Lesson #242 - Austrian Economics For Dummies - Progressing Economy - Part 3 of 3
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Unemployment
Once the socialists and communists have thoroughly ignored these critical points, they continue marching on raising the spectre of unemployment. They question what happens when more efficient machines replace workers. According to them, these workers will be out of a job and their standards of living will fall into oblivion like rocks near a black hole's gravity.
In order to study this scenario let's assume that "The Approximator" has been…
Lesson #242 - Austrian Economics For Dummies - Progressing Economy - Part 2 of 3
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Rationale
But why would entrepreneurs wish to increase the amount of consumer goods? Because of consumer demand. Entrepreneurs are greedy and if they see a demand they see the opportunity for profits and the only manner to achieve this is through an expanded production. Thus they acquire more capital goods in order to expand said production of consumer goods.
Please note that up to this point we have not mentioned competition.…
Lesson #242 - Austrian Economics For Dummies - Progressing Economy - Part 1 of 3
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Today we are going to take a look at the different stages at which an economy can be found, their meaning and the explanations as to how these stages operate. We are also going to explain why a progressing economy is the most desirable state of events.
Stationary Economy
Before we jump into the core of this lesson, we need to define a theoretical state in which an economy can…
Communism Was OK - Part 2 of 2
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THE ECONOMIC ISSUE
Same as with freedom, when people from both sided argue about communist economic conditions they conveniently forget to mention the whole story. Same as with freedom, we need to ask which geographic location and which time frame we are referring to when we talk about economic conditions under communism.
Geographically speaking, it is possible to argue that Slovenia (one of the former republics of Yugoslavia) was the…
Communism Was OK - Part 1 of 2
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Over time we have made patently clear that we deeply dislike Communist systems (and any other political system for that matter). But we never really fully explained why. Today we are going to take that topic head on. And no, this is not an obsolete topic because Socialism is in reality Communism-light trending toward Communism. However, we promised you that we won't lie. Thus, you won't find propaganda in here,…
Pakistan - Beggars-R-Us
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So what right? Every day some or other dumb politician buries their country deeper and deeper into debt. So what, right? Well.. . so much! Think! We have been telling you time and time again that the unholy trinity (Tax, Borrow and Spend) is literally killing the world economy. This is neither a joke nor an anecdote. This is your lifegoing down the drain. Sure, with the new money the government,…
BLQ: Is Libertarianism Evil?
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This is our Burning Libertarian Question (BLQ) of the day.
This is an issue that goes to the core of people’s misunderstanding of what Libertarianism actually means and it is also a very common tactic used by our opponents.
THE ARGUMENT
It is being argued that “some” types or Libertarianism may be OK while others are too extreme or unrealistic. Typically what is “OK” is determined by the opponent’s political point of…
Brazil - Yet Another "We Told You So"
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Yesterday the economic news from Brazil was not good. The devaluation (i.e. debasement) of the Real (BRL) reached a historical maximum when the exchange ratio of BRL to USD reached 4:1. Of course, the "official" truth is that what is causing this "issue" are the "renewed worries of the market due to the political and economic crisis which is battering president Rousseff's government". Aha. Uhu.
The numbers are as…
Socialism Does Not Work. We Told You So!
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Yesterday the TUIK (Turkish Statistic Institute) released the 2014 results of their Income and Living Conditions Survey. In it they have tabulated that about 22.2 million Turks live below the minimum wage while in 2013 there were 21.9 million. Clearly, things are getting worse. But that's not the big point. The big point is that the poor-rich gap is one of the biggest in the world (according to the OECD)…
