Plutarch on ''Parallel Lives'': 'Demosthenes could not have said it better'; With respect to interventionist economic policies of progressive politicians: ''The end of economic theory is the beginning of unregulated production''.
And yet governments, corporations & central banks are just ignoring what Mises theorized about a calculation problem, and they are making progress in solving it any because they have economic incentives to do so.
@@dwwolf4636 Austrian economists praise entrepreneurs for their ability to solve problems. Why can't businessmen make progress in solving the calculation problem?
@@albionicamerican8806It's not a "solvable" problem but one that can only be heuristically approximated, the claim being that market prices formed by voluntary exchange provide the best means to convey information about scarcity and demand and, therefore, the only efficient means to allocate scarce means which have alternate ends.
Well done, Joe!
Thanks, Joseph.
Plutarch on ''Parallel Lives'': 'Demosthenes could not have said it better'; With respect to interventionist economic policies of progressive politicians: ''The end of economic theory is the beginning of unregulated production''.
And yet governments, corporations & central banks are just ignoring what Mises theorized about a calculation problem, and they are making progress in solving it any because they have economic incentives to do so.
How are they are "solving" it? And how do you measure that "progress"?
You can't calculate the average weight of a unicorn.
@@dwwolf4636 Austrian economists praise entrepreneurs for their ability to solve problems. Why can't businessmen make progress in solving the calculation problem?
@@albionicamerican8806It's not a "solvable" problem but one that can only be heuristically approximated, the claim being that market prices formed by voluntary exchange provide the best means to convey information about scarcity and demand and, therefore, the only efficient means to allocate scarce means which have alternate ends.