Probability and Insurance | Hans-Hermann Hoppe

Archived from the live Mises.tv broadcast, this lecture by Hans Hoppe was presented at the 2011 Mises University in Auburn, Alabama.

[@NixontheVix3n]

I really wish this guy was still at UNLV.

[@aretlev]

I didn't know Mises had a brother.

[@liamphillips4370]

I always consider the three greatest modern economists to easily be Mises, Rothbard, and Hoppe. I have unimaginable respect for people like Kinsella, Block, Rockwell, and Murphy, but if I could only choose three, you bet it'd be the aforementioned trio.

[@Jingles2423x]

Hans-Hermann Hoppe is great!

[@ambagoli21]

yea, he came from a very mathematically and scientifically proficient family. In Mechanics, a Von Mises Stress is an average stress acting in an element in a specimen.

[@henrymoore3128]

22:30

[@theoriginalanomaly]

Unemployment insurance is a little different. You cannot collect unemployment if you quit or do something to get fired. Only if work ceases and you are laid off. The business' pay the premium, and the more people they let go, the higher the premium. So simply it is a forced savings program paid for by the employer, and the employers do share risk in some ways. Also, unemployment has a set amount of benefit based on what is paid in. These risks are possible to calculate and adjust. Also, it sucks

[@Keimh3regPeh2uMeg]

22:30 3H tells it like it is!!!

[@zombiedude347]

So weather forecasts being innacurate could be because they don't follow probability calculus.

[@senselessnothing]

It's mainly because of chaos(sensitivity to initial conditions) and the outrageous amount of variables that have to be considered to predict it. It's a softer version of the problem with empiricism in economics. The good part about the weather is that it's a physical system instead of a human system like economics are and therefore you can make predictions that are reasonably realiable for about a week.
Another big advantage of weather forecasting vs economic forecasting is the quantification of the elementary processes. Weather scientists have well founded predictors like pressure and temperature whereas economists have much more ill defined predictors like GDP and unemployment.

[@easeeed]

Hermann Ze German

[@theoriginalanomaly]

@kolarma11 Sure, but you could also be fired in that case. Why wouldn't they just fire you instead so they wouldn't need to pay the unemployment? The company pays a higher rate based on how many people it lays off, and has to continue to make the premium payment while the employees are getting the unemployment. So firing an employee and hiring a new one would be preferable if you are a bad employee.

[@Attalic]

glory to comrade Tito

[@ohad157]

Das ist just Bullschit (:

[@ballisticpug6764]

Okay lol