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When economics is defined as the study of the allocation of scarce resources, then this is the only response,
take money from the wrong people, then give it to the right people.
Our dbh takes a different tack, the above definition is not denied but relegated to one of several including pricing, productivity, and above all, the question of, how to increase the size of the pie?
That is, where does economic growth come from?
dbh challenges the idea that economics is a social science and anything goes, do what you want.
Consider, you have objectives of a high and increasing standard of living, individual freedom, and property rights. Do these conflict, or work together?
I would like to see more discussion on this.
Many Gulch threads are entertaining and we, well me anyway, cannot resist joining in the fun.
But the proposition of dbh is at the core of the Gulch, it needs more refinement, clarification, and examples.
I hope to see this book widely read, and even getting attacked as the rejoinders will help selling the ideas.
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[1] UK physicist Sir Christopher Llewellyn Smith as quoted in the UK Spectator, 14 Jan 2017.
You are not alone in leaving out prepositions in today's writings that have not gone through proof readers.
For example: You have ""The idea is that using linear algebra every variable (state) in the economy can be modeled."
should be: "The idea is that by using linear ..."
or: "The Austrians critique this approach is based on the limits of reason."
should be: The Austrian's critique of this approach is based on the limits of reason."
or maybe even "The Austrian critique of this approach is based on the limits of reason"
or maybe "The Austrians critique this approach as being based on the limits of reason."
I do have some disagreement with the dismissal of philosophy pre-Rand as with David Hume without a discussion of exactly how, in the philosophical climate at the time, that the thinking should be discarded with a bit of hand waving on a keyboard.
My favorite little survey of philosophy is Mathew Stewart's 'The Truth About Everything: An Irreverent History of Philosophy', where he asks: "What does mysticism have to do with philosophy?" ... "Good question. The belief in unbelievable things, whether ghosts or cosmic minds, is incompatible with our most basic understanding of philosophy. Philosophy is the love of knowledge, not superstition. I contend, however, that much of what passes for philosophy is in fact mysticism. Mysticism, in my view, is based on an abstraction from our ordinary, healthy way of knowing things. It is a natural dysfunction of our cognitive apparatus. Philosophy, when understood as something other than a general and favorable disposition toward knowledge, that is, when viewed as a specific project and the source of a privileged sort of knowledge, is just this sort of mysticism."
The ideals of Rand, such as 'man's life qua man' references an ideal man which has to be created, preferably rationally with no error, by a brain. There is only one direct experience of a possible ideal that a person can experience directly and possibly form an experiencable ideal, one's own consciousness. The ideal 'qua man' is not the Platonic kind in some supernatural domain, but rather one that has to be created as a concept and does not exist until created in a mind. Rand had her 'qua man' which does not necessarily match with any other person's ideal man.
Both of them, long ago, read Atlas Shrugged, not paying attention to Galt's speech and got the idea that it was a story about a group of people who thought they were better than everyone else and will not discuss the book with me. My brother is an atheist like I am so any atheistic aspect of the philosophy probably did not bother him. The other guy is at present very religious, believing that one time at a lunch counter, two demons sat down next to him and later in life that God had caused him to end up face down in his driveway with a severe heart attack as punishment for his use of alcohol and other drugs. No idea that just natural processes were involved.
Here is a little thing that you may or may not have seen before. I was wondering how DB would read it? Probably context is very important in reading it, at least my messed up brain seems to need a lot of context in reading.
The phaomnnehil pweor of the hmuan mnid.
Aoccdrnig to a rscheearch at Cmabrigde Uinervtisy, it deosn't mttaer in wath oredr the ltteers in a wrod are, the olny iprmoetnt tihng is taht the frist and lsat ltteer be at the rghit pclae. The rset can be a ttoal mses and you can sitll raed it wouthit porbelm. Tihs is bcuseae the huamn mnid deos not raed ervey lteter by istlef, but the wrod as a wlohe.
Db is an exceptional producer!
Congratulations!
O.A.
It's on my wish list...with a few others...