Podcasts about kirzner

Sabine speaks with Akiva Malamet and Mikayla Novak about the effects of market forces on gender as a social construct, the unlikely pairing of free markets and gender in an age of socialist feminist theory, and their recent co-authored article in Cosmos + Taxis. Episode Notes: "Gender as a Discovery Process: Social Construction, Markets, and Gender" Akiva Malamet and Mikayla Novak https://cosmosandtaxis.files.wordpress.com/2023/10/malamet_novak_ct_vol11_iss11_12_epub.pdf  Randall Holcombe on Spontaneous Order: https://doi.org/10.1177/1473095212458270 David Pozen "We Are All Entrepreneurs Now":  https://papers.ssrn.com/sol3/papers.cfm?abstract_id=1044021  Immanuel Kant first introduces the concepts of "phenomena" and "noumena" in his critical philosophy, particularly in his work titled "Critique of Pure Reason" (Kritik der reinen Vernunft), which was first published in 1781.   Isreal Kirzner on Entrepreneurship: https://www.econlib.org/library/Enc/bios/Kirzner.html  Jason Kuznicki "Human, Transhuman, Transgender.": https://www.libertarianism.org/columns/human-transhuman-transgender   

Le quattro caratteristiche fondamentali della Scuola Austriaca di economia, i suoi cinque contributi più importanti, le lontane origini che risalgono agli scolastici spagnoli tra il XVI e XVII secolo e, infine, gli sviluppi definitivi a partire dal XIX secolo con Carl Menger e Bohm Bawerk, continuati poi nel XX secolo con Mises, Hayek, Rothbard, Kirzner....

La obra basada en un cortometraje español nominado a los Premios Oscar y Goya en 2022, "se trata de una reunión de consorcio que analizan entre todos los vecinos si admiten el ingreso al edificio a una persona con una especie de retraso mentla, pero que no se sabe bien qué es. De ahí nos agarramos de los pelos planteando las típicas posturas de humor argentino entre lo patétitoc y grotesco", explicó Gustavo Garzon, actor y director, parte del elenco de Votemos, la obra de tetra en la que participa junto a Agustina Cherri, Juan Gil Navarro, Virginia Lago, Tomás Kirzner, Carlos Portaluppi, Muriel Santa Ana y Alan Daicz, en el Teatro Metropolitan. "Es un tema que se vuelve interesante de analizar, es juzgar antes de saber", aclaró. La misma, habla con mucho humor y agudeza y coloca un espejo a la sociedas  frente a sus miedos, estereotipos y contradicciones, que ya no podrán esconder, poniendo la tolerancia a prueba. Encuentro Nacional, lunes a viernes de 17.00 a 19.00 Con Luisa Valmaggia, Jorge Halperín, Eduardo Anguita, Alejandro Rodríguez Bodart, Leticia Martínez, Gastón Fiorda, Silvia Bacher, Gisela López, Luciana Peker y Daniela Bruno.

Université d'été IES-IREF 20-22 juillet 2023 (détails, inscriptions, bourses) ⁠https://ies-europe.org/fr/event/universite-dete-2023/⁠ Pierre Garello est économiste, Professeur des Universités, en poste à la Faculté de Droit et de Science Politique d'Aix-en-Provence. Après un doctorat aux Etats-Unis il a parcouru l'Europe et le monde à la rencontre des promoteurs d'une économie de marché au service de la prospérité et du progrès social. Après quelques années de pause dans l'organisation, il a relancé les traditionnelles "Universités d'Eté" d'Aix-en-Provence, où des intervenants de tous pays et de toutes disciplines se retrouvent dans un cadre convivial et discutent du rôle que peuvent jouer les idées libérales dans le monde actuel. Cette année le thème retenu est la gestion des crises. Cet entretien a été enregistré à Aix-en-Provence en juin 2023. Pour soutenir l'émission et sa gratuité, vous pouvez faire un don https://www.contrepoints.org/aider-contrepoints PARTIE 1 :  01:45 - Présentation de l'invité 02:39 - Université d'été 2023 IES-IREF 13:31 - Programme de l'édition 2023 PARTIE 2 : 20:16 - Le problème avec les économistes néo-classiques 25:09 - Chicago School : un libéralisme utilitariste ? 27:48 - Brève introduction aux apports d'Israel Kirzner 34:02 - Le lobbying est-il d'abord causé par l'absence de marché ? 36:30 - Qu'est-ce que l'analyse économique du droit ? 44:44 - Conseils de lecture 49:44 - Le "nudging", un paternalisme moderne 52:52 - Conclusion Pour aller plus loin :  Journal des Libertés (périodique dirigé par Pierre Garello) https://journaldeslibertes.fr Les « Nouveaux Economistes » (Podcast avec Kevin Brookes) https://podcasters.spotify.com/pod/show/contrepoints/episodes/Nolibralisme--pourquoi-ce-nest-pas-arriv-en-France---avec-Kevin-Brookes-e1gl8qb  Concurrence et Esprit d'Entreprise (livre d'I.Kirzner) https://www.amazon.fr/Concurrence-Esprit-dentreprise-Israël-Kirzner/dp/2717849270/ How Markets Work: Disequilibrium, Entrepreneurship and Discovery (I. Kirzner, en anglais, IEA) https://iea.org.uk/publications/research/how-markets-work-disequilibrium-entrepreneurship-and-discovery Traité d'Economie Politique (J-B. Say, 1841, Institut Coppet) https://www.institutcoppet.org/jean-baptiste-say-traite-deconomie-politique-6e-edition-1841/ Tout sur Frédéric Bastiat (projet Bastiat.org)   Gouvernance des biens communs: pour une nouvelle approche des ressources naturelles (E. Ostrom, 2010) https://www.amazon.fr/gouvernance-biens-communs-ressources-naturelles/dp/2804161412/   Suivez-nous sur le web :  Notre site web - ⁠http://www.contrepoints.org⁠   Twitter Contrepoints ⁠https://twitter.com/Contrepoints⁠ Twitter Pierre Schweitzer  ⁠https://twitter.com/Schweitzer_P⁠  Facebook - Contrepoints ⁠https://www.facebook.com/Contrepoints⁠ Youtube - Contrepoints ⁠https://www.youtube.com/@ContrepointsFR⁠ 

Toto Kirzner se sumó a Fútbol o Muerte para debatir con los muchachos sobre Boca, el hijo del Tano, la actuación y ¡mucho más! Mirá este momentazo de Vuelta y Media. --- Send in a voice message: https://podcasters.spotify.com/pod/show/urbanaplayfm/message

Toto Kirzner vino a Vuelta y Media para presentar "Votemos", la obra con Juan Gil Navarro, Agustina Cherri y ¡muchos más actores! Habló de títulos polémicos que dijo alguna vez, compartió cómo es trabajar con su papá (Adrián Suar) y vivió la previa de Fútbol o Muerte. --- Send in a voice message: https://podcasters.spotify.com/pod/show/urbanaplayfm/message

On this episode of the Hayek Program Podcast, we'll hear a book panel discussion of Karen Vaughn's book, Essays on Austrian Economics and Political Economy. In it, Vaughn takes us through her intellectual journey and career. She conducts various explorations of ideas from her career, including wrestling with the concept of equilibrium through the lenses of Kirzner and Lachmann and building upon Hayek's work by applying systems theory to economics, as well as considering the future of Austrian economics. The panel is moderated by Peter Boettke, and they are joined on the panel by:Jayme Lemke, Senior Fellow with the F.A. Hayek ProgramBruce Caldwell, Director of the Center for the History of Political Economy & Distinguished Affiliated Fellow with the F.A. Hayek ProgramViktor Vanberg, Professor Emeritus at Freiburg University & Senior Fellow with the Walter Eucken InstitutIf you like the show, please leave a 5-star review for us on Apple Podcasts and tell others about the show! We're available on Apple Podcasts, Spotify, Amazon Music, and wherever else you get your podcasts. Virtual Sentiments, our new podcast series from the Hayek Program is now streaming! Subscribe today and listen to season one on digital democracy.Follow the Hayek Program on Twitter: @HayekProgramLearn more about Academic & Student ProgramsFollow the Mercatus Center on Twitter: @mercatusCC Music: Twisterium

Hablamos con dos oyentes que están atravesando situaciones muy distintas pero similares a la vez: Por un lado Edith llamó porque no termina de entender lo que le pasa a Quique. Por lo que Sofi Martínez y Toto Kirzner se personificaron y actuaron la situación para encontrarle una solución al dilema de Edith. Por otro, Fátima está saliendo con dos muchachos a la vez y si bien uno le gusta más que el otro no sabe qué hacer. ¡Escuchá este momentazo que se volvió un poco radioteatro en #Perros2023! --- Send in a voice message: https://podcasters.spotify.com/pod/show/urbanaplayfm/message

¡Escuchá la apertura completa! --- Send in a voice message: https://podcasters.spotify.com/pod/show/urbanaplayfm/message

“Ai miei occhi, il professor Mises è e rimane sopra ogni cosa un grande radicale, un radicaleintelligente e razionale e, soprattutto, un radicale nel giusto senso del termine” - Friedrichvon HayekLudwig von Mises è stato uno dei pensatori più influenti del ventesimo secolo. Dopo i primilavori sull'economia monetaria, Mises partecipa alla prima guerra mondiale e, alla suaconclusione, dà alcuni contributi di grande rilievo, che lo segnaleranno agli occhi del mondo.E' del 1919 "Nazione, Stato ed economia", un testo nel quale Mises mette a fuoco conpreveggenza i problemi del nazionalismo nelle aree con importanti minoranze linguistiche.Nel 1920, Mises pubblica il suo saggio sul calcolo economico nell'economia pianificata. Sitratta del più importante attacco teorico mai mosso al socialismo: la nazionalizzazione deimezzi di produzione, spiega Mises, rende impossibile il calcolo economico. Le stesse ideeverranno poi sviluppate in Socialismo, una critica a tutto tondo dell'ideologia più fortunata intutto il Novecento.Negli anni successivi, Mises non smette di lavorare, anche quando è costretto a fuggiredall'Austria dell'Anschluss, per approdare prima in Svizzera e poi negli Stati Uniti. Qui, perquanto con una posizione universitaria precaria, continua a pubblicare e influenzare unanuova generazione di economisti. Una sua biografia s'intitola, non a caso, “L'ultimocavaliere del liberalismo”.Protagonista:Lisa KinspergherOspite:Lorenzo Infantino, professore ordinario di Filosofia delle Scienze Sociali presto l'Università LUISSConsigli di Lettura: - “Socialismo” ([1922], 2020) di Ludwig von Mises, trad. e prefazione di L. Infantino,Rubbettinohttps://www.store.rubbettinoeditore.it/catalogo/socialismo/- “L'Azione Umana” ([1949], 2015) di Ludwig von Mises, trad. e prefazione di L. Infantino,Rubbettinohttps://www.store.rubbettinoeditore.it/catalogo/l-azione-umana/Presentazione del libro, https://www.youtube.com/watch?v=S8PmPwX6HJw- “Libertà e Proprietà” ([1952-1962] 2007) prefazione di L. Infantino e introduzione diMurray N. Rothbard, IBL-Rubbettinowww.amazon.it/Libertà-proprietà-Ludwig-von-Mises/dp/8849817932- “Ludwig Von Mises: The Man and His Economics” (2019), di Israel M. Kirzner, a cura diPeter J. Boettke,https://www.amazon.it/Ludwig-Von-Mises-Man-Economics/dp/0865978654- “Il calcolo economico nello stato socialista” ([1920] 2013), di Ludwig von Mises, trad di P.Belardinelli, Collana eBook “Classici della libertà” IBL Librihttps://www.amazon.it/calcolo-economico-socialista-Classici-libert%C3%A0-ebook/dp/B00HEMI946- “Stato, Nazione ed Economia” ([1919] 1994), di Ludwig von Mises, Bollati Boringhierihttps://www.ibs.it/stato-nazione-ed-economia-contributi-libro-ludwig-von-mises/e/9788833907994- “La Teoria Austriaca del Ciclo Economico” ([1936] 2008), di Ludwig von Mises, IBLOccasional Paper 60https://www.brunoleoni.it/op-60-la-teoria-austriaca-del-ciclo-economicoPer Saperne di Più:- “My Years with Ludwig von Mises” (1984), di Margit von Mises, Mises Institutehttps://mises.org/library/my-years-ludwig-von-mises- “Politica Economica. Riflessioni per oggi e per domani” ([1999], 2007), di Ludwig vonMises, traduzione di Miliana Voltattorni e introduzione di Lorenzo Infantino, Liberilibri.https://www.liberilibri.it/index.php/prodotto/politica-economica- Mises Institutehttps://mises.org/

Note: An article based on the transcript (below) was published as Stephan Kinsella, "Selling Does Not Imply Ownership, and Vice-Versa: A Dissection," The Libertarian Standard (Oct. 25, 2022). An updated and revised version of this article appears as chap. 11 of Legal Foundations of a Free Society (Houston, Texas: Papinian Press, 2023). *** Kinsella on Liberty Podcast: Episode 395. From the recently-concluded Sixteenth Annual (2022) Meeting of the PFS, Bodrum, Turkey (Sep. 17, 2022). The video as well as slide presentation is also streamed below (ppt). I also recorded a version on my iphone. Also podcast at PFP245 | Stephan Kinsella, “Selling Does Not Imply Ownership, and Vice-Versa: A Dissection” (PFS 2022). See the following panel discussion at PFP246 | Hülsmann, Fusillo, Israel, Polleit, Kinsella, Discussion, Q&A (PFS 2022). Transcript below. See published article based on this talk, here: Stephan Kinsella, "Selling Does Not Imply Ownership, and Vice-Versa: A Dissection," The Libertarian Standard (Oct. 25, 2022; https://libertarianstandard.com/selling-does-not-imply-owning-and-vice-versa-a-dissection/); also at Freedom and Law substack. See also Walter Block's response: Walter E. Block, Block, "Rejoinder to Kinsella on ownership and the voluntary slave contract,” Management Education Science Technology Journal (MESTE) 11, no. 1 (Jan. 2023): 1-8 [pdf] For others, see the PFS YouTube channel, including the PFS 2022 YouTube Playlist. [For those interested in the Hoppe ringtone mentioned in the beginning: see this Facebook post or the opening to this podcast by Jared Howe.] https://youtu.be/5Q7chBHfHEQ Odysee: Panel discussion: https://youtu.be/Q3lvh5UqgxU Related: "Against Intellectual Property After Twenty Years: Looking Back and Looking Forward," the section "Selling Does Not Imply Ownership" The “If you own something, that implies that you can sell it; if you sell something, that implies you must own it first” Fallacies Libertarian Answer Man: Self-ownership for slaves and Crusoe; and Yiannopoulos on Accurate Analysis and the term “Property”; Mises distinguishing between juristic and economic categories of “ownership” The Non-Aggression Principle as a Limit on Action, Not on Property Rights IP and Aggression as Limits on Property Rights: How They Differ KOL044 | “Correcting some Common Libertarian Misconceptions” (PFS 2011) KOL049 | “Libertarian Controversies Lecture 5” (Mises Academy, 2011) KOL274 | Nobody Owns Bitcoin (PFS 2019) KOL004 | Interview with Walter Block on Voluntary Slavery and Inalienability Thoughts on Walter Block on Voluntary Slavery, Alienability vs. Inalienability, Property and Contract, Rothbard and Evers “On Conflictability and Conflictable Resources” How We Come To Own Ourselves Aggression and Property Rights Plank in the Libertarian Party Platform A Libertarian Theory of Contract: Title Transfer, Binding Promises, and Inalienability Cordato and Kirzner on Intellectual Property On the Danger of Metaphors in Scientific Discourse Hoppe, “A Note on Preference and Indifference in Economic Analysis” and “Further Notes on Preference and Indifference: Rejoinder to Block,” both in The Great Fiction   Transcript Selling Does Not Imply Owning, and Vice Versa by Stephan Kinsella From the Sixteenth Annual (2022) Meeting of the Property and Freedom Society, Bodrum, Turkey (Sept. 17, 2022) 00:00:11 STEPHAN KINSELLA: Guido opened with some jokes.  I'm not going to have any jokes, but I'll open with a little light-hearted humor.  This is my iPhone's ring tone, my default ring tone [ring tone].  My wife really loves that, at restaurants. 00:00:32 Okay.  My topic is—my title is Selling Does Not Imply Ownership—Owning, and Vice Versa, a Dissection.  So I want to explore two related beliefs, which I think are fallacious, and they stem from confusions about core libertarian principles and confusions intr...

Kinsella on Liberty Podcast: Episode 395. From the recently-concluded Sixteenth Annual (2022) Meeting of the PFS, Bodrum, Turkey (Sept. 17, 2022). This is the audio from my iPhone. Professionally-produced audio and video will be released in a few weeks. The slide presentation is also streamed below (ppt). For others, see the PFS YouTube channel, including the PFS 2022 YouTube Playlist (forthcoming). Related: The “If you own something, that implies that you can sell it; if you sell something, that implies you must own it first” Fallacies The Non-Aggression Principle as a Limit on Action, Not on Property Rights IP and Aggression as Limits on Property Rights: How They Differ KOL044 | “Correcting some Common Libertarian Misconceptions” (PFS 2011) KOL049 | “Libertarian Controversies Lecture 5” (Mises Academy, 2011) KOL274 | Nobody Owns Bitcoin (PFS 2019) KOL004 | Interview with Walter Block on Voluntary Slavery and Inalienability Thoughts on Walter Block on Voluntary Slavery, Alienability vs. Inalienability, Property and Contract, Rothbard and Evers “On Conflictability and Conflictable Resources” How We Come To Own Ourselves Aggression and Property Rights Plank in the Libertarian Party Platform A Libertarian Theory of Contract: Title Transfer, Binding Promises, and Inalienability Cordato and Kirzner on Intellectual Property On the Danger of Metaphors in Scientific Discourse Hoppe, “A Note on Preference and Indifference in Economic Analysis” and “Further Notes on Preference and Indifference: Rejoinder to Block,” both in The Great Fiction  

On this episode of the Hayek Program Podcast, we'll listen to an archived episode, featuring Israel Kirzner, discussing his career as an Austrian economist. Kirzner shares how he started his studies from an accounting focus, having never heard of Austrian economics, until a chance class with Ludwig von Mises changed the course of his career. He goes on to explore the process by which Austrian economics has developed over the years and explains the one insight from Mises it took him 10 years to fully understand. Join us for this exciting trip down memory lane as we hear from one of the key thinkers in Austrian economics!If you like the show, please leave a 5-star review for us on Apple Podcasts and tell others about the show! We're available on Apple Podcasts, Spotify, Amazon Music, and wherever else you get your podcasts.Do you have a question related to the podcast or maybe a show topic you'd like to suggest? Write to us at hayekprogram@mercatus.gmu.edu with your questions and suggestions.Follow the Hayek Program on Twitter: @HayekProgramLearn more about Academic & Student ProgramsFollow the Mercatus Center on Twitter: @mercatusCC Music: Twisterium

Nos visitó el actor Toto Kirzner para presentar "Tierra Incógnita", la nueva serie de Disney Plus. Charlamos del proyecto y se animó a contestar las encuestas de Vuelta y Media. --- Send in a voice message: https://anchor.fm/urbanaplayfm/message

Después de la visita de la semana pasada quedamos muy manijas de saber más sobre la anécdota en el Safari y como los gustos hay que dárselos en vida, hoy Toto nos deslumbró al aire con esta desopilante historia. ¡Dale play!

The Canadian Taskforce to Combat Online Antisemitism is a MIGS project aimed at analyzing current trends in online antisemitism, holocaust denial and distortion, and looking at ways we can build better Canadian resiliency to it while addressing what tech companies and other actors can do to tackle this issue. As part of the project, we are launching a series of podcast episodes. In this episode, MIGS student fellow Nadia Trudel interviews Jaime Kirzner-Roberts the Director of Policy at the Friends of Simon Wiesenthal Center for Holocaust Studies (FSWC).

In recent weeks, there have been two separate incidents of students performing the Nazi salute in Toronto public schools, specifically directed at teachers. These incidents have been widely reported by the news media, but despite the widespread outrage and condemnation, there is a major element of the story being missed in reporting. To help understand the real story, in this episode of The Honest Report, we sat down with Jaime Kirzner-Roberts, Director of Policy at the Friends of Simon Wiesenthal Centre in Toronto. Welcome to The Honest Report podcast. Please subscribe to our podcast, leave a review, and share our show. If you are interested in sponsoring a podcast, visit the HonestReporting Canada website. --- Send in a voice message: https://anchor.fm/thehonestreport/message

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First Tuesday es organizado por Centro de emprendimiento Kirzner de la Facultad de Ciencias Económicas y el primer martes de cada mes tiene como invitado a un destacado emprendedor quién comparte su historia, anécdotas, tips, concejos y herramientas en una conferencia dirigida para emprendedores, este mes de noviembre contará con la participación de Edgar Heinemann, cofundador de CENDIS

In this Empowering Queer Lives episodes, 15 year old Juana Kirzner and I talk about her path to discovering her pansexuality and the dangers of queer social media dialogue. TOPICS COVERED:

Hoy nos visitó Toto Kirzner. Hablamos sobre su presente como actor, nos dió a conocer su top 5 artístico y le cumplimos el sueño de conducir un programa de animales en NatGeo. --- Send in a voice message: https://anchor.fm/urbanaplayfm/message

On this episode of the Alix Turoff Nutrition podcast, Alix sits down with Dr. Amanda Kirzner who is a double board certified in anesthesiology and obesity medicine.  She also holds a Master’s in Public Health in Healthcare Policy and Management. She works as an anesthesiologist in New York, and is in the process of opening her own weight loss practice. She lives with her husband and three small children.  To learn more about Amanda: Connect with her on Instagram: @obesitymedicinedoc   Resources: Apply for Alix’s 12 week group coaching program Apply for Alix’s 1:1 coaching program Follow Alix on Instagram  Join Alix’s private Facebook group Download your FREE Happy Hour Survival Guide Buy Alix’s book on Amazon Shop my favorite products on Amazon Contact Alix via email   Be sure you’re subscribed to this podcast to automatically receive your episodes!!!  If you enjoyed today’s episode, I’d love it if you would take a minute to leave a rating and review! Subscribe to The Alix Turoff Nutrition Podcast Discount Codes: Built Bar: Use the code ALIX for 10% off your order

Principles of Austrian economics have immediate applications in business. Clay Miller, a deeply experienced and highly successful global tech entrepreneur, makes the case via five principles drawn from five easily-accessible sources of Austrian economic theory, with many accompanying examples. Principle 1: The distribution of knowledge requires disaggregated thinking. Source: "The Use Of Knowledge In Society," F.A. Hayek: Mises.org/E4E_92_Hayek Hayek wrote this paper as part of a research program into the problem that economics tries to solve. He defined it as a knowledge problem. Knowledge “never exists in concentrated or integrated form but solely as the dispersed bits of incomplete and frequently contradictory knowledge which all the separate individuals possess”. The implication he drew was for central planning by governments and their departments and committees that would attempt to plan production or set prices. Such central planning is impossible because dispersed knowledge can not be aggregated and so the planners never have enough knowledge on which to base a plan. Quote “The statistics which such a central authority would have to use would have to be arrived at precisely by abstracting from minor differences between the things, by lumping together, as resources of one kind, items which differ as regards location, quality, and other particulars, in a way which may be very significant for the specific decision. It follows from this that central planning based on statistical information by its nature cannot take direct account of these circumstances of time and place…..” Application In our Economics For Business project, we have the opportunity to help entrepreneurs apply the same principle to business knowledge, or data. Too much aggregation can obscure information that is really important and most useful for improving business performance. Here's an example. A frequently used KPI (Key Performance Indicator) is average revenue per customer. It's calculated by aggregating all customer revenue into one number and dividing by the number of customers. For this to be actionable intelligence, it is necessary to assume that spending by each customer is very uniform. But consider the case where average revenue per customer is $190 for a customer base of 10 users, composed of 9 who spend $100 each and one who spends $1,000. The KPI does not suggest that each new customer you acquire will spend $190. In fact, it's more likely they'll spend $100. And, in fact, what you would really like to know is the profile of the $1000 customer and whether that profile, applied in recruiting new customers, would enable you to recruit more $1,000 spenders. You really want to choose metrics that can provide insight into individual customer behavior — like the nature and motivation of the one $1,000 spender. Similar Austrian thinking would apply, for example, to Google analytics, which can profile the type of customer interacting with your website or app, and observable behavior such as conversion rate by page visited, or abandonment rate for specific pages. These are disaggregated statistics that can help you serve customers better. Austrian thinking is rigorous in seeking to identify cause and effect, and to ensure that correlation is not mistaken for causation. A simple example is restaurant data that exhibits a 30% increase in customer traffic on Tuesdays. There's a correlation between day-of-week and traffic increases — but it's not causation. Tuesday does not cause the traffic increase. What does? It requires digging to find out, perhaps, that a local firm offers a perk to office workers to pay for them eating out on Tuesdays. As Hayek would say, this is specific knowledge of time and place, more likely to be qualitative than statistical, embracing the subjectivity that's central to Austrian economics. Principle 2: Consumer Sovereignty requires that entrepreneurs are directed by their customers. Source: Bureaucracy, Ludwig von Mises: Mises.org/E4E_92_Mises This book focuses on the inefficiencies and ineffectiveness of bureaucratic organizational structures and processes. In a chapter titled Profit Management, Mises defines the Austrian concept of consumer sovereignty. Understanding and applying this concept is central to entrepreneurs' capability to create effective value propositions for their offering, brand or business. Quote “Thus the capitalist system of production is an economic democracy, in which every penny gives the right to vote. The consumers are the sovereign people. The capitalists, the entrepreneurs, and the farmers are the people's mandatories. If they do not obey, if they fail to produce, at the lowest possible cost, what the consumers are asking for, they lose their office. Their task is service to the consumer. Profit and loss are the instruments by means of which the consumers keep a tight rein on all business activities.” Application Consumers are the ones driving production. It's up to business managers to make sure that every decision is towards bettering the value proposition offered to customers. For example, the décor in a restaurant should be chosen not because the owner favors it or because an interior designer decrees it, but for the purpose of enhancing the value experience of those consumers the owner wants to attract and to serve. This requires empathy. Consumer sovereignty and entrepreneurial empathy go together. Because consumers are the ones valuing what is produced, they are the ones ascribing value to the product or service the entrepreneur produces. The entrepreneur needs to anticipate what they value, and to do so requires ever-greater closeness to the customer. Clay described the value provided by simple but tasty barbecue restaurants in his home state of north Carolina, in a décor of plastic and paper and small booths. But that wouldn't attract the customers who prefer fine dining in a five star restaurant. The customer decides what experience they value. Startups can usefully anticipate consumer preferences by creating an imaginary perfect customer, and thinking through the value they want and the value the business can facilitate for them. Once in production, get as much feedback as possible on the actual value experience and the customer's feeling about it. Every decision made inside the business needs to be for the purpose of and directed towards improving the customer value proposition and value experience. Principle 3: Human value scales are complex and ever-changing and entrepreneurial empathy is required in order to reach an understanding of customers' value dynamics. Source: Human Action, Ludwig von Mises: Mises.org/E4E_92_Mises2 Human Action is the magnum opus of Austrian economic theory. Every chapter will yield great insights for business. Clay selected value scales as a topic. Quote “It is customary to say that acting man has a scale of wants or values in his mind when he arranges his actions. On the basis of such a scale he satisfies what is of higher value, i.e., his more urgent wants, and leaves unsatisfied what is of lower value, i.e., what is a less urgent want. There is no objection to such a presentation of the state of affairs. However, one must not forget that the scale of values or wants manifests itself only in the reality of action. These scales have no independent existence apart from the actual behavior of individuals. The only source from which our knowledge concerning these scales is derived is the observation of a man's actions.” Application When a person makes a decision to purchase your product or service, they conduct a quite complex evaluation to integrate your offering into their scale of values. And the values and the scale is constantly changing. Consumers are not static robots. Their circumstances change, their preferences for saving or spending change, their time of life or even time of day demand rearranging of value scales. A consumer may have a high preference for Krispy-Kreme donuts. But then they go on a diet. Their value scale changes. Losing weight and increasing fitness are now higher values than enjoying a donut. If you are the Krispy-Kreme donut franchisee, it's important to be aware of the value scale change, and to empathize with the customer. Maybe you could develop a promotion called “Cheat Day” that rewards them with a donut treat after a week of exercise and donut restraint. As Wayne Gretzky used to say, skate to where the puck is going to be, not where it is now. How can you understand value scales? One interview with a customer — what a researcher would call deep, rich qualitative information — can be worth much, much more than survey data. Mises said that we can only know an individual's value scales by observing an individual's actions. Having them answer a survey question such as “How highly do you value this item?” or “What price would you pay for this item?” does not indicate how they would fit the item into their value scale. They may say they would pay $250,000 for a Ferrari, but, when they weighted the experience of owning the Ferrari versus the opportunity cost of foregoing other experiences, would they actually make the purchase? The survey answers won't tell you. Entrepreneurs are rewarded for estimating correctly what the customer values and creating the appropriate value proposition. Principle 4: The market is a discovery process, with uncertainty on both sides of market exchanges. All entrepreneurial actions are tests, with no certain outcomes. Source: Competition And Entrepreneurship, Israel Kirzner: Mises.org/E4E_92_Kirzner This is a seminal work on entrepreneurship. One of the major themes is that markets are a process of discovery. That insight directs entrepreneurs to think in dynamic, process terms. The entrepreneur experiences uncertainty in what he or she is producing, because they are not sure of what customers will value in the future. The customer is uncertain, too, because they're unsure of how they'll value what the entrepreneur produces. Whenever we, as consumers, feel trepidation about “pulling the trigger” on a purchase, we are experiencing this uncertainty. Meanwhile, the producer is anxiously discovering the receptiveness to his or her value proposition. Quote “The market process, then, is set in motion by the results of the initial market ignorance of the participants. The process itself consists of the systematic plan changes generated by the flow of market information released by market participation — that is, by the testing of the plans in the market.” Application Kirzner points out that every plan an entrepreneur has, every value proposition, every offering made to prospective customers can only be a test, a trial. Nothing in the market can be certain. Entrepreneurs are trying to anticipate what customers are going to value, and they can never be sure in advance. That's why entrepreneurs use empathy, to imagine, if they were the customer, what type of experience the customer would be looking for. Entrepreneurs must imagine what customers might enjoy in the future. They must seek the customer's agreement that, “Yes, your product or service delivered what you promised and made me feel better.” One implication of Kirzner's principle of “market ignorance” is for branding. If a brand has accrued a certain level of market reputation, consumers will feel less ignorant. They will feel they “know” a brand that's been producing for 100 years, that is symbolized by the 3-point star that can be seen everywhere, and that is trusted and approved by many other consumers. A brand represents the stored experience and the stored reputation of many customers. Principle 5: All entrepreneurship is for social good, and more social good is achieved by subjecting business to the marketplace test of profit and loss. Source: Austrian Perspectives on Entrepreneurship, Strategy and Organization, Peter G Klein, Nicolai Foss, and Matthew McCaffrey, "Austrian Perspectives On Entrepreneurship, Strategy and Organization": Mises.org/E4E_92_Perspectives In Chapter 4 of this book, the authors discuss the concept of social entrepreneurship. This is an idea that seems to be gaining traction, especially among millennial business owners and millennial entrepreneurs. The idea is that business should be focused on something more than profit and loss. It should provide some “social value”, making the world better. Klein, Foss and McCaffrey provide some robust Austrian thinking with regard to social entrepreneurship. Quote “However, these metaphors (“social value”, etc) often imply a false conflict with traditional entrepreneurship. For example, the contrast between conventional market entrepreneurship and social entrepreneurship implies that the former is somehow not social, or even anti-social. This is misleading, however; for example, Austrians would respond that Mises's calculation argument demonstrates that the entrepreneurial market economy is profoundly social. Entrepreneurs, by bearing uncertainty in an effort to satisfy consumers, work ceaselessly to improve the welfare of all members of society, and their work in turn strengthens bonds of cooperation between individuals and communities, while at the same time disincentivizing conflict and exploitation. This is social behavior in its most fundamental form.” Application Steve Jobs improved society greatly by inventing the iPhone. The impact on society was considerable — better communication and information sharing, and higher productivity for billions of people. Every venture — including social ventures — must grapple with basic economic problems. Taking on a social mission does not relieve the firm of the pressures of the marketplace. Social enterprises are business organizations, and if they earn revenues through the sale of goods and services, they must apply judgement to allocate scarce resources in the face of uncertainty. Genuine participation in the marketplace requires them to be subject to the profit and loss test. Klein, Foss and McCaffrey make the point that “social value” is incalculable. What's good for one individual is not the same as for another. Individuals value things subjectively. When a business pleases one group, it may be adversely affecting another. Profit is not evil. It's impossible to make a profit without serving your fellow man. You are doing good for society by being an entrepreneur, by producing things that people want and value. You forego your own consumption by investing in your business, and so you are making a sacrifice to serve others. And if social entrepreneurs are not subjecting themselves to the profit and loss test — if they are supported by charity or grants — then they are not receiving the signals form consumers that they are allocating scarce resources in the way that consumers — i.e., society — prefers. The ethic of entrepreneurship is to serve, and to make others' lives better, and to receive the approval and reward of customers via the profit and loss mechanism of the market. Downloads and Extras Mentioned in the Episode: "The Use Of Knowledge In Society," F.A. Hayek (American Economic Review, Vol. XXXV, No. 4, September 1945; pp. 519–30): Mises.org/E4E_92_Hayek Bureaucracy, Ludwig von Mises (Yale University Press, 1944): Mises.org/E4E_92_Mises Human Action, Ludwig von Mises (Mises Institute, 1999): Mises.org/E4E_92_Mises2 Competition and Entrepreneurship, Israel Kirzner (Liberty Fund, 1978): Mises.org/E4E_92_Kirzner Austrian Perspectives on Entrepreneurship, Strategy and Organization, Peter G Klein, Nicolai Foss, and Matthew McCaffrey (Cambridge University Press, 2019): Mises.org/E4E_92_Perspectives

Principles of Austrian economics have immediate applications in business. Clay Miller, a deeply experienced and highly successful global tech entrepreneur, makes the case via five principles drawn from five easily-accessible sources of Austrian economic theory, with many accompanying examples. Principle 1: The distribution of knowledge requires disaggregated thinking. Source: "The Use Of Knowledge In Society," F.A. Hayek: Mises.org/E4E_92_Hayek Hayek wrote this paper as part of a research program into the problem that economics tries to solve. He defined it as a knowledge problem. Knowledge “never exists in concentrated or integrated form but solely as the dispersed bits of incomplete and frequently contradictory knowledge which all the separate individuals possess”. The implication he drew was for central planning by governments and their departments and committees that would attempt to plan production or set prices. Such central planning is impossible because dispersed knowledge can not be aggregated and so the planners never have enough knowledge on which to base a plan. Quote “The statistics which such a central authority would have to use would have to be arrived at precisely by abstracting from minor differences between the things, by lumping together, as resources of one kind, items which differ as regards location, quality, and other particulars, in a way which may be very significant for the specific decision. It follows from this that central planning based on statistical information by its nature cannot take direct account of these circumstances of time and place…..” Application In our Economics For Business project, we have the opportunity to help entrepreneurs apply the same principle to business knowledge, or data. Too much aggregation can obscure information that is really important and most useful for improving business performance. Here's an example. A frequently used KPI (Key Performance Indicator) is average revenue per customer. It's calculated by aggregating all customer revenue into one number and dividing by the number of customers. For this to be actionable intelligence, it is necessary to assume that spending by each customer is very uniform. But consider the case where average revenue per customer is $190 for a customer base of 10 users, composed of 9 who spend $100 each and one who spends $1,000. The KPI does not suggest that each new customer you acquire will spend $190. In fact, it's more likely they'll spend $100. And, in fact, what you would really like to know is the profile of the $1000 customer and whether that profile, applied in recruiting new customers, would enable you to recruit more $1,000 spenders. You really want to choose metrics that can provide insight into individual customer behavior — like the nature and motivation of the one $1,000 spender. Similar Austrian thinking would apply, for example, to Google analytics, which can profile the type of customer interacting with your website or app, and observable behavior such as conversion rate by page visited, or abandonment rate for specific pages. These are disaggregated statistics that can help you serve customers better. Austrian thinking is rigorous in seeking to identify cause and effect, and to ensure that correlation is not mistaken for causation. A simple example is restaurant data that exhibits a 30% increase in customer traffic on Tuesdays. There's a correlation between day-of-week and traffic increases — but it's not causation. Tuesday does not cause the traffic increase. What does? It requires digging to find out, perhaps, that a local firm offers a perk to office workers to pay for them eating out on Tuesdays. As Hayek would say, this is specific knowledge of time and place, more likely to be qualitative than statistical, embracing the subjectivity that's central to Austrian economics. Principle 2: Consumer Sovereignty requires that entrepreneurs are directed by their customers. Source: Bureaucracy, Ludwig von Mises: Mises.org/E4E_92_Mises This book focuses on the inefficiencies and ineffectiveness of bureaucratic organizational structures and processes. In a chapter titled Profit Management, Mises defines the Austrian concept of consumer sovereignty. Understanding and applying this concept is central to entrepreneurs' capability to create effective value propositions for their offering, brand or business. Quote “Thus the capitalist system of production is an economic democracy, in which every penny gives the right to vote. The consumers are the sovereign people. The capitalists, the entrepreneurs, and the farmers are the people's mandatories. If they do not obey, if they fail to produce, at the lowest possible cost, what the consumers are asking for, they lose their office. Their task is service to the consumer. Profit and loss are the instruments by means of which the consumers keep a tight rein on all business activities.” Application Consumers are the ones driving production. It's up to business managers to make sure that every decision is towards bettering the value proposition offered to customers. For example, the décor in a restaurant should be chosen not because the owner favors it or because an interior designer decrees it, but for the purpose of enhancing the value experience of those consumers the owner wants to attract and to serve. This requires empathy. Consumer sovereignty and entrepreneurial empathy go together. Because consumers are the ones valuing what is produced, they are the ones ascribing value to the product or service the entrepreneur produces. The entrepreneur needs to anticipate what they value, and to do so requires ever-greater closeness to the customer. Clay described the value provided by simple but tasty barbecue restaurants in his home state of north Carolina, in a décor of plastic and paper and small booths. But that wouldn't attract the customers who prefer fine dining in a five star restaurant. The customer decides what experience they value. Startups can usefully anticipate consumer preferences by creating an imaginary perfect customer, and thinking through the value they want and the value the business can facilitate for them. Once in production, get as much feedback as possible on the actual value experience and the customer's feeling about it. Every decision made inside the business needs to be for the purpose of and directed towards improving the customer value proposition and value experience. Principle 3: Human value scales are complex and ever-changing and entrepreneurial empathy is required in order to reach an understanding of customers' value dynamics. Source: Human Action, Ludwig von Mises: Mises.org/E4E_92_Mises2 Human Action is the magnum opus of Austrian economic theory. Every chapter will yield great insights for business. Clay selected value scales as a topic. Quote “It is customary to say that acting man has a scale of wants or values in his mind when he arranges his actions. On the basis of such a scale he satisfies what is of higher value, i.e., his more urgent wants, and leaves unsatisfied what is of lower value, i.e., what is a less urgent want. There is no objection to such a presentation of the state of affairs. However, one must not forget that the scale of values or wants manifests itself only in the reality of action. These scales have no independent existence apart from the actual behavior of individuals. The only source from which our knowledge concerning these scales is derived is the observation of a man's actions.” Application When a person makes a decision to purchase your product or service, they conduct a quite complex evaluation to integrate your offering into their scale of values. And the values and the scale is constantly changing. Consumers are not static robots. Their circumstances change, their preferences for saving or spending change, their time of life or even time of day demand rearranging of value scales. A consumer may have a high preference for Krispy-Kreme donuts. But then they go on a diet. Their value scale changes. Losing weight and increasing fitness are now higher values than enjoying a donut. If you are the Krispy-Kreme donut franchisee, it's important to be aware of the value scale change, and to empathize with the customer. Maybe you could develop a promotion called “Cheat Day” that rewards them with a donut treat after a week of exercise and donut restraint. As Wayne Gretzky used to say, skate to where the puck is going to be, not where it is now. How can you understand value scales? One interview with a customer — what a researcher would call deep, rich qualitative information — can be worth much, much more than survey data. Mises said that we can only know an individual's value scales by observing an individual's actions. Having them answer a survey question such as “How highly do you value this item?” or “What price would you pay for this item?” does not indicate how they would fit the item into their value scale. They may say they would pay $250,000 for a Ferrari, but, when they weighted the experience of owning the Ferrari versus the opportunity cost of foregoing other experiences, would they actually make the purchase? The survey answers won't tell you. Entrepreneurs are rewarded for estimating correctly what the customer values and creating the appropriate value proposition. Principle 4: The market is a discovery process, with uncertainty on both sides of market exchanges. All entrepreneurial actions are tests, with no certain outcomes. Source: Competition And Entrepreneurship, Israel Kirzner: Mises.org/E4E_92_Kirzner This is a seminal work on entrepreneurship. One of the major themes is that markets are a process of discovery. That insight directs entrepreneurs to think in dynamic, process terms. The entrepreneur experiences uncertainty in what he or she is producing, because they are not sure of what customers will value in the future. The customer is uncertain, too, because they're unsure of how they'll value what the entrepreneur produces. Whenever we, as consumers, feel trepidation about “pulling the trigger” on a purchase, we are experiencing this uncertainty. Meanwhile, the producer is anxiously discovering the receptiveness to his or her value proposition. Quote “The market process, then, is set in motion by the results of the initial market ignorance of the participants. The process itself consists of the systematic plan changes generated by the flow of market information released by market participation — that is, by the testing of the plans in the market.” Application Kirzner points out that every plan an entrepreneur has, every value proposition, every offering made to prospective customers can only be a test, a trial. Nothing in the market can be certain. Entrepreneurs are trying to anticipate what customers are going to value, and they can never be sure in advance. That's why entrepreneurs use empathy, to imagine, if they were the customer, what type of experience the customer would be looking for. Entrepreneurs must imagine what customers might enjoy in the future. They must seek the customer's agreement that, “Yes, your product or service delivered what you promised and made me feel better.” One implication of Kirzner's principle of “market ignorance” is for branding. If a brand has accrued a certain level of market reputation, consumers will feel less ignorant. They will feel they “know” a brand that's been producing for 100 years, that is symbolized by the 3-point star that can be seen everywhere, and that is trusted and approved by many other consumers. A brand represents the stored experience and the stored reputation of many customers. Principle 5: All entrepreneurship is for social good, and more social good is achieved by subjecting business to the marketplace test of profit and loss. Source: Austrian Perspectives on Entrepreneurship, Strategy and Organization, Peter G Klein, Nicolai Foss, and Matthew McCaffrey, "Austrian Perspectives On Entrepreneurship, Strategy and Organization": Mises.org/E4E_92_Perspectives In Chapter 4 of this book, the authors discuss the concept of social entrepreneurship. This is an idea that seems to be gaining traction, especially among millennial business owners and millennial entrepreneurs. The idea is that business should be focused on something more than profit and loss. It should provide some “social value”, making the world better. Klein, Foss and McCaffrey provide some robust Austrian thinking with regard to social entrepreneurship. Quote “However, these metaphors (“social value”, etc) often imply a false conflict with traditional entrepreneurship. For example, the contrast between conventional market entrepreneurship and social entrepreneurship implies that the former is somehow not social, or even anti-social. This is misleading, however; for example, Austrians would respond that Mises's calculation argument demonstrates that the entrepreneurial market economy is profoundly social. Entrepreneurs, by bearing uncertainty in an effort to satisfy consumers, work ceaselessly to improve the welfare of all members of society, and their work in turn strengthens bonds of cooperation between individuals and communities, while at the same time disincentivizing conflict and exploitation. This is social behavior in its most fundamental form.” Application Steve Jobs improved society greatly by inventing the iPhone. The impact on society was considerable — better communication and information sharing, and higher productivity for billions of people. Every venture — including social ventures — must grapple with basic economic problems. Taking on a social mission does not relieve the firm of the pressures of the marketplace. Social enterprises are business organizations, and if they earn revenues through the sale of goods and services, they must apply judgement to allocate scarce resources in the face of uncertainty. Genuine participation in the marketplace requires them to be subject to the profit and loss test. Klein, Foss and McCaffrey make the point that “social value” is incalculable. What's good for one individual is not the same as for another. Individuals value things subjectively. When a business pleases one group, it may be adversely affecting another. Profit is not evil. It's impossible to make a profit without serving your fellow man. You are doing good for society by being an entrepreneur, by producing things that people want and value. You forego your own consumption by investing in your business, and so you are making a sacrifice to serve others. And if social entrepreneurs are not subjecting themselves to the profit and loss test — if they are supported by charity or grants — then they are not receiving the signals form consumers that they are allocating scarce resources in the way that consumers — i.e., society — prefers. The ethic of entrepreneurship is to serve, and to make others' lives better, and to receive the approval and reward of customers via the profit and loss mechanism of the market. Downloads and Extras Mentioned in the Episode: "The Use Of Knowledge In Society," F.A. Hayek (American Economic Review, Vol. XXXV, No. 4, September 1945; pp. 519–30): Mises.org/E4E_92_Hayek Bureaucracy, Ludwig von Mises (Yale University Press, 1944): Mises.org/E4E_92_Mises Human Action, Ludwig von Mises (Mises Institute, 1999): Mises.org/E4E_92_Mises2 Competition and Entrepreneurship, Israel Kirzner (Liberty Fund, 1978): Mises.org/E4E_92_Kirzner Austrian Perspectives on Entrepreneurship, Strategy and Organization, Peter G Klein, Nicolai Foss, and Matthew McCaffrey (Cambridge University Press, 2019): Mises.org/E4E_92_Perspectives

In 2014, the Mercatus F. A. Hayek Program for Advanced Study in Philosophy, Politics, and Economics hosted a keynote speech and panel discussion by some of Hayek’s most prominent colleagues and interlocutors to reflect on the significance of Hayek’s Nobel Prize and the various strands of influence his work has had in subsequent decades of scholarship. In this installment of the series, Distinguished New York University Professor Emeritus Israel M. Kirzner delivers the keynote address on the revival of Austrian economics, focusing specifically on the history of Austrian economics and how Hayek's Nobel Prize paved the way for this revival. CC Music: Twisterium

With Election Day rapidly approaching, there are many issues of concern to each voter before they cast their ballot. But the Jewish voter is not monolithic. In each episode of “Behind the Ballot Box: Jewish Values and Our Vote,” Rabbi Jesse Olitzky speaks to rabbis and Jewish communal professionals about a specific issue at stake […]

In this archived episode of Hayek Program Podcast, Distinguished New York University Professor Emeritus Israel M. Kirzner was honored with a Lifetime Achievement Award from the Fund for the Study of Spontaneous Order for his pioneering work on the theory of the entrepreneurial market process. The event was chaired by Mario Rizzo, Associate Professor of Economics at New York University, and featured comments from Peter Boettke, Director of the F. A. Hayek Program and Professor of Economics at George Mason University, Peter Klein, W. W. Caruth Chair and Professor of Entrepreneurship at Baylor University’s Hankamer School of Business, and Donald Boudreaux, Senior Fellow with the F.A. Hayek Program and Professor of Economics at George Mason University. CC Music: Twisterium

De fleste gennemgange af økonomiens teorihistorie slutter med Keynes' død. Det gør vores også. Næsten. Vi tager også et temaafsnit om Chicago-økonomerne. Inden vi kommer så langt, vil jeg i dagens afsnit lave et lille eksperiment. Jeg vil komme med et meget kort overslag over nogle af de vigtige teoretiske udviklinger indenfor økonomi fra 1946 og frem til nu. Det er et eksperiment, fordi jeg udelukkende bruger min egen hukommelse med en forudsætning om, at jeg må have huske noget af det væsentligste. Der er sikkert meget, der er glemt, men i hvert fald kommer vi igennem as-if-economics, adfærdsøkonomi, eksperimenter, entreprenørens genfødsel og meget mere. Der er sikkert noget, som jeg har glemt, men så vil det med garanti blive dækket i næste sæson, hvor jeg og min nye medvært Otto Brøns vil tale om alle nobelprismodtagerne i rækkefølge. Glæd dig! Har du nogensinde tænkt over, hvad økonomi er for en videnskab? Hvordan opstod den, og hvem var dens grundlæggere? Eller har du interesseret dig for moderne diskussioner om samfundet, herunder ulighed, ressourceforbrug eller konkurrence? Hvis dette er tilfældet, er økonomiens teorihistorie vigtig og nyttig for dig. Den type af diskussioner er nemlig mindst lige så gammel som den økonomiske videnskab selv, og du vil i dens rødder også finde rødderne til de moderne argumenter. Til dagens afsnit har jeg læst:  Artinger, F., Petersen, M., Gigerenzer, G., & Weibler, J. (2015). Heuristics as Adaptive Decision Strategies in Management. Journal of Organizational Behavior, s. 33-52. Becker, G. S. (1993). The Economic Way of Looking at Behavior. Journal of Political Economy, s. 385-409. Boettke, P. (2017). Don't Be a "Jibbering Idiot": Economic Principles and the Properly Trained Economist. The Journal of Private Enterprise, s. 9-15. Bruni, L., & Sugden, R. (2007). The Road Not Taken: How Psychology Was Removed From Economics, and How It Might Be Brought Back. The Economic Journal, s. 146-173. Camerer, C. (1999). Behavioral Economics: Reunifying Psychology and Economics. Proceedings of the National Academy of Sciences of the USA, s. 10575-10577. Coase, R. (1937). The Nature of the Firm. Economica, s. 386-405. Conlisk, J. (1996). Why Bounded Rationality? Journal of Economic Literature, s. 669-700. De Martino, B., Kumaran, D., Seymour, B., & Dolan, R. J. (2006). Frames, Biases, and Rational Decision-Making in the Human Brain. Science, s. 684-687. Friedman, M. (1953). Essays in Positive Economics. Chicago: University of Chicago Press. Gul, F., & Pesendorfer, W. (2008). The Case for Mindless Economics. The Foundations of Positive and Normative Economics, s. 3-42. Hayek, F. A. (1948). Individualism and Economic Order. Chicago: University of Chicago Press. Kahneman, D., & Tversky, A. (1979). Prospect Theory: An Analysis of Decisions Under Risk. Econometrica, s. 263-291. Kirzner, I. M. (1973). Competition and Entrepreneurship. Chicago: The University of Chicago Press. Shane, S., & Venkataraman, S. (2000). The Promise of Entrepreneurship as a Field of Research. Academy of Management Review, s. 217-226. Smith, V. L. (2003). Constructivist and Ecological Rationality in Economics. The American Economic Review, s. 465-508. Todd, P. M., & Gigerenzer, G. (2007). Environments That Makes Us Smart: Ecological Rationality. Current Directions in Psychological Science, s. 167-171. Williamson, O. (1996). Economics and Organization: A Primer. California Management Review, s. 131-146. I like to dedicate this season to my teachers Ole Bruus and Bruce Caldwell. All mistakes and mispronunciations are mine alone and no fault of theirs.

21,216 lives have been lost in NYC. The future of our city is unknown and while the number of hospitalizations and deaths are decreasing we just aren’t in the clear. I wanted to learn more about what was happening in the frontlines and who better to learn from than Dr. Kirzner, who is double-board certified in anesthesiology and obesity medicine. 3:35 Dr. Kirzner kindly walks us through her medical school journey, specific reasons why she went into anesthesiology, and what her responsibilities entail. 13:20 We also go into her role as a specialized healthcare provider during the coronavirus pandemic in NYC. We talk about what COVID-19 does to the body and we do a quick review on what ventilators do. instagram.com/obesitymedicinedoc The pandemic is far from over but we need to try to understand things, continue to try to reach our goals and to adapt and continuosly innovate. If you enjoyed listening to this optometry podcast that explores different opinions and fields of medicine I want to get to know you. Please follow me on Instagram and DM me with any feedback instagram.com/newyorkeyedoc or leave me a voice message ⬇️ --- Send in a voice message: https://anchor.fm/newyorkeyedoc/message

Eran Kirzner is the co-founder and CEO of Lightbits Labs which offers solutions that separate storage and compute without touching the network. The company has raised $55 million from investors like Cisco Investments, Dell Technologies Capital, and Micron.

Eran Kirzner is the co-founder and CEO of Lightbits Labs which offers solutions that separate storage and compute without touching the network. The company has raised $55 million from investors like Cisco Investments, Dell Technologies Capital, and Micron.

Eran Kirzner is co-founder and CEO of Lightbits Labs (https://lightbitslabs.com) and has a storied history in the technology industry.  This show is a must-listen for folks who are interested in how Lightbits Labs is disrupting the Hyperconverged market and extends into an exciting and dynamic conversation with many lessons from the lens of a founder on startup successes and challenges.  Big thanks to Eran for sharing these lessons and stories which will inevitably excite anyone in the technology startup space or those looking to step into it. 

The late Murray Rothbard has passionate fans and critics alike—but was he really the intransigent person his detractors portray? Was he prickly and difficult, or actually generous and helpful to students and colleagues? Did his reputation as an economist suffer for venturing into philosophy, ethics, history, sociology, and anarchism—even though Hayek did the same? Was Man, Economy, and State really just a rehash of Human Action? Did he deviate from Mises on method? Were Power & Market and the Ethics of Liberty just too radical and off-putting? Professor Patrick Newman considers critics like Arthur Burns, Kirzner, Leland Yeager, Nozick, Mario Rizzo, Selgin/White, Jason Brennan, Bryan Caplan, and of course Mises. If you like Rothbard you don't want to miss this show! Additional Resources In Defense of "Extreme Apriorism" by Murray Rothbard Conceived in Liberty, Volume V coming October 25 Join us for a celebration of Mises and his work in Los Angeles October 25–27. More info available here.

The late Murray Rothbard has passionate fans and critics alike—but was he really the intransigent person his detractors portray? Was he prickly and difficult, or actually generous and helpful to students and colleagues? Did his reputation as an economist suffer for venturing into philosophy, ethics, history, sociology, and anarchism—even though Hayek did the same? Was Man, Economy, and State really just a rehash of Human Action? Did he deviate from Mises on method? Were Power & Market and the Ethics of Liberty just too radical and off-putting? Professor Patrick Newman considers critics like Arthur Burns, Kirzner, Leland Yeager, Nozick, Mario Rizzo, Selgin/White, Jason Brennan, Bryan Caplan, and of course Mises. If you like Rothbard you don't want to miss this show! Additional Resources In Defense of "Extreme Apriorism" by Murray Rothbard Conceived in Liberty, Volume V coming October 25 Join us for a celebration of Mises and his work in Los Angeles October 25–27. More info available here.]]>

The late Murray Rothbard has passionate fans and critics alike—but was he really the intransigent person his detractors portray? Was he prickly and difficult, or actually generous and helpful to students and colleagues? Did his reputation as an economist suffer for venturing into philosophy, ethics, history, sociology, and anarchism—even though Hayek did the same? Was Man, Economy, and State really just a rehash of Human Action? Did he deviate from Mises on method? Were Power & Market and the Ethics of Liberty just too radical and off-putting? Professor Patrick Newman considers critics like Arthur Burns, Kirzner, Leland Yeager, Nozick, Mario Rizzo, Selgin/White, Jason Brennan, Bryan Caplan, and of course Mises. If you like Rothbard you don't want to miss this show! Additional Resources In Defense of "Extreme Apriorism" by Murray Rothbard Conceived in Liberty, Volume V coming October 25 Join us for a celebration of Mises and his work in Los Angeles October 25–27. More info available here.

Kinsella on Liberty Podcast, Episode 274. [Update: For an article based on the transcript, see "Nobody Owns Bitcoin," StephanKinsella.com (Sept. 20, 2019) Update: See KOL395 | Selling Does Not Imply Ownership, and Vice-Versa: A Dissection (PFS 2022).] This is my presentation to the 2019 Annual Meeting of the Property and Freedom Society on Sunday, Sept. 15, 2019. Powerpoint slides embedded below. Youtube embedded below. Also podcast at PFP215. Some related Q&A is in this session which was held later on the same day: Hülsmann, Kinsella, Dürr, Hoppe, Q&A (PFS 2019) [PFP218]. Related links/relevant material: Leon Wankum, "Bitcoin is a Possession, Not Property," Bitcoin Magazine (Oct. 2, 2023) Konrad Graf, Are Bitcoins Ownable?: Property Rights, IP Wrongs, and Legal-Theory Implications [PDF] Preston Byrne, What do you legally “own” with Bitcoin? A short introduction to krypto-property Marty Bent, "Is Bitcoin a New Type of Property?", Bitcoin Magazine (Jul. 29, 2022) On the Danger of Metaphors in Scientific Discourse LeFevre on Intellectual Property and the “Ownership of Intangibles” The “If you own something, that implies that you can sell it; if you sell something, that implies you must own it first” Fallacies, “The Non-Aggression Principle as a Limit on Action, Not on Property Rights,” StephanKinsella.com Blog (Jan. 22, 2010) “IP and Aggression as Limits on Property Rights: How They Differ,” StephanKinsella.com Blog (Jan. 22, 2010) KOL085 | The History, Meaning, and Future of Legal Tender The Limits of Libertarianism?: A Dissenting View KOL249 | WCN's Max Hillebrand: Intellectual Property and Who Owns Bitcoin Cordato and Kirzner on Intellectual Property Mises on property KOL246 | CryptoVoices: Bitcoin as Property, Digital Goods, Personal Liberty, and Intellectual Property See other links at KOL191 | The Economy with Albert Lu: Can You Own Bitcoin? (1/3) My facebook post discussing ownership of Bitcoin Tom Bell: Copyright Erodes Property? Bitcoin Is Officially a Commodity, According to U.S. Regulator Tax Plan May Hurt Bitcoin, WSJ Swiss Tax Authorities Confirm that Bitcoin is VAT-free in Switzerland Tokyo court says bitcoins are not ownable FinCEN Rules Commodity-Backed Token Services are Money Transmitters Bitcoin Is Officially a Commodity, According to U.S. Regulator; Miami Judge Rules Bitcoin Is Not Money; Dismisses Money Laundering, Transmitting Charges How to handle bitcoin gains on your taxes SEC: US Securities Laws ‘May Apply' to Token Sales Federal Judge Rules Bitcoin Is Real Money

Kinsella on Liberty Podcast, Episode 274. This is my presentation to the 2019 Annual Meeting of the Property and Freedom Society on Sunday, Sept. 15, 2019. Powerpoint slides embedded below. Youtube embedded below. Some related Q&A is in this session which was held later on the same day: Hülsmann, Kinsella, Dürr, Hoppe, Q&A (PFS 2019). Related links/relevant material: Konrad Graf, Are Bitcoins Ownable?: Property Rights, IP Wrongs, and Legal-Theory Implications [PDF] Preston Byrne, What do you legally “own” with Bitcoin? A short introduction to krypto-property On the Danger of Metaphors in Scientific Discourse LeFevre on Intellectual Property and the “Ownership of Intangibles” The “If you own something, that implies that you can sell it; if you sell something, that implies you must own it first” Fallacies, “The Non-Aggression Principle as a Limit on Action, Not on Property Rights,” StephanKinsella.com Blog (Jan. 22, 2010) “IP and Aggression as Limits on Property Rights: How They Differ,” StephanKinsella.com Blog (Jan. 22, 2010) KOL085 | The History, Meaning, and Future of Legal Tender The Limits of Libertarianism?: A Dissenting View KOL249 | WCN’s Max Hillebrand: Intellectual Property and Who Owns Bitcoin Cordato and Kirzner on Intellectual Property Mises on property KOL246 | CryptoVoices: Bitcoin as Property, Digital Goods, Personal Liberty, and Intellectual Property See other links at KOL191 | The Economy with Albert Lu: Can You Own Bitcoin? (1/3) My facebook post discussing ownership of Bitcoin Tom Bell: Copyright Erodes Property? Bitcoin Is Officially a Commodity, According to U.S. Regulator Tax Plan May Hurt Bitcoin, WSJ Swiss Tax Authorities Confirm that Bitcoin is VAT-free in Switzerland Tokyo court says bitcoins are not ownable FinCEN Rules Commodity-Backed Token Services are Money Transmitters Bitcoin Is Officially a Commodity, According to U.S. Regulator; Miami Judge Rules Bitcoin Is Not Money; Dismisses Money Laundering, Transmitting Charges How to handle bitcoin gains on your taxes SEC: US Securities Laws ‘May Apply’ to Token Sales Federal Judge Rules Bitcoin Is Real Money

Cómo nacen y por qué nacen las ideas. Cómo una ocurrencia puede transformarse en un negocio global. Por qué un emprendedor elige el sistema de franquicia para crecer. GONZALO OTALORA entrevistó a Damián Kirzner, fundador y director de Mediamorfosis, una franquicias de eventos que promueve en toda América Latina, el desarrollo de nuevas narrativas, creadas a partir del uso innovador de la tecnología, en función de los nuevos hábitos de consumo. Mas info en FRANQUICIAS QUE INSPIRAN Contacto: Franquiciasqueinspiran@gmail.com

Mercatus Center Academic & Student Programs recently hosted the 2016 Advanced Austrian Seminar at which Dr. Israel M. Kirzner, Professor Emeritus of Economics at New York University, delivered the keynote lecture, “The History and Importance of the Austrian Theory of the Market Process.” In this talk, Professor Kirzner examines the history of thought in Austrian economics, specifically focusing on the developments in the 20th century, to develop a link between the Austrian theory of the market process and the notion of subjectivism as the central idea in Austrian economics.

Gradualmente, a Escola Austríaca vai conquistando um espaço no Brasil, especialmente no âmbito universitário. O ouvinte deste Podcast é testemunha privilegiada desse crescimento a partir dos trabalhos acadêmicos, livros e eventos vinculados à teoria Austríaca. O mais recente trabalho é o recém-lançado livro “O empreendedorismo de Israel Kirzner”, de Adriano Gianturco, doutor em Teoria Política e professor do Ibmec de Belo Horizonte, obra publicada pelo selo do Instituto Mises Brasil. Neste Podcast, Adriano diz por que decidiu estudar a obra do Kirzner depois de dedicar-se no mestrado à análise do trabalho do jurista italiano Bruno Leoni e fala sobre a grande contribuição de Kirzner para o estudo do empreendedorismo e da função empreendedora na perspectiva da Escola Austríaca. Membro do conselho editorial da MISES: Revista Interdisciplinar de Filosofia, Direito e Economia, Adriano situa a importância dos juízos de valor na análise científica de Kirzner, apresenta a crítica dele à justiça redistributiva e dimensiona a influência negativa da redistribuição coerciva realizada pelo governo na alocação por meio do mercado. O professor também explica a proposta de uma “Public Choice Austríaca” e apresenta as implicações políticas do argumento central do livro. *** A música da vinheta de abertura é o Cânone do compositor alemão Johann Pachelbel executada pelo guitarrista Lai Youttitham. *** Todos os Podcasts podem ser baixados e ouvidos pelo site, pela iTunes Store e pelo YouTube. E se você gostou deste e/ou dos podcasts anteriores, visite o nosso espaço na iTunes Store, faça a avaliação e deixe um comentário.

In this episode, Diana Thomas discusses the relationship between the Virginia School of Political Economy and the Austrian School of Economics. Diana is an Associate Professor of Economics at the Heider College of Business at Creighton University. The Virginia School is a branch of public choice, the application of the tools and techniques of economics to the study of political actors. The Virginia School’s founders, James Buchanan and Gordon Tullock, were the first to systematically apply a rational choice framework to the study of politics in The Calculus of Consent. Two assumptions commonly made by neoclassical economists are the “benevolence assumption” and the “omniscience assumption.” The benevolence assumption is implicit in normative analysis of what governments “ought” to do, as this assumes that political actors are motivated to maximize the common good rather than pursuing their self-interest. This assumption is challenged by public choice economists. The omniscience assumption is at play in economic models that depict the economy as being in equilibrium, whereby nobody is misinformed of or surprised by economic reality. This assumption is challenged by Austrian economists. The omniscience assumption implies that the economy should be possible to rationally plan, an idea that Mises and Hayek debunked in the socialist calculation debate of the 1920s and 30s. As Diana states in her paper, Entrepreneurship: Catallactic and Constitutional Perspectives, “both Buchanan and Tullock reference Mises’ Human Action as the central reference for their understanding of methodological individualism.” The Virginia and Austrian schools also share common understandings of rationality and of self-interest. Diana draws a parallel between Israel Kirzner’s distinction between calculative and entrepreneurial action and Buchanan’s distinction between reactive and creative action. While calculative or reactive action consists in simply responding to known incentives and constraints, entrepreneurial or creative action consists in envisioning a future that is different from the present and in acting on that expectation. Kirzner applies the concept of entrepreneurship to businessmen seizing anticipated arbitrage opportunities in the market. Buchanan applies the concept of creative action to political actors attempting to reform constitutional rules. Buchanan conceives of constitutional rules as being made behind a “veil of uncertainty” since it is beyond political actors’ ability to predict in precisely what situations the rule will be applied, and whether their own self-interest will be served or hurt in those situations. Diana believes that political action is more entrepreneurial than most economists recognize.  But while market entrepreneurship is guided by profit and loss towards those processes that best serve consumers, political entrepreneurship has no such guiding principle. Political entrepreneurs may innovate in ways that actually harm their constituents, but these innovations may nonetheless thrive and endure. Poll numbers and bad press can motivate political actors, but these signals may not conform to the actual impacts of the policy. Good policies are often derided as evil, while bad policies are often popular. A US President can boost his popularity by declaring war, but US military ventures have a terrible track record in terms of their ultimate consequences (see Chris Coyne’s After War). Market innovations such as Lyft and Uber clearly benefit consumers, and yet there has been a political backlash against these popular businesses. Public choice economists recognize that voters are “rationally ignorant,” since becoming informed about issues is costly, while the benefit is only manifested in better policy if the specific voter happens to be the swing vote in an otherwise tied election. Given these incentives, it would be irrational to be informed about policy, so it’s surprising that so many people vote at all. Diana explains it in terms of “expressive voting.” Voters vote because they want to express their views, not because their vote is particularly potent in shaping political outcomes. Diana argues that policies aren’t particularly strongly affected by who is elected to office, rather they stem from institutional incentives. The median voter theorem demonstrates how, under plausible conditions, politicians attempt to please the most people by converging to a centrist policy. Another theory says that policy is not directed primarily by elections but by the lobbying efforts of special interest groups (see Olson). Since these groups get concentrated benefits from preferential policies, they have a strong incentive to agitate for them. Those who pay the costs of these policies (usually consumers) have only a small incentive to agitate against them, as the costs are dispersed among a great number of individuals. Specific examples of policies made for the benefit of concentrated special interests are the US sugar quota, and Canadian customs duties charged for the importation of dairy products (leading to absurd cases of cheese smuggling). You can read more from Diana Thomas at her professional website.