[cboyack]

Assuming an unhampered market economy free of government intervention, If the local gas prices in NJ skyrocketed, people would shift gasoline supplies to NJ to take advantage of the price discrepancy, driving prices down in NJ towards the market clearing price. High gas prices definitely hurt, but we live in an imperfect world of scarcity and economic laws will always apply. The market must be allowed to adjust accordingly with price signals.

-Andrew

[cboyack]

Can you provide some citations for where he attempts to make that distinction? I’m assuming it’s in one of the Federalist papers, but I would be interested to go over it and see what (if anything) I can make of it.

[cboyack]

I would also highly recommend Ron Paul’s excellent Liberty Defined: 50 Essential Issues That Affect Our Freedom.

[cboyack]

When talking about the Federal Reserve system, I personally try to avoid stuff that will cause people to label me a kooky conspiracy theorist. Instead, I get into Austrian Economic theory and history that is generally accepted as fact.

Start mentioning the Rothschilds and people will either instantly put up mental blocks and won’t be as receptive, or simply dismiss you as being obsessed with inconsequential and irrelevant stuff.

-Andrew

[cboyack]

Ok, I see what you’re referring to now. I didn’t realize that Rothbard was building on Hayek’s work with that graphic representation. The height is determined by the number of stages of production, the slope is determined by the interest rate, and the length represents what is spent on a single good or the aggregate supply of all goods in the similar diagram on page 391?

-Andrew

[cboyack]

I agree with you that the right to secession was separate from slavery. My point is that the motivation for secession wasn’t completely unrelated, but I now realize that isn’t even the issue, so don’t mind me…

-Andrew

[cboyack]

I’m curious how the southern states seceding was a separate issue from slavery when the issue of slavery was mentioned among the reasons for secession?

-Andrew

[cboyack]

I’m not finding an trapezoids in Man, Economy, and State, but i’ll keep my eye out for them.

I read the Mises institute’s pocket edition of the Economic Calculation in the Socialist commonwealth, and there is a short section at the end written by Jo Salerno where he was critical of Hayek in emphasizing the knowledge problem over economic calculation, but also seemed to indicate that some parts could compliment Mises’ work?

-Andrew

[cboyack]

I wondered the same thing. I was ‘conscripted’ into jury duty last spring, and had the unfortunate luck of being assigned to a trial as a jury alternate. During the briefings from the judge before the trial began, she made it clear that the jury’s responsibility was to determine whether or not the defendant was guilty of the crime being charged with, and seemed to imply that we shouldn’t worry about the law itself. Fortunately, the trial was about embezzlement instead of artificial created crimes.

It was an interesting experience, but not one that I hope to go through again…

[cboyack]

In the short biography of Hayek by Peter Klein that you linked to, he mentioned the Hayekian triangle. What is it, how does it work, and how useful is it?

I’ll admit that I’m hesitating more and more with studying Hayek. I initially liked him, but lately i’m becoming more and more doubtful as I’m seeing more differences between him and Mises.

In the last live session(question #9 about this was from me), you did recommend studying Hayek, but as for me, the extent of my economic knowledge comes from reading Austrian economic books and listening to economic lectures here and at Mises.org, Recognizing and understanding where and how Hayek went wrong would be difficult if not impossible on my own.

Has anyone taken Hayek’s ideas such as the knowledge problem, ect and correctly applied them to the Misesian economic framework?

Either I’m unnecessarily making a big deal out of it and I should study him, carefully, or maybe I should stay away from Hayek until later on when i’m much more fluent in Austrian Economics.

[cboyack]

Did Hayek disagree with Mises regarding the economic calculation problem with socialism, or was he merely trying to emphasize another problem with socialism?

[cboyack]

I’m not sure that the government or the federal reserve has to worry about us abandoning the dollar. Legal tender laws limit our ability to abandon the dollar and use commodity money such as gold or silver instead.

[cboyack]

Dr. Herbener,

I read the articles you and the others suggested. Very interesting.

As I try to study and learn Austrian Economics here at home, should I dismiss Hayek and focus on the Mises and Rothbard tradition, or are there any aspects of Hayek’s contributions to the Austrian school that you recommend studying?

[cboyack]

I haven’t read the Anti Capitalist Mentality yet, but I have read Liberalism by Mises.

I’ve never heard of One is a crowd, but Income tax: root of all evil by Chodorov is on my reading list.

[cboyack]

I just finished reading For a New Liberty:The Libertarian Manifesto this afternoon. Fantastic read, and really expands on some of the ideas in the Power and Market portion of Man, Economy, and State.

[Author]

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