

@HazThomist

3 years

The government has only three main ways of raising funds for its spending: taxation, borrowing, and inflation. There is no fourth magical and painless way to finance ever-growing spending—someone must always pay.

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Haz 🇻🇦

@HazThomist

3 years

When the state murders, it is called war. When the state steals, it is called taxation. When the state enslaves, it is called conscription. Anarchism, inter alia, is the belief that all men, irrespective of standing, should be held to the same standard of morality and law.

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Haz 🇻🇦

@HazThomist

3 years

The ability of the entrepreneur to earn a profit is directly determined by his ability to provide the consumer with want-satisfaction in the cheapest possible way.

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Haz 🇻🇦

@HazThomist

1 year

The Catholic Church is the largest non-governmental supplier of medicine, food, and education in the world.

God

@TheHolyHighness

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Haz 🇻🇦

@HazThomist

3 years

Interested in Austrian economics and what to know more? Read these 5 books: 1. Hazlitt, Economics in One Lesson 2. Ballve, Essentials of Economics 3. Hoppe, Economic Science & The Austrian Method 4. Mises, Liberty and Property 5. Rothbard, What Has Government Done to Our Money

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Haz 🇻🇦

@HazThomist

4 years

Economics is not about theoretical mathematical models or statistical analysis— it is about human beings and the choices they make in the face of scarcity.

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Haz 🇻🇦

@HazThomist

3 years

The theory of the business cycle might be the most interesting aspect of Austrian economic theory because it encompasses virtually everything in the tradition: subjective value theory, price determination, time preference, inflation, money and banking, and economic calculation.

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Haz 🇻🇦

@HazThomist

4 years

Several people have told me that they want to get into Austrian economics but have no clue where to start. So, I have put together an AE reading list in the order that I think you should read them. This list is off the top of my head, so I've probably left out some key books.

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Haz 🇻🇦

@HazThomist

3 years

The Bolsheviks tried genuine socialism from 1918-21. It was so calamitous that Trotsky said Russia "stared into the abyss." There was mass starvation, cannibalism, and incomprehensible horrors. From 1921 onwards, the USSR was essentially an immensely hampered market economy.

Danny Haiphong

@SpiritofHo

3 years

Reminder that no capitalist country in history can compete with socialism's capacity to achieve both rapid economic growth and social progress. This was true in the 20th century with regard to the Soviet Union. It is just as true in the 21st century in reference to China.

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Haz 🇻🇦

@HazThomist

3 years

Libertarianism that is not antiegalitarian and antidemocratic is not worth entertaining.

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Haz 🇻🇦

@HazThomist

4 years

If you don't like Hoppe, you are a communist.

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Haz 🇻🇦

@HazThomist

4 years

(From the left) Ludwig Lachmann, Friedrich Hayek, Walter Block, and Murray Rothbard.

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Haz 🇻🇦

@HazThomist

3 years

I fear Hayek's political philosophy gets disparaged so much by anarcho-capitalists that they have a tendency to overlook his immense genius as an economist.

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@HazThomist

3 years

"Economic history is a long record of government policies that failed because they were designed with a bold disregard for the laws of economics." -Ludwig von Mises

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Haz 🇻🇦

@HazThomist

3 years

Property does not exist because there are laws, but laws exist because there is property. —Frédéric Bastiat

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Haz 🇻🇦

@HazThomist

3 years

@NewmanJ_R

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Haz 🇻🇦

@HazThomist

2 years

Today marks the 105th Anniversary of the Miracle of the Sun at Fatima, Portugal. Around 50,000 people—believers and non-believers—witnessed the promised miracle. Reading about the miracle played a major role in my conversion to Catholicism. Our Lady of Fatima, pray for us!

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Haz 🇻🇦

@HazThomist

3 years

For Ludwig von Mises, the characteristic feature of capitalism is the sovereignty of the consumers, whereas the characteristic feature of government is violence and oppression.

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Haz 🇻🇦

@HazThomist

4 years

Marx's theory of exploitation is based on a faulty theory of value. Contrary to Marxian doctrine, the value of a good does not derive from the amount of labour expended in its production, but from consumer utility. Marx's whole system was killed by the marginalists in the 1870s.

Gravel Institute

@GravelInstitute

4 years

No matter what capitalists tell you, profit isn't about "ingenuity" or "competition." Profit is actually about something else entirely: theft. Richard Wolff explains.

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Haz 🇻🇦

@HazThomist

3 years

Socialism is impossible. Democracy is impossible. Egalitarianism is impossible.

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Haz 🇻🇦

@HazThomist

4 years

The belief that the establishment has not manipulated the election because it would not act immorally is a deluded one. The establishment bombs children — yes they will rig an election.

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Haz 🇻🇦

@HazThomist

3 years

Today is the 127th birthday of my namesake and one of the eminent thinkers of the 20th century, Henry Hazlitt. His friend the great economist Ludwig von Mises described him as "the economic conscience of our country and of our nation."

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Haz 🇻🇦

@HazThomist

3 years

Economics is a theoretical and deductive science and not a positivist and empirical science. Its propositions are consequently not derived from observational experience, nor are they liable to falsification on that ground, but are derived from a true synthetic a priori axiom.

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Haz 🇻🇦

@HazThomist

3 years

"Prices are a market phenomenon. They are generated by the market process and are the pith of the market economy. There is no such thing as prices outside the market. Prices cannot be constructed synthetically, as it were." — Ludwig von Mises

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Haz 🇻🇦

@HazThomist

3 years

Lastly, while the theoretical analysis of socialism is valid a priori, the Russian experiment 1918-21 is a pertinent example of theory in action. Lenin implemented the unalloyed Marxian programme and what followed was privation and unimaginable human devastation on a mass scale.

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Haz 🇻🇦

@HazThomist

3 years

According to Murray Rothbard, the difference between pure capitalism and state capitalism is the difference between peaceful, voluntary exchange and a collusive partnership between government and business that uses coercion to subvert the free market.

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Haz 🇻🇦

@HazThomist

4 years

The dems printing votes faster than the fed prints money

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Haz 🇻🇦

@HazThomist

3 years

The whole aim of practical politics is to keep the populace alarmed (and hence clamorous to be led to safety) by menacing it with an endless series of hobgoblins, all of them imaginary. ―H. L. Mencken

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Haz 🇻🇦

@HazThomist

4 years

Keynesianism is not economics — it is an egregious sophistry writ large masquerading as a school of economic thought.

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Haz 🇻🇦

@HazThomist

3 months

@LiterallyCanada and yet minnesotta never ruled a third of the entire planet

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Haz 🇻🇦

@HazThomist

3 years

Returning to normal does not produce inflation. Massively expanding the money stock produces inflation.

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Haz 🇻🇦

@HazThomist

3 years

@JackPosobiec Google Lew Rockwell, Murray Rothbard, and Hans Hermann-Hoppe.

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Haz 🇻🇦

@HazThomist

3 years

@chillywillers

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Haz 🇻🇦

@HazThomist

3 years

The free market is something that we have never had completely at any time and may never have. Nonetheless, the closer we get to it, the better off we shall be.

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Haz 🇻🇦

@HazThomist

4 years

Capitalism has benefited the ordinary masses in a double way - both by greatly increasing their productivity and income and by reducing the real prices they had to pay for what was produced.

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Haz 🇻🇦

@HazThomist

3 years

@SallyMayweather Fixed it😉🤣

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Haz 🇻🇦

@HazThomist

4 years

Happy 126th birthday to one of my heroes, the great Henry Hazlitt. His book "Economics in One Lesson" was my, and so many others, first introduction to sound economics and the thought of Ludwig von Mises and the Austrian school. Truly one of the great economists of his era.

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Haz 🇻🇦

@HazThomist

4 years

Economics is a division of praxeology. What Mises termed "the science of human action"

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Haz 🇻🇦

@HazThomist

3 years

Originally, the term inflation meant an increase in the amount of money (and credit) in the economy. However, it has come to mean a general increase in prices. This is a pernicious change because it shifts attention from the cause to the effect of monetary expansion.

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Haz 🇻🇦

@HazThomist

1 year

@ClassicalTheis Protestantism leads to secularism and liberalism? Wow. I didn't know that you're telling me now for the first time

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@HazThomist

17 days

@NxlAnglo statistically Ahmed is more likely to be unemployed or perhaps an uber eats driver

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Haz 🇻🇦

@HazThomist

4 years

There is no such thing as a "public good" because the public is not a conscious being that is capable of determining a scarce resource as being serviceable in the satisfaction of its subjective preferences.

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Haz 🇻🇦

@HazThomist

2 years

Money is perhaps the greatest invention of the human mind; it makes possible a peaceful society based on the division of labour. This is why what government has done to our money is utterly unforgivable.

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Haz 🇻🇦

@HazThomist

3 years

In the market economy, the concepts of market prices, business profit and loss, and capital and income accounting are the means by which scarce and versatile resources are rationally assigned and directed to the satisfaction of the more urgent wants of society's members.

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Haz 🇻🇦

@HazThomist

3 years

“The State is an inherently illegitimate institution of organized aggression, of organized and regularized crime against the persons & properties of its subjects… a profoundly antisocial institution which lives parasitically off of productive private citizens." —Murray Rothbard

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Haz 🇻🇦

@HazThomist

4 years

All government operation is wasteful, inefficient, and serves the bureaucrat rather than the consumer. -Murray Rothbard

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Haz 🇻🇦

@HazThomist

3 years

We are incredibly wealthy DESPITE government interference with the market process. Just think how wealthy we would be if the market was completely unhampered.

Per Bylund

@PerBylund

3 years

Despite a century of money-printing, intended (in part) to lower people's (real) wages, our standard of living still increased by a lot. That's (mostly) due to the productivity of market-based production.

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Haz 🇻🇦

@HazThomist

3 years

The Federal Reserve has existed for scarcely more than a hundred years, yet most people cannot conceive of the possibility of a functioning economic system without a monopolist central bank.

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Haz 🇻🇦

@HazThomist

4 years

The market economy is entrepreneur driven, not demand driven.

Per Bylund

@PerBylund

4 years

If the economy is demand driven, then Steve Jobs (along with virtually every entrepreneur) is wrong.

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Haz 🇻🇦

@HazThomist

3 years

In the short term, inflation can provide a productive stimulus. But it is always a false stimulus. Inflation leads to malinvestment and malconsumption. It distorts and misdirects the balance of production. It undermines the free enterprise system and paves the road to serfdom.

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Haz 🇻🇦

@HazThomist

3 years

Thus, resource allocation under socialism would be utterly confused and chaotic. Socialist planners would not know the relative importance of the various inputs and outputs and would therefore not know what consumers want producing.

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Haz 🇻🇦

@HazThomist

3 years

When the complete history of libertarian thought is written, Hans-Hermann Hoppe will rank as one of the greatest libertarian theorists of all time. You won't even be a footnote.

David Boaz

@David_Boaz

3 years

@fakertarians Guess who isn’t mentioned in

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Haz 🇻🇦

@HazThomist

3 years

Since socialism entails the abolition of private ownership of the factors of production, there can be no markets for factor units and, consequently, no market prices for them. Without market prices for producer goods, economic calculation on the basis of money is impossible.

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Haz 🇻🇦

@HazThomist

4 years

Economics deals with the real actions of real men. Man with all his weaknesses and limitations, every man as he lives and acts, is the subject matter of economics. —Ludwig von Mises, Human Action

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Haz 🇻🇦

@HazThomist

3 years

The foundation of any and every civilization, including our own, is private ownership of the means of production. Whoever wishes to criticize modern civilization, therefore, begins with private property. ―Ludwig von Mises

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Haz 🇻🇦

@HazThomist

3 years

At best, inflation leads to rising prices and the boom-bust cycle. At worst, it leads to the disintegration of the division of labour and the entire market system.

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Haz 🇻🇦

@HazThomist

2 years

@PerBylund As Mises said: "Economic history is a long record of government policies that failed because they were designed with a bold disregard for the laws of economics."

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Haz 🇻🇦

@HazThomist

4 years

Profit is an indication that value has been created. Loss is an indication that value has been destroyed. It is profoundly regrettable that so many are gulled into being supportive of measures that undermine the former and subsidise the latter.

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Haz 🇻🇦

@HazThomist

3 years

Today would be Murray Rothbard's 95th birthday. In the history of human thought, Rothbard ranks, in my opinion, among the likes of Aristotle, Locke, and Kant; he was an intellectual titan. An exceptional economist and, I submit, the greatest philosopher of his time. RIP.

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Haz 🇻🇦

@HazThomist

3 years

Ludwig von Mises with French economist Jacques Rueff.

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Haz 🇻🇦

@HazThomist

3 years

No Austrian denies this. As Kirzner stresses, misallocations are revealed in losses and profitable discrepancies, thereby promoting corrective action. Hence misallocation is self-liquidating in the market economy. To quote Bob Dylan, don't criticise what you can't understand.

Adam Friended

@Friended4Ever

3 years

I just read a giant long Mises thread that basically says business can't tell the future and sometimes their spending is not profitable. Did he just admit the holier than thou private sector can waste resources too? 😂

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Haz 🇻🇦

@HazThomist

4 years

Property does not exist because there are laws, but laws exist because there is property. —Frédéric Bastiat

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Haz 🇻🇦

@HazThomist

3 years

Historical trend: The government increases the quantity of money and credit. Price inflation results. This is not popular with citizens qua consumers. Therefore, the government promises to intervene to prohibit future price rises. Shortages and discoordination ensue.

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@HazThomist

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Haz 🇻🇦

@HazThomist

4 years

If you ever feel like a failure just remember that the Federal Reserve was created in 1913 to ensure price stability.

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Haz 🇻🇦

@HazThomist

3 years

"Economic calculation is the fundamental issue in the comprehension of all problems called economic." Ludwig von Mises

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Haz 🇻🇦

@HazThomist

3 years

The lessons of price controls are soon forgotten. They apparently must be relearned by mankind every now and then.

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Haz 🇻🇦

@HazThomist

3 years

Profit & loss are therefore determined entirely by success or failure in adjusting production to the wishes of the consumers. The entrepreneurial quest for profit diverts resources from less desirable uses into more desirable uses. Consumer sovereignty guides resource allocation.

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Haz 🇻🇦

@HazThomist

4 years

How different things would be if the economics profession had listened to Mises and not Samuelson.

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Haz 🇻🇦

@HazThomist

3 years

The prices of consumer goods are determined by the subjective valuations of the consumers, and the prices of the factors of production are determined indirectly by the consumers through entrepreneurial bidding predicated on expected future consumer good prices.

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Haz 🇻🇦

@HazThomist

3 years

The genius and immense interdisciplinary knowledge of Ludwig von Mises and Murray Rothbard continues to astound me. They are without question two of the greatest social thinkers not only of their respective ages, but of all ages.

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