Calculation and Knowledge

Samuelson makes grandiose and indefensible claims on behalf of the use of mathematics in economics.

Monetary calculation is the guiding principle of action in any society with a division of labor.

I surely should have heard about J.B. Say’s Catechism on Political Economy, but in fact I don’t recall knowing about it.

Economic calculation encompasses everything that trades against money. There is nothing "objective" about them.

[Chapter 11 from Human Action.] Acting man transfers the valuation of ends he aims at to the means. 

It’s interesting how during a bust, the Austrian School suddenly gains greater prominence and people act as if the Austrians are just another

It is one thing to be concerned about the possible impact of the sum of many tiny human actions on the climate of the planet on which we find ourse

Professor Bernanke is giving his testimony to Congress. Blah...Blah...Blah.

I have begun a self-imposed "cognitive therapy" to stop letting thoughts of sunk costs undermine my enjoyment of life

It is not a good thing to destroy wealth.