Podcasts about Ludwig von Mises

Austrian-American economist

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Latest podcast episodes about Ludwig von Mises

+Liberdade
Biblioteca: O Centenário da Crítica de von Mises ao Socialismo, Richard Ebeling

+Liberdade

Play Episode Listen Later Jan 2, 2023 22:52


2022 marcou o centenário da publicação da influente obra "Socialismo", do economista austríaco Ludwig von Mises (1881-1973). Para o assinalar, partilhamos um texto do professor Richard Ebeling, com o qual poderás ficar a conhecer melhor a importância e a atualidade deste marcante e profético livro. Ler na Biblioteca: https://maisliberdade.pt/biblioteca/o-centenario-da-critica-de-von-mises-ao-socialismo/Narração: Pedro Almeida Jorge

PartnerUp The Partnerships Podcast
090 - Understanding Partner Landscape - A CrossPod takeover from PL[X] with Vince Menzione

PartnerUp The Partnerships Podcast

Play Episode Listen Later Dec 27, 2022 42:14


What is up PartnerUp!? Vince Menzione from the Ultimate Guide to Partnering  (https://ultimateguidetopartnering.com/) joins the PartnerUp crew to recap PL[X] and discuss the importance of customer success. Vince shares his expertise about managing partnerships when working at Microsoft. He shares the difference between channel and partnerships and talks about how leveraging the partner ecosystem requires support from your C-suite. Isaac and Jared dive down some economic rabbit holes regarding TikTok, Netflix, YouTube and Ludwig von Mises' preconditions for action. They discuss the importance of mindset and the power of creating a vision for a better future through partnerships.This episode was recorded LIVE at PL[X].Never miss an episode of the world's number 1 podcast on partnerships by subscribing to the podcast on Apple Podcasts, Spotify, or wherever you get your podcasts. If you're a visual person, sub to our YouTube, and see the full recording of us learning out loud.Share the episode with your commentary on LinkedIn or Twitter and we'll highlight your commentary. We love to hear your thoughts on each episode, and always comment back or respond to emails/dms. Hey! We're real people. You can check out all past and future PartnerUp episodes at https://www.partneruppodcast.com and subscribe now to the world's number 1 partnerships newsletter, PartnerHacker Daily (PhD) at https://partnerhacker.com/.

TNT Radio
Claudio Grass on Jerm Warfare with Jeremy Nell - 23 December 2022

TNT Radio

Play Episode Listen Later Dec 23, 2022 55:48


On today's show Claudio Grass discusses gold, silver and Christmas! GUEST OVERVIEW: Claudio Grass is an independent precious metals adviser based in Switzerland. A proponent of sound money and the Austrian School of Economics, Claudio shares his convictions on why human liberty and sound money are inextricably linked. Over the past decade, Claudio plunged into a study of geopolitics, history, different monetary, economic and political systems and philosophies. The writers who impressed and influenced him the most, where those who promoted individualism over collectivism, freedom over slavery, non-aggression over using force as a legitimate way to solve problems. Among them were Ludwig von Mises, Murray Rothbard, Harry Brown, Hans-Hermann Hoppe, Aristoteles and Thomas Aquinas to name just a few.

Mark Levin Podcast
Mark Levin Audio Rewind - 12/9/22

Mark Levin Podcast

Play Episode Listen Later Dec 10, 2022 114:02


On Friday's Mark Levin Show, Ludwig Von Mises was a genius and said that many people, even those that claim they are anti-communists, embrace the tenets of Marxism even if they themselves are not pure Marxists. This is the main issue with populism which abandons conservatism and gives way to Marxism. Incorporating phrases like the 'middle class' and 'common good constitutionalism' is a move away from a textual or originalist view of the constitution and replaces it with the fundamental premises of Marxism, or as they put it, 'good rule' which leads to tyranny. Then, more Twitter files were released by writer Matt Taibbi on Friday evening blowing the doors off of why Donald Trump was banned from Twitter. Twitter violated its own policies to protect you from Trump's tweets and coordinated its censorship with officials from government agencies that happened to be Democrats. Later, any charges against Trump will be unfairly decided as it's doubtful that Trump can get a fair trial in New York or Washington, DC. Learn more about your ad choices. Visit podcastchoices.com/adchoices

Dangerous INFO podcast with Jesse Jaymz
69 "Season's Givings" ft. Professor Robin McCutcheon, Sherri Arborgast, Christmas traditions, Nuremberg 2.0, free money card, mrna technology, perceived authority, excess death rate, trade school, homeschool, university communism, Elon's

Dangerous INFO podcast with Jesse Jaymz

Play Episode Listen Later Dec 6, 2022 168:03


Welcome to December and what a jammed packed show it was tonight! First up, we had an appearance by street minister Sherri Arborgast and her efforts towards the Hitting the Streets Ministry. Her story is inspiring and she offers ways that you can help if you wish. Please see info below.Ferndale free Methodist Church1950 Woodward Heights Ferndale, MI 48220Website- https://ferndalefmc.com/donateNext, we welcome back Dr. Robin McCutcheon,  Professor of Economics Marshall University. This is her second visit with the show and wow, did she bring the fire on the current college and university scene! Wait until you hear her interview. I also did a video recording of the interview which will be posted shortly.Robin earned her PhD in Economics from Wayne State University in Detroit, Michigan and has been teaching economics for over 20 years. In all of the economics courses she teaches {Principles of Economics (both micro- and macro-), Money & Banking, Comparative Economic Systems, Labor Economics, and Managerial Economics}, she uses the Principles of Free Market Systems. Dr. Robin uses Ayn Rand, Ludwig Von Mises, F.A. Hayek, Milton Friedman, and W. Cleon Skousen, and every idea she can glean from radio hosts like Rush Limbaugh and Mark Levin, to explain in plain English how our Country's Founding Principles lead to free markets and are the best path to liberty, freedom, and prosperity for everyone. Over 90% of her students exit her courses avid and staunch Libertarian or Fiscal Conservatives. Dr. Robin's website: http://lync-sync.com/login.phpSUPPORT THE SHOW:SubscribeStar https://www.subscribestar.com/jesse-jaymzOne time gift donation via Paypal https://paypal.me/dangerousinfo?country.x=US&locale.x=en_USJOIN OUR GUILDED CHAT ROOM: https://www.guilded.gg/i/Evx9g1VkGold and silver affiliate:American Coins and Jewelry https://www.ebay.com/str/goldandsilvertreasure7629 Highland Rd.Waterford, Michigan 48327Matt-(248) 978-7686https://www.subscribestar.com/jesse-jaymz/subscribe?tier_id=57006SUBSCRIBE STARS:Jill BarcRyan Mansfield ShowCarmie RosarioKenneth AllenChad GeyerPatriot MillerSheryl E.Manny EspejoJoin my mailing list: https://mailchi.mp/03e09a1333c8/jessejaymzemailsignupSocial Media:Instagram https://www.instagram.com/jessejaymz1/Telegram https://t.me/jessejaymzGab https://gab.com/JessejaymzTruth Social https://truthsocial.com/@jessejaymzSend stuff:Jesse JaymzPO Box 541Clarkston, MI 48347Listen on: Soundcloud https://soundcloud.com/dangerousinfopodcastApple https://podcasts.apple.com/podcast/id1585900698Spotify httSMART is the acronym that was created by technocrats that have setup the "internet of things" that will eventually enslave humanity to their needs. Support the show

Einundzwanzig - Der Bitcoin Podcast
Buchclub #26 - Grundlagen der Ökonomie: Das Wesentliche von Carl Menger

Einundzwanzig - Der Bitcoin Podcast

Play Episode Listen Later Dec 5, 2022 37:12


Buchclub #26 - Blockzeit 765960 - mit Ben und Molo Carl Menger (1840 – 1921) ist einer der Urväter der Österreichischen Schule der Nationalökonomie. Eine wirtschaftliche Denkschule, die es wie keine andere schafft, die Probleme des heutigen Geldsystems zu analysieren und handlungslogische Grundlagen für ein gesundes Geldsystem zu definieren. Menger gelangen Durchbrüche in der Betrachtung des Grenznutzens, so wie der Wert- und Preistheorie. Mit seiner wichtigen Grundlagenarbeit ebnete Menger den Weg für spätere Größen wie Ludwig von Mises und Friedrich A. Hayek, die seine Gedanken vertieften und verfeinerten. Wie immer wünschen wir viel Spass beim Zuhören. Lasst uns gerne jegliche Kritik oder Anregung zukommen über die bekannten Kanäle. Ab zum Buch: https://aprycot.media/shop/grundlagen-der-oekonomie-das-wesentliche-von-carl-menger/ BitBox02 Bitcoin-only Edition - 5% Rabatt für die Einundzwanzig Community: https://shiftcrypto.ch/einundzwanzig - 10% für 10 BitBoxes mit code “einundzwanzig10” Stack deine Sats mit Pocketbitcoin - https://pocketbitcoin.com/einundzwanzig Besuche unsere Website: https://einundzwanzig.space Diskutiere mit, in unserer Community: https://t.me/einundzwanzigpodcast Verfolge die neusten Schlagzeilen im Newsfeed: https://t.me/einundzwanzigbitcoin Die Community-Tutorials auf YouTube: https://www.youtube.com/c/EinundzwanzigPodcast Lass uns einen Shoutout da: https://tallyco.in/s/zfxqtu/

Sportlanders, The Podcast
The O'Leary Review - Ep 11 - Hartmuth Pelger

Sportlanders, The Podcast

Play Episode Listen Later Dec 2, 2022 39:49


The O'Leary Review Podcast Guest: Hartmuth Pelger December 1, 2022   Recently, we got a chance to sit down—virtually, of course, because I'm in California and he's in Austria—with Hartmuth Pelger. Hartmuth is a multilingual business executive with more than 25 years of experience managing a wide range of financial functions, from analysis to auditing. Currently, he is a CFO in the e-Mobility sector. Hartmuth lives in Austria but has also lived in 8 countries across three continents during his well-traveled life. More importantly, Hartmuth started a parallel career in business coaching for high-performing individuals.   Tom Woods 100 One of the goals of this program is to get at least 100 people within the Tom Woods orbit on the podcast. “Tom's orbit” is loosely defined, but in our case, Hartmuth is number 8. Ninety-two to go! #TomWoods100   Book mentioned Tomorrow's Gold: Asia's age of discovery by Marc Faber   Influences The Peter Schiff Show — where Tom Woods developed some of his radio/podcasting chops as a guest host for Peter.   The Mises Institute — The Mises Institute exists to promote teaching and research in the Austrian school of economics, and individual freedom, honest history, and international peace, in the tradition of Ludwig von Mises and Murray N. Rothbard. Founded in 1982 by Llewellyn H. Rockwell, Jr.   Hans-Hermann Hoppe — an Austrian School economist and libertarian/anarcho-capitalist philosopher, is Professor Emeritus of Economics at UNLV, Distinguished Senior Fellow with the Mises Institute, founder and president of The Property and Freedom Society, former editor of the Journal of Libertarian Studies, and a lifetime member of the Royal Horticultural Society. He is married to economist Dr. A. Gulcin Imre Hoppe and resides with his wife in Istanbul.   Digging through the archives, we found the debut episode of the Tom Woods Show which Hartmuth mentions.   Ethnic Germans in Romania The Wikipedia entry – Germans of Romania A New York Times article (behind paywall), “Ethnic Germans in Romania Dwindle” A fascinating 8+ minute video on The Exodus of Romania's German-speaking Minority.   More Romanian history Who was Nicolae Ceaușescu? The Wikipedia on Romania's brutal and hated dictator. Romania in World War II. The Wikipedia on the interesting history, from its near alliance with Nazi Germany to its ultimate flip to the Communist side.   The e-Mobility Sector Hartmuth works in the off-highway sector within e-mobility. Some manufacturers are now focused on not only alternative fuels, but alternative ways to power machinery in general. The specific application of a fully-electric drive concept is key to knowing if it will make economic sense. For instance, Hartmuth is working on mining and agricultural application, and an important aspect of a firm's decision on whether to go fully-electric or not is the amount of pollution—or lack thereof—that will be produced on-site. Very interesting.   Armageddon (1998) How much better would Harry Stamper (Bruce Willis) and his roughneck pals have felt if they had Hartmuth's e-mobility concept working for them on that comet? Assuming they had diesel-powered rigs, they need oxygen to burn the fuel. Does a comet have all that much oxygen available? Since we love Bruce Willis—and most of his movies—we will eventually get to Die Hard later in the holiday season, but we did stumble upon one potential plot hole in the Christmas thriller…or was there ever one?   The sovereignty of Hong Kong Wikipedia's breakdown of what happened when the UK handed it over to the Red Chinese.   Dubai Wikipedia. Sorry about all the Wikipedia links, but they are pretty good and if you are on your best internet behavior, you'll learn a lot. However, we tend to go down the proverbial worm-hole of Wikipedia from time to time. That's also fun on occasion, but tends to grind down available time in the day. Enjoy the links at your own risk.   Portuguese At one point, I was interested in learning Portuguese, but I don't know about that now. Somebody on YouTube claims they can teach you in 4 hours. Click at your own risk. I haven't finished the video yet as I type this…   Hitchhiking I was blown away when Hartmuth told me he hitchhiked in the western US and Canada in the 1990s. I grew up with the notion that hitchhiking was a serious no-no—both to try and get rides or to give rides to potential riders. The days of Me and Bobby McGee were more romantic and innocent, I guess. https://www.youtube.com/watch?v=IOoMREvsV9E   There's a guy I found on the web called Nomadic Matt and he tells you 14 Ways to Safely Hitchhike Across the United States. Read at your own speed or interest level. I'm just leaving it here…I have no interest in hitchhiking anywhere—I am still a child of my parents. Place in Canada mentioned: Prince George, British Columbia   How do you contact Hartmuth? You can either contact me or go to his LinkedIn: Hartmuth Pelger.   Austria Final Wikipedia entry of today's show notes: Austria. Interesting story of mine somewhat related to Austria—I've never been to continental Europe—in my travels… I was in Japan a few years back and at a coffee shop of sorts for a breakfast. The selection of non-Japanese foods in most places is often quite strange. The desire to imitate Europe or America is strong, but the implementation is often rather weak—save Kentucky Fried Chicken, but that's a subject for an entire newsletter or podcast series on its own. So, craving a typical American breakfast sandwich or something similar, I ordered a “Viennese Sausage.” Never had that before. Figured it was something even more exotic than regular sausage. Wrong. It was a hot dog on a hot dog bun. Served with a packet of ketchup and a packet of mustard. I was very confused and rather irritated until it dawned on me that I had seen Vienna Sausages in the store, usually canned and next to the SPAM. But also that I was eating a “wiener” and that…duh!...Vienna is the anglicized name for the Austrian capital city of Wien, thus wiener. See also: frankfurter, hamburger, etc. for other such examples. I don't think cheeseburger works in this scenario…but I could be mistaken. Long story short: the coffee was good, the hot dog was nothing special and we had great Japanese food most of the other meals we sat down for. As my good friend once said, “When in Greece…”   Final book mentioned How I Found Freedom in an Unfree World by Harry Browne. The aforementioned Tom Woods talks about this book in 2017. Highly recommended speech—about a half-hour.  

The Protestant Libertarian Podcast
Ep. 32 | Ludwig von Mises vs. A Christian Scholar, Round 2 (James K.A. Smith)

The Protestant Libertarian Podcast

Play Episode Listen Later Nov 29, 2022 61:55


*Episode originally recorded in August 2022.*In round two of Ludwig von Mises vs. a Christian scholar, we look at the brilliant Christian philosopher James K.A. Smith's collection of essays called ‘The Devil Reads Derrida'. There is a lot of great content, but his definition of capitalism and libertarianism are at odds with the tradition of Austrian economics.  We compare his statements with Ludwig von Mises' great essay ‘Liberty and Property' in an attempt to offer a more holistic understanding of capitalism. I agree with Smith on most other issues, and I would highly recommend his exceptional book ‘Who's Afraid of Postmodernism', which is the best introduction to both postmodern philosophy and it's relevance for the church. Episode Outline:I. Capitalism and Misunderstanding EconomicsII. James K.A. SmithIII. Liberty and PropertyIV. Capitalism Accomplishes Christian Goals Media Referenced:Liberty and Property, Ludwig von Mises (https://mises.org/library/liberty-and-property)The Devil Reads Derrida, James K.A. SmithGreat Society, Amity ShlaesMeltdown, Tom WoodsThe Road to Serfdom, F.A. HayekJames K.A. Smith's Website: https://jameskasmith.comSmith on Twitter: @james_ka_smith Questions, comments, suggestions? Please reach out to me at theprotestantlibertarian@gmail.com.  You can also follow the podcast on Twitter: @prolibertypod. If you like the show and want to support it, you can! Check out the Protestant Libertarian Podcast page at https://www.buymeacoffee.com/theplpodcast. Also, please consider giving me a star rating and leaving me a review, it really helps expand the shows profile! Thanks!

WISSEN SCHAFFT GELD - Aktien und Geldanlage. Wie Märkte und Finanzen wirklich funktionieren.

Ein Crack-up-Boom, oder zu Deutsch Katastrophenhausse, bezeichnet eine Flucht in Sachwerte, weil die Inflation sehr hoch ist. Der österreichische Ökonom Ludwig von Mises prägte den Begriff in den Zwanzigerjahren und hatte dabei vor allem die deutsche Hyperinflation des Jahres 1923 vor Augen. Viel Spaß beim Hören, Dein Matthias Krapp    

The Libertarian Institute - All Podcasts
Fake News Exposed: Inflation, Iran, College, America First, and Poland

The Libertarian Institute - All Podcasts

Play Episode Listen Later Nov 18, 2022 26:46


https://youtu.be/OVmAJhnGxLU What Makes Wages Rise The buyers do not pay for the toil and trouble the worker took nor for the length of time he spent in working. They pay for the products. The better the tools are which the worker uses in his job, the more he can perform in an hour, the higher is, consequently, his remuneration. What makes wages rise and renders the material conditions of the wage earners more satisfactory is improvement in the technological equipment. American wages are higher than wages in other countries because the capital invested per head of the worker is greater and the plants are thereby in the position to use the most efficient tools and machines. What is called the American way of life is the result of the fact that the United States has put fewer obstacles in the way of saving and capital accumulation than other nations. The economic backwardness of such countries as India consists precisely in the fact that their policies hinder both the accumulation of domestic capital and the investment of foreign capital. As the capital required is lacking, the Indian enterprises are prevented from employing sufficient quantities of modern equipment, are therefore producing much less per manhour and can only afford to pay wage rates which, compared with American wage rates, appear as shockingly low. There is only one way that leads to an improvement of the standard of living for the wage-earning masses, viz., the increase in the amount of capital invested. All other methods, however popular they may be, are not only futile, but are actually detrimental to the well-being of those they allegedly want to benefit. – Ludwig von Mises, Ph.D., “Wages, Unemployment, and Inflation,” Christian Economics, March 1958.

The Watchman Privacy Podcast
43 - Bitcoin and Beyond: An Interview with Max Hillebrand

The Watchman Privacy Podcast

Play Episode Listen Later Nov 18, 2022 74:51


Gabriel Custodiet speaks with Max Hillebrand about the philosophy behind Bitcoin, as well as proper techniques for using it as it was intended. Along the way they discuss Monero, Max's appreciation for German economist-philosopher Ludwig von Mises, and Max's interest in Qubes OS. This conversation at times gets into the depths of Bitcoin, tackling the nature of UTXOs, Bitcoin taint, coin control, privacy holes in the Lightning Network, crossing borders with Bitcoin, and the Wasabi Wallet controversy. Guest Links → https://twitter.com/HillebrandMax → https://towardsliberty.com (Max's website) → https://bitcoinops.org/en/newsletters → https://bitcoinaudible.com   Watchman Privacy → https://watchmanprivacy.com (newsletter, consultation requests) → https://twitter.com/watchmanprivacy → https://www.amazon.com/Watchman-Guide-Privacy-Financial-Lifestyle/dp/B08PX7KFS2   Bitcoin Privacy Course → https://rpf.gumroad.com/l/privatebitcoin   Monero Donation Address (If you can't see the whole string, double click in the middle to select all) →8829DiYwJ344peEM7SzUspMtgUWKAjGJRHmu4Q6R8kEWMpafiXPPNBkeRBhNPK6sw27urqqMYTWWXZrsX6BLRrj7HiooPAy   Please subscribe to and rate this podcast wherever you can to help it thrive. Thank you! Timeline 0:00 – Beginning 7:27 – Why not use Monero? 10:14 – Underlying world view of Max Hillebrand 13:22 – How does Bitcoin solve the world's problems? 16:03 – Naming the enemies of Bitcoin privacy 24:03 – Erasing Bitcoin taint 27:59 – What is a UTXO? 31:20 – How confident can we be in CoinJoin? 37:44 – How to accumulate large amounts of Bitcoin privately 41:57 – Lighting Network for privacy? 45:21 – Rapid fire digital privacy tools 52:04 – Max's favorite Bitcoin resources 52:50 – Crossing borders with Bitcoin 56:46 – Wasabi Wallet controversy response by Max Hillebrand 1:04:39 – Gabriel thoughts on “aiding evil people with privacy” 1:11:17 – Final thoughts

TNT Radio
Claudio Grass on Jerm Warfare with Jeremy Nell - 16 November 2022

TNT Radio

Play Episode Listen Later Nov 16, 2022 55:49


GUEST OVERVIEW: Claudio Grass is an independent precious metals adviser based in Switzerland. A proponent of sound money and the Austrian School of Economics, Claudio shares his convictions on why human liberty and sound money are inextricably linked. Over the past decade, Claudio plunged into a study of geopolitics, history, different monetary, economic and political systems and philosophies. The writers who impressed and influenced him the most, where those who promoted individualism over collectivism, freedom over slavery, non-aggression over using force as a legitimate way to solve problems. Among them were Ludwig von Mises, Murray Rothbard, Harry Brown, Hans-Hermann Hoppe, Aristoteles and Thomas Aquinas to name just a few.

Parallax Views w/ J.G. Michael
The Peaceful Transfer of Power w/ David Marchick/The Hidden History of Neoliberalism w/ Thom Hartmann

Parallax Views w/ J.G. Michael

Play Episode Listen Later Nov 15, 2022 71:58


On this edition of Parallax Views, we're joined in the first segment of the program by David Marchick, co-author with Alexander Tippett (and A.J. Wilson), of The Peaceful Transfer of Power: An Oral History of America's Presidential Transitions. After the chaos of the Trump-Biden transition and the ugly insurrection on the Capitol that came with it many are more interested in how Presidential transitions work and how smooth, peaceful transitions are accomplished. Additionally, many would like to ensure that future transitions are not as chaotic and uncertain as the one that followed the 2020 election. How can that kind of transition be avoided in the future? In addition to addressing these issues and questions, we will discuss what went wrong with the 2020 transition, the problems with the 2016 transition and the sacking Chris Christie from the Trump transition team, insight Marchick gained from actual participants of Presidential transitions, the smooth transition from Bush to Obama during the 2008 financial crisis, the transition from Gerald Ford to Jimmy Carter, the most turbulent Presidential transitions like the James Buchanan to Abraham Lincoln transition and the Herbert Hoover to Franklin Delano Roosevelt transition (Hoover was not a fan of the New Deal), and much, much more!   In the second segment of the program, legendary progressive radio host and New York Times bestselling author Thom Hartmann returns to discuss his new book The Hidden History of Neoliberalism. Thom and I begin by discussing neoliberalism and its origins. We also discuss the free-market libertarian economists that in some way or another bear a connection, in varying degrees, to the ideology such as Milton Friedman, Ludwig Von Mises, and F.A. Hayek. Thom goes over the early neoliberal experiments in the world outside of the U.S., with a particular focus on Chile and the military dictatorship of General Pinochet that overthrew the government of Salvador Allende. Then we dive into how neoliberalism became dominant in the U.S. from the presidencies of Ronald Reagan to Bill Clinton. We also look at the impact of neoliberalism on American workers, the crushing of unions in America, the labor movement, and the middle class? And finally, we talk about neoliberalism under Joe Biden, whether the Democratic Party is turning away from neoliberalism, changing views on unions in America and addressing union corruption from decades past (ie: Jimmy Hoffa), FDR and the New Deal era, the Starbucks union organizing wave and Thom's thoughts on the 2022 midterm elections.

Decentralized Revolution: The Mises Caucus Podcast
e92—Per Bylund, author of How to Think About the Economy

Decentralized Revolution: The Mises Caucus Podcast

Play Episode Listen Later Nov 8, 2022 64:55


Per Bylund (Senior Fellow at the Mises Institute) discusses his new book How to Think About the Economy, which is perhaps the best concise introduction to the economic thought of Ludwig von Mises and the Austrian School. TakeHumanAction.com Paid for by Mises PAC --- Send in a voice message: https://anchor.fm/misescaucus/message

Bitcoin Audible (previously the cryptoconomy)
Read_669 - Capital Misallocation, Bitcoin Fixes this - Part 1 [Steven Lubka]

Bitcoin Audible (previously the cryptoconomy)

Play Episode Listen Later Nov 2, 2022 70:29


"Money facilities a system — the economy — that is too complex, too unpredictable and too uncertain to be modeled or reduced to neat quantifiable units. Expanding humanity's productive resources — capital — requires the acceptance of complexity, uncertainty, unknowns and risk. It's not a neat or tame process. It's a wild one. It's a gang of risk takers spelunking the caverns of the unknown with nothing except their intuitions about future preferences and knowledge of current problems to guide their descent into the uncertainty and the unknowable." - Steven Lubka Today we hit another amazing piece, diving into the first half with the second to come tomorrow, of Steven Lubka's fantastic breakdown of the process of capital and the economy, and how prices and money are the guiding force, made parasitic and destructive through the control of prices and the act of money creation. An essay absolutely packed with knowledge, you don't want to miss hearing how Bitcoin fixes this... Check out the original at the link below, as well as the last piece Steven wrote we covered on this show: https://www.swanbitcoin.com/capital-misallocation-bitcoin-fixes-this/ Read_643 - Bitcoin & The True Meaning of Inflation: https://open.spotify.com/episode/2JKjejgGp66xtEPqsGPzW4?si=KFVs1SJrQUiHE2BO7-lsUg Check out our amazing sponsors and the products that Guy uses most in the space: • Dive into the Bitcoin only wallet, the cypherpunk calculator, and a company that has built secure Bitcoin products for nearly a decade. Code BITCOINAUDIBLE gets 5% off everything in the store! (guyswann.com/coldcard) • Join us and the Swan Bitcoin team at the Pacific Bitcoin Conference in November! Get your tickets now, 20% off with code BITCOINAUDIBLE (https://www.pacificbitcoin.com/) • The best place to onboard a true Bitcoiner - Stack sats automatically, withdraw automatically, and learn or get help from the best team of Bitcoiners out there with Swan Bitcoin. (swanbitcoin.com/guy) • Gets sats back every time you dump fiat at a store, to pay your bills, everything in your fiat life pays you sats with the Fold Debit Card and FoldApp. 5,000 FREE SATS at (guyswann.com/fold) • Dive into the Bitcoin only wallet, the cypherpunk calculator, and a company that has built secure Bitcoin products for nearly a decade. Code BITCOINAUDIBLE gets 5% off everything in the store! (guyswann.com/coldcard) "The quantity of money available in the whole economy is always sufficient to secure for everybody all that money does and can do." - Ludwig von Mises, Human Action Learn more about your ad choices. Visit megaphone.fm/adchoices

The Wiggin Sessions
Robert Breedlove—The Future of Freedom and Why Bitcoin Matters

The Wiggin Sessions

Play Episode Listen Later Oct 31, 2022 51:29


"The way I see this is we've got one real shot at saving the soul of humanity, and that is fixing the money to fix the world,"—Robert Breedlove Is Bitcoin zero? Or is Bitcoin the next global reserve asset? To my guest today, Bitcoin is fundamentally a humanitarian movement, exposing the greatest con in human history, which is central banking, which is one of our favorite themes. Robert Breedlove is a freedom maximalist, ex-hedge fund manager, and philosopher in the Bitcoin space. By learning about the connection between honest money, entrepreneurship, and civilization, we are renewing hope for the future of humanity. To this end, Robert's mission is to restore freedom, truth, and virtue in our world by tenaciously asking the question: "What is Money?" On this episode of The Wiggin Sessions, Robert joins me to share why he started joining with guests on his podcast, "What is Money?" to blaze new trails and break new ground in the discussion of money.  Listen in as Robert discusses how Bitcoin preserves the relationship between owner and assets, empowering options humans have never before had for more prosperity. Key Takeaways Why Bitcoin is the solution to centralized banking Rob shares his definition of 'What is Money' How launching the podcast with Michael Sailor as the first guest was the key to its success Why Rob thinks the 'spectator sport' of podcasting in the digital age is helping us rediscover the importance of thinking out loud Why Rob believes we must abolish taxation for the world to work in a sustainable way How taxpayer money is being channeled into funding 'wokeism" via technology Why the middle class is 'the meat of the economic host that the state parasitizes' How the government steals from taxpayers via inflation Robert shares why there are so many theories and misconceptions about Bitcoin Why Bitcoin is different from other crypto assets and gold Why the physicality of gold leads to the manipulation of the price by the paper markets Why a central bank created cryptocurrency could lead to a social credit scoring system here in the US Connect with Rober Breedlove  The "What is Money?" Show Robert on LinkedIn Connect with Addison Wiggin Consilience Financial Be sure to follow The Wiggin Sessions on your socials. You can find me on— Facebook @thewigginsessions Instagram @thewigginsessions Twitter @WigginSessions Resources Share the Wiggin Sessions on Apple Podcasts The Number Zero and Bitcoin: Robert Breedlove “The Future of Money is Decentralized” w/ Saifedean Ammous - EP 47 The Wiggin Sessions Why "The Long Emergency" Persists w/ James Howard Kunstler - EP 62 The Wiggin Sessions Seven Brief Lessons on Physics by Carlo Rovelli The Bitcoin Standard: The Decentralized Alternative to Central Banking by  Saifedean Ammous Human Action: A Treatise on Economics by Ludwig Von Mises

UK Column Podcasts
Robert P Murphy - Austrian Economist

UK Column Podcasts

Play Episode Listen Later Oct 20, 2022 47:59


David Scott interviews economist Robert P Murphy senior Fellow of the Mises Institute, known as Bob Murphy to his many fans and followers. Bob is a economist of the Austrian School, a group based on 500 years of economic thought and in particular on the work of Carl Menger, Ludwig Von Mises and Murray Rothbard. It is based on anaylsis of human action and motivation and is built, piece by piece, in deductive fashion, upon these principles. In this interview David explains how he discovered the Austrian School and the extent of the intellectual revelation it provided to him and Bob explains briefly what the Austrian School is and what unique insights it offers. The discussion covers the 2008 great recesion and the role the Austrain theory of the business cycle played in predicting and explaining it. Bob and David also discuss inflation, it's effects and it mysterious temporary absence and sudden tumultuous arrival. In doing so they touch on the strange economics of the covid lockdown, Another of Bob's specialisms, of particular relevance today, is the economics of engergy generation and of climate change. He outlines his work in this area, and highlights the contradictions and holes in the official narrative. The effects of these are to generate policy prescriptions which, although they may serve a political purpose, are both untenable and injurious to human thriving. They make no sense, even accepting the global warming narrative and considering the policies within that worldview. This serves to illustrate just how good-for-nothing the current Net Zero religion has beome in recent years. David questions whether economics is really value-free and gets Bob's view of the values and ethics elements inherent in economic analysis. In closing David raised the spectre of Paul Krugman and the unexpected presence of Austrian Economics Groupies - Is Bob only in this for the Groupies, tune in to find out. https://youtu.be/d0nERTFo-Sk https://youtu.be/GTQnarzmTOc

Keith Knight - Don't Tread on Anyone
Jacobin Magazine Lies About Ludwig von Mises!

Keith Knight - Don't Tread on Anyone

Play Episode Listen Later Oct 11, 2022 46:40


The Voluntaryist Handbook: https://libertarianinstitute.org/books/voluntaryist-handbook/ Support the show, PayPal: KeithKnight590@gmail.com or Venmo: @Keith-Knight-34 LBRY / Odysee: https://odysee.com/@KeithKnightDontTreadOnAnyone:b BitChute: KeithKnightDontTreadOnAnyone https://www.bitchute.com/channel/keithknightdonttreadonanyone/ Minds: https://www.minds.com/KeithKnightDontTreadOnAnyone/ GETTR: https://gettr.com/user/an_capitalist MeWe: mewe.com/i/keithknight25 Flote: https://flote.app/VoluntaryistKeith Gab: https://gab.com/Voluntarykeith Twitter: @an_capitalist The Libertarian Institute: https://libertarianinstitute.org/dont-tread-on-anyone/ One Great Work Network: https://www.onegreatworknetwork.com/keith-knight Archive.org: https://archive.org/details/@keithknight13 Locals: https://donttreadonanyone.locals.com/ Spotify: https://open.spotify.com/show/0mG2QvxJe9TQpJiyrQTqfx

The Libertarian Institute - All Podcasts
Jacobin Magazine Lies About Ludwig von Mises!

The Libertarian Institute - All Podcasts

Play Episode Listen Later Oct 11, 2022 46:41


Five important criticisms are made of Ludwig von Mises in the recent Jacobin article titled, Ludwig von Mises Was a Free Market Ideologue, Not a Hardheaded Thinker. Mises was an ideologue Mises supported workers "bowing" to capitalist masters Lack of support for universal voting proves Mises was opposed to empiricism Nordic countries and the UK's NHS prove that statism is preferable to free markets Mises supported imperialism For a full refutation see the video linked below, in short: The Misesian ideology can be summarized as: Decriminalize all economic activity between consenting adults. There is nothing wrong with being ideological. If one claims to be inherently opposed to: Racism, sexism, xenophobia, classism, terrorism, kidnapping, rape, murder, or assault, they are in effect making an ideological statement not a scientific one. They don't say, "Let's try racism and sexism then run tests to see if it worked." They make an unapologetic principled claim. Yes he was ideological, and there is nothing wrong with being so. Of course Mises also used real world examples in his work, both comparing countries which are more and less economically free, as well as whether or not people with the lowest incomes benefit from free market exchanges by having an increase in accessibility to products and services overtime.    In Planning for Freedom, Mises explains how real (adjusted for inflation) wages rise as the result or worker productivity and competition between employers. No useful idiot of the "bosses" would tell the working masses how to increase their leverage. Are the "capitalist masters" also hoping they'll have to compete for good workers and return customers? If anything big business loves regulations which keep out competitors and a steady stream of subsidies which allow them to acquire money without having to meet consumer demand.   With regard to economics, politics, philosophy, foreign policy, civics, and history- the average voter knows almost nothing. Getting more ignorant people to vote on how planes and computers are made will not improve planes or computers and we'd all be worse off. So it's no surprise that while Mises was an advocate of representative democracy, he did not frequently stress the value of mass voting.   "There's plenty to say regarding Sweden: (1) its “socialist” policies were made possible by wealth created under an essentially capitalist economy (as recently as the 1950s, remember, government spent less as a percentage of GDP in Sweden than in the U.S.); (2) Swedes earn about 50 percent more in the U.S., in our supposedly wicked economy; and (3) since Sweden's explosion of social welfare spending there have been zero jobs created on net in the private sector." - Thomas E. Woods Jr., Ph.d., (Forward to Socialism Sucks).  The Jacobin author does not mention that all Nordic countries rank higher than America on the Fraser Freedom Index. Nor does he compare North Korea and South Korea or East Germany and West Germany. Nor does he compare states in America with similar populations to Nordic countries such as Massachusetts.  Nor does he control for age, educational degree, gender, levels of innovation, difficulty of low skilled employees getting their foot in the door or starting a competing firm. Nor does he compare more regulated/subsidized industries to less regulated/subsidized industries. Those who believe Washington D.C. has the right to control Texas, Florida, Arizona, Nebraska, and Kansas are true imperialists. All the regulatory agencies that Jacobin's support literally are imperialist, i.e. one group arbitrarily imposing its will on another through coercion. As for Mises: A nation, therefore, has no right to say to a province: You belong to me, I want to take you. A province consists of its inhabitants. If anybody has a right to be heard in this case it is these inhabitants.

The Weekly Eudemon
An Introduction to Eric Voegelin

The Weekly Eudemon

Play Episode Listen Later Oct 10, 2022 20:00


Out of this paradoxical mish-mash of empire, Fascism, Catholicism, tradition, and modernity stepped a big dose of genius. Men who became giants in their fields, ranging from music to economics to psychoanalysis, many of whom fled Fascism to settle in western Europe or the United States. A partial list: Carl Menger, Ludwig Wittgenstein, Rudolph Carnap, Sigmund Freud, Martin Buber, Karl Popper, Viktor Frankl, Arnold Schoenberg, Ludwig von Mises, F.A. Hayek.And Eric Voegelin.Voegelin is possibly the least known but possibly the greatest among them. He was poor at self-promotion, his prose was difficult, and his ideas were nearly impossible to appreciate. To compound the problem, he refused to “write down” to make his prose more accessible, insisting the reader make the required effort to understand the problem that was modernity, and then he compounded the problem even more by using neologisms that no one understood. Voegelin biographies spend a lot of time defining words, some even including a separate glossary at the end.But I suspect the real reason Voegelin never really caught on like, say, Freud or von Mises: He simply didn't resonate. Luther wouldn't have resonated in the 11thcentury; Nietzsche would have lived with the wolves in the 8th.Voegelin, with the analytic precision of a mathematician, tried to explain how transcendence plays into earthly politics. It wasn't a song that played well in the exuberant and optimistic days of post-WWII America, which cared for such things about as much as Stalin cared about the Pope's legions.On top of that, I believe Voegelin set himself an impossible task. The Tao can't be explained in mathematical terms. But he was also correct: The Tao can't be ignored, whether currently or in historical explanations.Show notes here

Academy of Ideas
How Inflation Precipitates Societal Collapse

Academy of Ideas

Play Episode Listen Later Oct 10, 2022 12:46


“…if inflation is not eliminated very soon, all our technological and scientific improvements will not prevent us from a tremendous financial catastrophe that will destroy practically all that civilization has created in the last several hundred years.”   Ludwig von Mises, Ludwig von Mises on Money and Inflation The philosopher George Santayana stated that “Those […] The post How Inflation Precipitates Societal Collapse first appeared on Academy of Ideas.

Dave Troy Presents
Libertarian Exit with Raymond Craib

Dave Troy Presents

Play Episode Listen Later Oct 9, 2022 96:52


The idea of leaving society to start up a new one isn't exactly new... history is full of people leaving to go start new countries. But the idea became especially fashionable in 20th century America and was jump-started as a reaction to the counterculture in the 1960's, and given new life by Silicon Valley entrepreneurs in the 2000's. Dave talks with Raymond Craib, professor of history at Cornell University, about his new book "Adventure Capitalism: A History of Libertarian Exit from the Era of Decolonization to the Digital Age" which covers the upsurge in these ideas in the 60's to today, and their connection to everything from Brexit to Seasteading. Learn more about Ray Craib's work on Twitter (@raycraib) and at his Cornell faculty page: https://history.cornell.edu/raymond-b-craib Adventure Capitalism (Book): https://www.goodreads.com/en/book/show/57700808 Keywords: Libertarian exit, libertarianism, Murray Rothbard, Friedrich Hayek, Ludwig von Mises, Milton Friedman, Michael Oliver, Werner Stiefel, New Atlantis, Tonga, Minerva Reefs, Abaco, Bahamas, Mitchell WerBell, Andrew St. George, Phoenix Foundation, Azores, New Hebrides, Vanuatu, Stefan Mandel, Mondragon, David Duke, Bayou of Pigs, Peter Thiel, Seasteading, Joe Quirk, Patri Friedman, Balaji Srinivasan, Nick Land, Curtis Yarvin, Mencius Moldbug, Urbit, Hans-Herman Hoppe, James Dale Davidson, William Rees Mogg, Jacob Rees Mogg, Brexit, Sovereign Individual, Longtermism, Effective Altruism, Honduras, ZEDEs, Charter Cities, Liz Truss, Shankar Singham, Barbara Kolm, Mises Institute.

Mises Media
Peter Klein: Why Managers Still Matter

Mises Media

Play Episode Listen Later Oct 4, 2022


Entrepreneurial businesses embrace adaptiveness and change, and continuous innovation enabled by flexible and responsive organizations, empowered at every level. That doesn't mean there's no role for managers. Inside the corporation, entrepreneurial management co-ordinates the business flow of responding to changing customer wants and preferences, so that resources are allocated and reallocated to the production activities that customers value the most. In fact, management is becoming more important, not less. Professors Peter Klein and Nicolai Foss explain entrepreneurial management in their latest book, Why Managers Matter: The Perils of the Bossless Company (Mises.org/E4B_190_Book), and Peter Klein visits Economics For Business to highlight the key points. Key Takeaways and Actionable Insights Management co-ordinates the constant flux of entrepreneurial business. The essence of the adaptive entrepreneurial organization model is responsive change. Entrepreneurial businesses don't lock themselves in to 5-year strategies and annual plans. They recognize that markets are in constant flux as a result of changing customer preferences, changing competitive activity, changing technologies, and changing conditions in business channels and in the economy. Change is the normal condition. It's what Ludwig von Mises termed constant flux. Management is required inside the firm to adapt and respond to change outside the firm. It's not possible to manage the change in markets, but it is a necessity to manage resource allocation and productive activities inside the firm. Management is co-ordination and orchestration, not authority and hierarchy. We might think of the concept of management in its industrial age guise of authority and hierarchy: some people “higher up” in the organization telling others “lower down” what to do. This kind of hierarchical authority can't work in the digital network age; it's too slow to process incoming data from the marketplace and too rigid to quickly or effectively implement newly imagined responses to those incoming data. But in Professor Klein and Professor Foss's analysis, management no longer equates to old-fashioned authority and hierarchy. Management is co-ordination: assembling the right resources — both human capital and complementary capital assets such as supportive technologies — in the right combinations (often referred to as “teams” in today's management language) for the right shared task with the right shared goals. Professor Klein likened this to orchestration — there's a conductor who guides the orchestra in playing the same symphony together, without telling the individual players how to play their instrument, and leaving the details of implementation to the individuals and their specialized skills. Some orchestras may have better results than others because their teams have been well-recruited and well assembled and they respond better to management co-ordination. All firms and teams are complex adaptive systems, with emergent outcomes influenced by internal forces, one of which is management. Management is culture more than authority. How do managers achieve a better outcome as a result of managing their teams? Professor Klein believes that they institute a successful culture, as opposed to designing an organizational structure. He defines culture in terms of norms, customs and practices — the accepted way (or simple rules) of “how we do things around here”. More specifically, in the customer-centric entrepreneurial firm, “here's how we plan to facilitate value for our customers around here”. Skilled managers paint the pictures — the “vision”, if you will — in the minds of employees of the customer value standards the firm will achieve, and the customer experiences that the firm will facilitate. Modern managers are comfortable with and quite expert at adaptation. The modern managerial culture is a far cry from traditional hierarchical managerial authority. It has the built-in flexibility for adaptiveness to the rapid rate of change in today's digital business world. A well-functioning management process in a loosely structured organization can change internal production processes, teams and resource allocations in response to external changes in customer demand and marketplace conditions. In fact, Professor Klein points out, through relevant case studies, such a management structure can be better at adaptation than, for example, a network of independent contractors and suppliers that would be challenged to orchestrate responsive changes to an external change, since each would have a different experience and process it through a different cultural orientation. They wouldn't co-ordinate as well or as quickly as internally managed teams. In certain cases, management authority can sometimes be a relevant organizational tool, so long as it is applied in a contingent fashion. The relevance and usefulness of authority varies by circumstance and business situations. Its usefulness is contingent, and managers must be sensitive as to when to apply authority and in what style. Why Managers Matter identifies two distinct styles of managerial authority, Mark 1 authority and Mark 2 authority. Mark 1 authority is traditional command-and-control, exerted top down — superiors telling subordinates what to do. Mark 2 authority is exercised through design rather than command: finding the right person for the task, combining the best-qualified people in teams, and giving them a goal with a wide latitude in their process and implementation in achieving the goal. An important element of the contingent approach is to empathically identify the subjective preferences of employees. Some will respond well to flexible, open-ended direction that enables them to exercise their own initiative. Others might prefer the certainty of clear direction. One type of salesperson might be highly motivated by a 100% commission remuneration plan, another might feel more secure with a base salary with the potential for an achievement bonus upon exceeding quota. Professor Klein identifies two broad sets of conditions for the exercise of Mark 1 and Mark 2 authority. When there is a high degree of interdependence between people, teams and tasks, such that it is critical that tasks are highly coordinated, completed at the same time and combined in a highly specific fashion, then management intervention is required and it will include Mark 1 elements. When production is more modular, when tasks and projects can be completed interdependently, then Mark 2 management can be exercised through a decentralized, flat and culturally aligned organization. (Professor Klein cited the example of the type of higher education institution where he works; all the professors can design and teach their classes, do their research, and publish their papers and books with a high degree of autonomy.) Management is becoming more important, not less. In a rapidly changing world, where employee attitudes and experiences are very different than in the pre-digital world, and where global markets and their interconnected structures are more uncertain and cyclically unreliable, and where the pace of disruptive technological innovation is accelerating, good management is more important than ever for the success of our economy and our society. Smart managers are needed to find the right balance between operational excellence through established processes and adaptive change through adjustment and experimentation, a balance that business scholars call the ambidextrous organization. It can't happen without management, and without managers. Additional Resources Peter Klein's book page: Mises.org/E4B_190_Klein Why Managers Matter: The Perils of the Bossless Company by Peter Klein and Nicolai Foss: Mises.org/E4B_190_Book Public Affairs book page: Mises.org/E4B_190_PA

Economics For Business
Peter Klein: Why Managers Still Matter

Economics For Business

Play Episode Listen Later Oct 4, 2022


Entrepreneurial businesses embrace adaptiveness and change, and continuous innovation enabled by flexible and responsive organizations, empowered at every level. That doesn't mean there's no role for managers. Inside the corporation, entrepreneurial management co-ordinates the business flow of responding to changing customer wants and preferences, so that resources are allocated and reallocated to the production activities that customers value the most. In fact, management is becoming more important, not less. Professors Peter Klein and Nicolai Foss explain entrepreneurial management in their latest book, Why Managers Matter: The Perils of the Bossless Company (Mises.org/E4B_190_Book), and Peter Klein visits Economics For Business to highlight the key points. Key Takeaways and Actionable Insights Management co-ordinates the constant flux of entrepreneurial business. The essence of the adaptive entrepreneurial organization model is responsive change. Entrepreneurial businesses don't lock themselves in to 5-year strategies and annual plans. They recognize that markets are in constant flux as a result of changing customer preferences, changing competitive activity, changing technologies, and changing conditions in business channels and in the economy. Change is the normal condition. It's what Ludwig von Mises termed constant flux. Management is required inside the firm to adapt and respond to change outside the firm. It's not possible to manage the change in markets, but it is a necessity to manage resource allocation and productive activities inside the firm. Management is co-ordination and orchestration, not authority and hierarchy. We might think of the concept of management in its industrial age guise of authority and hierarchy: some people “higher up” in the organization telling others “lower down” what to do. This kind of hierarchical authority can't work in the digital network age; it's too slow to process incoming data from the marketplace and too rigid to quickly or effectively implement newly imagined responses to those incoming data. But in Professor Klein and Professor Foss's analysis, management no longer equates to old-fashioned authority and hierarchy. Management is co-ordination: assembling the right resources — both human capital and complementary capital assets such as supportive technologies — in the right combinations (often referred to as “teams” in today's management language) for the right shared task with the right shared goals. Professor Klein likened this to orchestration — there's a conductor who guides the orchestra in playing the same symphony together, without telling the individual players how to play their instrument, and leaving the details of implementation to the individuals and their specialized skills. Some orchestras may have better results than others because their teams have been well-recruited and well assembled and they respond better to management co-ordination. All firms and teams are complex adaptive systems, with emergent outcomes influenced by internal forces, one of which is management. Management is culture more than authority. How do managers achieve a better outcome as a result of managing their teams? Professor Klein believes that they institute a successful culture, as opposed to designing an organizational structure. He defines culture in terms of norms, customs and practices — the accepted way (or simple rules) of “how we do things around here”. More specifically, in the customer-centric entrepreneurial firm, “here's how we plan to facilitate value for our customers around here”. Skilled managers paint the pictures — the “vision”, if you will — in the minds of employees of the customer value standards the firm will achieve, and the customer experiences that the firm will facilitate. Modern managers are comfortable with and quite expert at adaptation. The modern managerial culture is a far cry from traditional hierarchical managerial authority. It has the built-in flexibility for adaptiveness to the rapid rate of change in today's digital business world. A well-functioning management process in a loosely structured organization can change internal production processes, teams and resource allocations in response to external changes in customer demand and marketplace conditions. In fact, Professor Klein points out, through relevant case studies, such a management structure can be better at adaptation than, for example, a network of independent contractors and suppliers that would be challenged to orchestrate responsive changes to an external change, since each would have a different experience and process it through a different cultural orientation. They wouldn't co-ordinate as well or as quickly as internally managed teams. In certain cases, management authority can sometimes be a relevant organizational tool, so long as it is applied in a contingent fashion. The relevance and usefulness of authority varies by circumstance and business situations. Its usefulness is contingent, and managers must be sensitive as to when to apply authority and in what style. Why Managers Matter identifies two distinct styles of managerial authority, Mark 1 authority and Mark 2 authority. Mark 1 authority is traditional command-and-control, exerted top down — superiors telling subordinates what to do. Mark 2 authority is exercised through design rather than command: finding the right person for the task, combining the best-qualified people in teams, and giving them a goal with a wide latitude in their process and implementation in achieving the goal. An important element of the contingent approach is to empathically identify the subjective preferences of employees. Some will respond well to flexible, open-ended direction that enables them to exercise their own initiative. Others might prefer the certainty of clear direction. One type of salesperson might be highly motivated by a 100% commission remuneration plan, another might feel more secure with a base salary with the potential for an achievement bonus upon exceeding quota. Professor Klein identifies two broad sets of conditions for the exercise of Mark 1 and Mark 2 authority. When there is a high degree of interdependence between people, teams and tasks, such that it is critical that tasks are highly coordinated, completed at the same time and combined in a highly specific fashion, then management intervention is required and it will include Mark 1 elements. When production is more modular, when tasks and projects can be completed interdependently, then Mark 2 management can be exercised through a decentralized, flat and culturally aligned organization. (Professor Klein cited the example of the type of higher education institution where he works; all the professors can design and teach their classes, do their research, and publish their papers and books with a high degree of autonomy.) Management is becoming more important, not less. In a rapidly changing world, where employee attitudes and experiences are very different than in the pre-digital world, and where global markets and their interconnected structures are more uncertain and cyclically unreliable, and where the pace of disruptive technological innovation is accelerating, good management is more important than ever for the success of our economy and our society. Smart managers are needed to find the right balance between operational excellence through established processes and adaptive change through adjustment and experimentation, a balance that business scholars call the ambidextrous organization. It can't happen without management, and without managers. Additional Resources Peter Klein's book page: Mises.org/E4B_190_Klein Why Managers Matter: The Perils of the Bossless Company by Peter Klein and Nicolai Foss: Mises.org/E4B_190_Book Public Affairs book page: Mises.org/E4B_190_PA

Interviews
Peter Klein: Why Managers Still Matter

Interviews

Play Episode Listen Later Oct 4, 2022


Entrepreneurial businesses embrace adaptiveness and change, and continuous innovation enabled by flexible and responsive organizations, empowered at every level. That doesn't mean there's no role for managers. Inside the corporation, entrepreneurial management co-ordinates the business flow of responding to changing customer wants and preferences, so that resources are allocated and reallocated to the production activities that customers value the most. In fact, management is becoming more important, not less. Professors Peter Klein and Nicolai Foss explain entrepreneurial management in their latest book, Why Managers Matter: The Perils of the Bossless Company (Mises.org/E4B_190_Book), and Peter Klein visits Economics For Business to highlight the key points. Key Takeaways and Actionable Insights Management co-ordinates the constant flux of entrepreneurial business. The essence of the adaptive entrepreneurial organization model is responsive change. Entrepreneurial businesses don't lock themselves in to 5-year strategies and annual plans. They recognize that markets are in constant flux as a result of changing customer preferences, changing competitive activity, changing technologies, and changing conditions in business channels and in the economy. Change is the normal condition. It's what Ludwig von Mises termed constant flux. Management is required inside the firm to adapt and respond to change outside the firm. It's not possible to manage the change in markets, but it is a necessity to manage resource allocation and productive activities inside the firm. Management is co-ordination and orchestration, not authority and hierarchy. We might think of the concept of management in its industrial age guise of authority and hierarchy: some people “higher up” in the organization telling others “lower down” what to do. This kind of hierarchical authority can't work in the digital network age; it's too slow to process incoming data from the marketplace and too rigid to quickly or effectively implement newly imagined responses to those incoming data. But in Professor Klein and Professor Foss's analysis, management no longer equates to old-fashioned authority and hierarchy. Management is co-ordination: assembling the right resources — both human capital and complementary capital assets such as supportive technologies — in the right combinations (often referred to as “teams” in today's management language) for the right shared task with the right shared goals. Professor Klein likened this to orchestration — there's a conductor who guides the orchestra in playing the same symphony together, without telling the individual players how to play their instrument, and leaving the details of implementation to the individuals and their specialized skills. Some orchestras may have better results than others because their teams have been well-recruited and well assembled and they respond better to management co-ordination. All firms and teams are complex adaptive systems, with emergent outcomes influenced by internal forces, one of which is management. Management is culture more than authority. How do managers achieve a better outcome as a result of managing their teams? Professor Klein believes that they institute a successful culture, as opposed to designing an organizational structure. He defines culture in terms of norms, customs and practices — the accepted way (or simple rules) of “how we do things around here”. More specifically, in the customer-centric entrepreneurial firm, “here's how we plan to facilitate value for our customers around here”. Skilled managers paint the pictures — the “vision”, if you will — in the minds of employees of the customer value standards the firm will achieve, and the customer experiences that the firm will facilitate. Modern managers are comfortable with and quite expert at adaptation. The modern managerial culture is a far cry from traditional hierarchical managerial authority. It has the built-in flexibility for adaptiveness to the rapid rate of change in today's digital business world. A well-functioning management process in a loosely structured organization can change internal production processes, teams and resource allocations in response to external changes in customer demand and marketplace conditions. In fact, Professor Klein points out, through relevant case studies, such a management structure can be better at adaptation than, for example, a network of independent contractors and suppliers that would be challenged to orchestrate responsive changes to an external change, since each would have a different experience and process it through a different cultural orientation. They wouldn't co-ordinate as well or as quickly as internally managed teams. In certain cases, management authority can sometimes be a relevant organizational tool, so long as it is applied in a contingent fashion. The relevance and usefulness of authority varies by circumstance and business situations. Its usefulness is contingent, and managers must be sensitive as to when to apply authority and in what style. Why Managers Matter identifies two distinct styles of managerial authority, Mark 1 authority and Mark 2 authority. Mark 1 authority is traditional command-and-control, exerted top down — superiors telling subordinates what to do. Mark 2 authority is exercised through design rather than command: finding the right person for the task, combining the best-qualified people in teams, and giving them a goal with a wide latitude in their process and implementation in achieving the goal. An important element of the contingent approach is to empathically identify the subjective preferences of employees. Some will respond well to flexible, open-ended direction that enables them to exercise their own initiative. Others might prefer the certainty of clear direction. One type of salesperson might be highly motivated by a 100% commission remuneration plan, another might feel more secure with a base salary with the potential for an achievement bonus upon exceeding quota. Professor Klein identifies two broad sets of conditions for the exercise of Mark 1 and Mark 2 authority. When there is a high degree of interdependence between people, teams and tasks, such that it is critical that tasks are highly coordinated, completed at the same time and combined in a highly specific fashion, then management intervention is required and it will include Mark 1 elements. When production is more modular, when tasks and projects can be completed interdependently, then Mark 2 management can be exercised through a decentralized, flat and culturally aligned organization. (Professor Klein cited the example of the type of higher education institution where he works; all the professors can design and teach their classes, do their research, and publish their papers and books with a high degree of autonomy.) Management is becoming more important, not less. In a rapidly changing world, where employee attitudes and experiences are very different than in the pre-digital world, and where global markets and their interconnected structures are more uncertain and cyclically unreliable, and where the pace of disruptive technological innovation is accelerating, good management is more important than ever for the success of our economy and our society. Smart managers are needed to find the right balance between operational excellence through established processes and adaptive change through adjustment and experimentation, a balance that business scholars call the ambidextrous organization. It can't happen without management, and without managers. Additional Resources Peter Klein's book page: Mises.org/E4B_190_Klein Why Managers Matter: The Perils of the Bossless Company by Peter Klein and Nicolai Foss: Mises.org/E4B_190_Book Public Affairs book page: Mises.org/E4B_190_PA

Today in the History of Freedom
Episode 29: Ludwig von Mises

Today in the History of Freedom

Play Episode Listen Later Sep 29, 2022 3:11


The Mises touch?

Dangerous INFO podcast with Jesse Jaymz
59 "Fraud & Swindle Cabalists" ft. Dr. Robin McCutcheon, common sense, changing definitions, department of FRAUDucation, Smith Mundt Act, new math, free markets, economics, cursive understanding

Dangerous INFO podcast with Jesse Jaymz

Play Episode Listen Later Sep 27, 2022 137:03


I told Outcast that this show was going to be fire and I wasn't wrong! This is a must listen and a must share.Dr. Robin McCutcheon,  Professor of EconomicsRobin earned her PhD in Economics from Wayne State University in Detroit, Michigan and has been teaching economics for over 20 years. In all of the economics courses she teaches {Principles of Economics (both micro- and macro-), Money & Banking, Comparative Economic Systems, Labor Economics, and Managerial Economics}, she uses the Principles of Free Market Systems. Dr. Robin uses Ayn Rand, Ludwig Von Mises, F.A. Hayek, Milton Friedman, and W. Cleon Skousen, and every idea she can glean from radio hosts like Rush Limbaugh and Mark Levin, to explain in plain English how our Country's Founding Principles lead to free markets and are the best path to liberty, freedom, and prosperity for everyone. Over 90% of her students exit her courses avid and staunch Libertarian or Fiscal Conservatives. Dr. Robin's website: http://lync-sync.com/login.phpSUPPORT THE SHOW:SubscribeStar https://www.subscribestar.com/jesse-jaymzOne time gift donation via Paypal https://paypal.me/dangerousinfo?country.x=US&locale.x=en_USJOIN OUR GUILDED CHAT ROOM: https://www.guilded.gg/i/Evx9g1VkSUBSCRIBE STARS:Jill BarcRyan Mansfield ShowCarmie RosarioKenneth AllenChad GeyerPatriot MillerSheryl E.Join my mailing list: https://mailchi.mp/03e09a1333c8/jessejaymzemailsignupSocial Media:Instagram https://www.instagram.com/jessejaymz1/Telegram https://t.me/jessejaymzGab https://gab.com/JessejaymzTruth Social https://truthsocial.com/@jessejaymzSend stuff:Jesse JaymzPO Box 541Clarkston, MI 48347Listen on: Soundcloud https://soundcloud.com/dangerousinfopodcastApple https://podcasts.apple.com/podcast/id1585900698Spotify https://open.spotify.com/show/4qT8ncYfYNe9EgVle3sN5kStitcher https://www.stitcher.com/show/jesses-jaymz-dangerous-infoTune In-Alexa https://tunein.com/podcasts/Arts--Culture-Podcasts/Jesse-Jaymz-Dangerous-INFO-p1517255/SMART is the acronym that was created by technocrats that have setup the "internet of things" that will eventually enslave humanity to their needs. Support the show

The Libertarian Institute - All Podcasts
How Free Markets Make Poor Countries Wealthy (feat. Benjamin Powell, Ph.D.)

The Libertarian Institute - All Podcasts

Play Episode Listen Later Sep 10, 2022 29:33


https://youtu.be/fmh1JeGAVP0 Here's why: almost a hundred years ago, the Austrian economist Ludwig von Mises explained that socialism, even if run by benevolent despots and populated with workers willing to work for the common good, could still not match capitalism's performance. Socialism requires abolishing private property in the means of production. But private property is necessary to have the free exchange of labor, capital, and goods that establish proper prices. Without proper prices, socialist planners could not know which consumer goods were needed or how best to produce them....Socialism also gives tremendous power to government officials and bureaucrats who are the system's planners—and with that power comes corruption, abuse, and tyranny. It is no accident that the worst democides of the twentieth century occurred in socialist countries like the Soviet Union, Communist China, and Nazi (National Socialist) Germany, where planners simply decided to eliminate populations they thought interfered with their plans. - Robert Lawson and Benjamin Powell, Socialism Sucks: Two Economists Drink Their Way Through the Unfree World Dr. Ben Powell is the Executive Director of the Free Market Institute at Texas Tech University and a Professor of Economics in the Rawls College of Business and a Senior Fellow with the Independent Institute. Other books discussed: Wretched Refuse?: The Political Economy of Immigration and Institutions Out of Poverty: Sweatshops in the Global Economy BitChute Flote Archive Spotify

Hardly Working with Brent Orrell
Tyler Cowen on Talent and Hiring in the Twenty-First Century

Hardly Working with Brent Orrell

Play Episode Listen Later Sep 8, 2022 50:29


How can employers find workers that fit and elevate their organizations? Where are the “diamonds in the rough” that everyone else is missing? In his book Talent: How to Identify Energizers, Creatives and Winners Around the World, Economist Tyler Cowen and entrepreneur Daniel Gross point out helpful strategies for hiring managers to find job seekers to who aim to be noticed by the right people. Tyler also dives into his journey into economics, sharing his takes on AI, skills, modern hiring practices, and the many projects that occupy his day-to-day. Mentioned in the episode https://www.amazon.com/Talent-Identify-Energizers-Creatives-Winners-ebook/dp/B08R2KNYVX (Talent: How to Identify Energizers, Creatives, and Winners Around the World) http://www.kenilworthchessclub.org/kenilworthian/2006/09/interview-with-former-youngest-new.html (Tyler Cowen chess prodigy) https://marginalrevolution.com/ (Marginal Revolution Blog) https://fee.org/seminars (Fee Seminar economics) https://www.amazon.com/Incredible-Bread-Machine-Capitalism-Freedom/dp/0930073312/ref=sr_1_1?adgrpid=1330409633459632&hvadid=83150672982981&hvbmt=be&hvdev=c&hvlocphy=90931&hvnetw=o&hvqmt=e&hvtargid=kwd-83150944010120%3Aloc-190&hydadcr=9368_10648062&keywords=the+incredible+bread+machine&qid=1662644610&sr=8-1 (The Incredible Bread Machine) https://fee.org/resources/economics-in-one-lesson/ (Henry Hazlitt - Economics in One Lesson) https://plato.stanford.edu/entries/friedrich-hayek/ (Hayek) – https://german.yale.edu/sites/default/files/hayek_-_the_use_of_knowledge_in_society.pdf (Use of Knowledge in Society) https://www.nobelprize.org/prizes/economic-sciences/1976/friedman/biographical/ (Friedman) https://fee.org/articles/murray-rothbard/ (Rothbard) https://mises.org/library/ludwig-von-mises-scholar-creator-hero-0 (Mises) https://aynrand.org/about/about-ayn-rand/ (Ayn Rand) https://www.adamsmith.org/about-adam-smith/ (Adam Smith) - https://oll.libertyfund.org/title/smith-an-inquiry-into-the-nature-and-causes-of-the-wealth-of-nations-cannan-ed-in-2-vols (Wealth of Nations), https://oll.libertyfund.org/title/smith-the-theory-of-moral-sentiments-and-on-the-origins-of-languages-stewart-ed (Theory of Moral Sentiments) https://mises.org/profile/walter-e-grinder (Walter Grinder) - https://www.primidi.com/center_for_libertarian_studies (Center for Libertarian Studies), https://www.theihs.org/ (Institute for Humane Studies) https://pioneer.app/blog/hello/ (Daniel Gross) https://www.mercatus.org/emergent-ventures (Emergent Ventures) https://www.yardbarker.com/nba/articles/allen_iverson_career_retrospective/s1__37849081#slide_20 (Allen Iverson) https://www.biography.com/athlete/kyrie-irving (Kyrie Irving) https://www.gmu.edu/ (George Mason University) https://www.aei.org/wp-content/uploads/2021/05/Minding-our-Workforce.pdf?x91208.page=10 (Noncognitive skills) https://www.aei.org/podcast/joseph-fuller-on-hidden-workers-and-issues-in-ai-based-recruiting/ (AI hiring systems) https://www.aei.org/op-eds/how-ai-is-being-transformed-by-foundation-models/ (GPT-3) https://www.aei.org/op-eds/the-rise-of-so-so-automation/ (Supplemental AI) https://www.mercatus.org/scholars/veronique-de-rugy (Veronique de Rugy)

Hayek Program Podcast
Israel Kirzner on His Career as an Austrian Economist

Hayek Program Podcast

Play Episode Listen Later Sep 7, 2022 63:11


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

Jacobin Radio
Dig: A History of Neoliberalism w/ Quinn Slobodian

Jacobin Radio

Play Episode Listen Later Aug 27, 2022 136:24


Featuring Quinn Slobodian on his book Globalists: The End of Empire and the Birth of Neoliberalism. The story of neoliberalism's Geneva School—including Ludwig von Mises, Friedrich Hayek, and Wilhelm Röpke—and their vision for a new global order to protect the market from democratic forces in the metropole and across the decolonizing world. An interview from archives first conducted in November 2018.Support The Dig at Patreon.com/TheDigCheck out these Haymarket titles:Keywords for Capitalism by John Patrick Leary haymarketbooks.org/books/1886-keywords-for-capitalismStruggle Makes Us Human by Vijay Prashad haymarketbooks.org/books/1869-struggle-makes-us-human Our GDPR privacy policy was updated on August 8, 2022. Visit acast.com/privacy for more information.

The Dig
A History of Neoliberalism w/ Quinn Slobodian

The Dig

Play Episode Listen Later Aug 27, 2022 136:24


Featuring Quinn Slobodian on his book Globalists: The End of Empire and the Birth of Neoliberalism. The story of neoliberalism's Geneva School—including Ludwig von Mises, Friedrich Hayek, and Wilhelm Röpke—and their vision for a new global order to protect the market from democratic forces in the metropole and across the decolonizing world. An interview from archives first conducted in November 2018. Support The Dig at Patreon.com/TheDig Check out these Haymarket titles: Keywords for Capitalism by John Patrick Leary haymarketbooks.org/books/1886-keywords-for-capitalism Struggle Makes Us Human by Vijay Prashad haymarketbooks.org/books/1869-struggle-makes-us-human

Freedom Adventure Podcast
442 Economists that should have Won the Nobel

Freedom Adventure Podcast

Play Episode Listen Later Aug 15, 2022 23:10


Art Carden discusses which economists should have gotten the Nobels before they died. Ludwig Von Mises was a great economist and his student Fredrick Hayek won the Nobel the year he died. Frank H. Knight the father of the Chicago School. Gordon Tullock should have shared the Nobel with James Buchanan. Armen Alchain, Harold Demsetz, William Baumol, Julian Simon, W.H. Hutt and Aaron Director should also have won the Nobel.

The Wiggin Sessions
Mark Moss & Aleks Svetski—The UnCommunist Manifesto

The Wiggin Sessions

Play Episode Listen Later Aug 15, 2022 52:57


The Communist Manifesto was published in 1848 and has served as a guide for those who want to centralize and control others for years. But it's time to change the script on this old and destructive ideology. Mark Moss and Aleks Svetski are doing just that with their new book, The UnCommunist Manifesto: A Message of Hope, Responsibility and Liberty for All. On this episode of The Wiggin Sessions, Mark and Aleks join me to discuss their inspiration for writing The UnCommunist Manifesto, describing how Marxism justifies entropy and entitlement and what may have influenced Marx's worldview. Mark and Aleks explain why capitalism must be stripped from politics entirely and offer insight around money as a communication of value. Listen in to understand why Bitcoin is such an important, world-changing innovation (despite its volatility) and learn how we can promote a system of dynamic inequality that holds people accountable for the decisions they make. Key Takeaways What inspired Mark & Aleks to write The UnCommunist Manifesto How Marx defined communism and the 10 principles of Marxism Stasis vs. dynamism and what makes capitalism a dynamist process Why capitalism must be stripped from politics How Marx and Adam Smith drew opposite conclusions (despite having a similar training) How Marxism offers an academic justification for entropy and entitlement The disconnect between Marx's ideas of political freedom and economic control How politics is a way to determine how to operate economically The idea of dynamic inequality and why it's essential for people to move both up and down through the classes based on their decisions (not just up) How Mark and Aleks define money as a communication of value What makes Bitcoin such an important, world-changing innovation Alek's insight on the volatility of Bitcoin and its pricing in dollars Connect with Mark Moss & Aleks Svetski UnCommunist Charts from The UnCommunist Manifesto The UnCommunist Manifesto: A Message of Hope, Responsibility and Liberty for All by Mark Moss and Aleksander Svetski Mark on YouTube Aleks on Medium Connect with Addison Wiggin Consilience Financial Be sure to follow The Wiggin Sessions on your socials. You can find me on— Facebook @thewigginsessions Instagram @thewigginsessions Twitter @WigginSessions Resources 5 Minute Forecast The Communist Manifesto by Karl Marx and Friedrich Engels Jordan Peterson Lenin's Commanding Heights of the Economy Austrian Economics Biden's $80B Funding Boost for the IRS What Is Money Podcast Human Action: A Treatise on Economics by Ludwig Von Mises

Mises Media
Mises Graduate School and Student Opportunities

Mises Media

Play Episode Listen Later Jul 30, 2022


Featuring Joseph Becker, Anthony Cesari, Felicia Jones, and Alex Voss. Recorded at the Mises Institute in Auburn, Alabama, on 30 July 2022. Fellowships in Residence at the Mises Institute in Auburn, Alabama, are available to graduate students and post-docs interested in scientific research in the Austrian school and libertarian political economy. For more information, visit Mises.org/fellows. The Mises Institute's Master of Arts in Austrian Economics is the first graduate program in the United States dedicated exclusively to the teaching of economics as expounded in the works and great treatises of Ludwig von Mises and Murray N. Rothbard. For more information, visit Mises.org/edu. Students can also apply for scholarships to Mises Institute events at Mises.org/events.

Mises Media
Calculation and Socialism

Mises Media

Play Episode Listen Later Jul 26, 2022


In 1920, Ludwig von Mises destroyed the intellectual foundations of the case for socialist central planning. Download the slides from this lecture at Mises.org/MU22_PPT_12. Recorded at the Mises Institute in Auburn, Alabama, on 26 July 2022.

Mises Media
Libertarian Law by Democratic Means: A Method for Conflict Resolution

Mises Media

Play Episode Listen Later Jul 20, 2022


What is libertarian law and how does it function? Ludwig von Mises answered some of those questions and helped chart a path to achieving such a state of affairs. Original Article: "Libertarian Law by Democratic Means: A Method for Conflict Resolution" This Audio Mises Wire is generously sponsored by Christopher Condon.

Audio Mises Wire
Libertarian Law by Democratic Means: A Method for Conflict Resolution

Audio Mises Wire

Play Episode Listen Later Jul 20, 2022


What is libertarian law and how does it function? Ludwig von Mises answered some of those questions and helped chart a path to achieving such a state of affairs. Original Article: "Libertarian Law by Democratic Means: A Method for Conflict Resolution" This Audio Mises Wire is generously sponsored by Christopher Condon.

Office Hours with Lucas Sobczak
Episode 1: Human Action with Mr. Turnbull, Kate Vergakis, & Leah Morgan

Office Hours with Lucas Sobczak

Play Episode Listen Later Jul 2, 2022 61:56


Welcome back to the podcast! Today we are talking about Human Action with Mr. Turnbull, Kate Vergakis, & Leah Morgan. Inspired by Ludwig von Mises' book "Human Action" we discuss if Human Action can be simplified and categorized in order to fully understand Man's motivation for decisions. Email me at officehourswlucas@gmail.com http://linktr.ee/lucassobczak --- This episode is sponsored by · Anchor: The easiest way to make a podcast. https://anchor.fm/app Support this podcast: https://anchor.fm/lucas-sobczak9/support

The Far Middle
Hypocrisy: Running Like the Bulls in Pamplona

The Far Middle

Play Episode Listen Later Jun 29, 2022 24:10


Episode 58 of The Far Middle is dedicated to the “poster child of the middle linebacker,” four-time Super Bowl champ Jack Lambert. Nick reflects on the career, character, and imagery surrounding the Steeler great. In unique Far Middle fashion, Nick connects the optics and urban legend of Lambert to the urban legend we’ve been taught regarding the Treaty of Versailles. Nick discusses Ludwig von Mises’ book, “Omnipotent Government,” and he suggests the Treaty wasn’t the debacle that some historians have insisted it was. “Actually, the Treaty of Versailles could’ve worked, maybe it would’ve worked, if stuck to and the reparations did not bankrupt or make Germany poor,” says Nick.Continuing on geopolitics, Nick comments on the emergence of the LIV golf tour and the resulting hypocrisy coming from some companies and public figures. “Hypocrisy, it’s running like the bulls in Pamplona these days,” says Nick. Next, Nick examines the relationship between the tech and energy sectors: their employment levels; their S&P index sector weightings shift; and, how the two sectors have performed against one another from an investment perspective.Transitioning from energy policy, Nick notes those policies are often justified by science, and highlights commentary by Bjorn Lomberg who recently wrote a piece discussing how science gets hijacked by political opportunists. In closing, Nick turns to the art world, where he’s discovered a new, innovative website that combines art with data science: “Mona Loves Gustav.” Check out monalovesgustav.com to find your “ArtDNA” via a fun online art quiz.

Economics For Business
Peter Lewin and Steven Phelan: How Do Entrepreneurs Calculate Economic Value Added? Subjectively.

Economics For Business

Play Episode Listen Later Jun 28, 2022


At the core of the entrepreneurial orientation that is the engine of vibrant, growing, value-creating, customer-first businesses, we find the principles of subjectivism and subjective value. Subjective value embraces not only the value the customer seeks, but also the value that entrepreneurs establish in their companies: capital value. Once businesses master these two principles in combination, they can open new horizons of innovation and growth. Key Takeaways and Actionable Insights A fundamental advantage of Economics For Business over traditional business schools is the understanding of subjective value. It's hard for conventional businesses, and for the traditional instruction in business school, to fully embrace all the insights of subjectivism and the subjectivism of value. The traditional bias is towards numbers, quantification, prediction, and financial control. Value is conflated with price and profit. Value is what customers will pay, cost is what the producer pays for inputs, and profit is the difference. Value is inherent in the thing that is produced. Finance and accounting are the numerical tools for computing these relationships. When business embraces subjectivism, the value is not in the thing. Human minds bring value to the thing. Value comes ultimately from the consumer or end-user. They evaluate the offerings available to them and make value decisions, to part with their money (or not) to claim the value that's offered. Value is better thought of as a verb rather than a noun. It's an emotional driver of decision-making. Firms can't impose their concepts of value on customers. A key difference for the subjectivist approach is that customers alone determine value and producers can't create it and sell it. Value is experienced by customers and, of course, experience lies entirely with them and can't be reproduced or projected or simulated by producers. That doesn't mean that there's no role in value generation for businesses. Steve Phelan broke down the firm's value role into 3 parts: value imagination, value delivery and value capture. Value imagination is a belief about the future — entrepreneurs imagine (or have a “hunch” about) a future in which a target customer experiences value from the producer's offering, the goods and/or services they make available to customers. This imagination step is a major component of the entrepreneurial journey construct we employ at econ4business.com to help businesses generate value and grow. It's creativity at work — where value creation starts. Value delivery is implementation of the imagined value: designing the goods / services for commercial offering, assembling all the components required for implementation (including people in team roles as well as production assets) and taking the offering to the marketplace with a price and a value communication bundle. Value capture concerns how much of the value experienced by the customer flows back to the producer. Typically, value production takes place in a system — perhaps including retail channels, or a wholesale partner, or a bank of financial partner. How much of the value flow do they take? Or how about competition, who might copy and undercut. Or suppliers who violate contracts or under-perform on contracted services. Entrepreneurs must pay close attention to value capture. Subjective value thinking extends to business investment decisions. Subjectivism applies not only to value but to the assets of a producing firm. The subjectivist approach understands assets as providers of potential services that customers might value. Most classes of assets (including people) can be assigned to multiple different uses and multiple configurations for the provision of different services. Entrepreneurship weighs up — evaluates — all the possibilities and assigns the assets to their greatest value generating uses. Value calculus assesses the value-producing arrangements inside the firm. Entrepreneurial producers of value face in two directions: outward to the market and customers, and inwards to the firm and its internal organization. Looking inwards, producers must calculate which assets — including both human capital assets and physical assets — in which combination result in the greatest value for customers at the least cost. This requires an evaluation that assesses value flowing to the customer from the firm. Since value is subjectively determined by the customer, this calculation is extremely challenging. Peter Lewin called it subjective quantification, and Steve Phelan used the term value calculus. It's a combination of qualitative and quantitative assessments that's learned over time. It's highly contingent on the (changing) value preferences of customers. Internally, managers must combine their people assets and physical assets in a way that produces most value based on this uncertain and changing value calculus. Entrepreneurs and owners can't be the decision-makers for everyone, and so the organizational technology must be designed for greatest value generation. Instructively, that organizational technology has been changing over time — from highly structured and divisionalized organizations to today's more open, networked, and interconnected organizations. The tool for capturing this value calculus is EVA — economic value added. Capital is a value. In fact, Ludwig von Mises remarked that it was unfortunate that business ever coined the term capital goods, because it tends to make us think of capital as something solid and fixed. It's not — it's the result of the value calculus that Steve Phelan talks about. Capital value can be measured, but not in the way that is captured on a P&L or a balance sheet — creating numbers that appear to be exact, and fixed and fully determined. Entrepreneurs must estimate capital value and the estimate is that of the valuer. They do so algorithmically — there's a process and a routine but it's not necessarily mathematical. It includes breaking down the asset combination into smaller and smaller components — perhaps individual people or teams, or perhaps divisions versus the entire company, or perhaps some set of components that can be thought of as an integrated grouping — and assessing their relative capital value contribution. Money values can be used since this helps the expression of relative value, but the algorithmic computation is never exact. Its validity is always in the eye of the valuer. The goal is to find costs that don't add value, or don't add as much value as other costs. Accounting and finance — one looking to the past to measure what happened and one looking to the future to predict what will happen — offer objective-looking numbers, but they truly reflect the subjective value calculus of the entrepreneur in trying to allocate economic value added as accurately as possible. Additional Resources "An Austrian Theory Of The Firm" by Peter Lewin and Steven Phelan: Mises.org/E4B_176_PDF1 Austrian Capital Theory: A Modern Survey of the Essentials by Peter Lewin and Nicolas Cachanosky: Mises.org/E4B_176_Book "Entrepreneurship in a theory of capital and finance — Illustrating the use of subjective quantification" by Peter Lewin and Nicolas Cachanosky: Mises.org/E4B_176_PDF2

Mises Media
Peter Lewin and Steven Phelan: How Do Entrepreneurs Calculate Economic Value Added? Subjectively.

Mises Media

Play Episode Listen Later Jun 28, 2022


At the core of the entrepreneurial orientation that is the engine of vibrant, growing, value-creating, customer-first businesses, we find the principles of subjectivism and subjective value. Subjective value embraces not only the value the customer seeks, but also the value that entrepreneurs establish in their companies: capital value. Once businesses master these two principles in combination, they can open new horizons of innovation and growth. Key Takeaways and Actionable Insights A fundamental advantage of Economics For Business over traditional business schools is the understanding of subjective value. It's hard for conventional businesses, and for the traditional instruction in business school, to fully embrace all the insights of subjectivism and the subjectivism of value. The traditional bias is towards numbers, quantification, prediction, and financial control. Value is conflated with price and profit. Value is what customers will pay, cost is what the producer pays for inputs, and profit is the difference. Value is inherent in the thing that is produced. Finance and accounting are the numerical tools for computing these relationships. When business embraces subjectivism, the value is not in the thing. Human minds bring value to the thing. Value comes ultimately from the consumer or end-user. They evaluate the offerings available to them and make value decisions, to part with their money (or not) to claim the value that's offered. Value is better thought of as a verb rather than a noun. It's an emotional driver of decision-making. Firms can't impose their concepts of value on customers. A key difference for the subjectivist approach is that customers alone determine value and producers can't create it and sell it. Value is experienced by customers and, of course, experience lies entirely with them and can't be reproduced or projected or simulated by producers. That doesn't mean that there's no role in value generation for businesses. Steve Phelan broke down the firm's value role into 3 parts: value imagination, value delivery and value capture. Value imagination is a belief about the future — entrepreneurs imagine (or have a “hunch” about) a future in which a target customer experiences value from the producer's offering, the goods and/or services they make available to customers. This imagination step is a major component of the entrepreneurial journey construct we employ at econ4business.com to help businesses generate value and grow. It's creativity at work — where value creation starts. Value delivery is implementation of the imagined value: designing the goods / services for commercial offering, assembling all the components required for implementation (including people in team roles as well as production assets) and taking the offering to the marketplace with a price and a value communication bundle. Value capture concerns how much of the value experienced by the customer flows back to the producer. Typically, value production takes place in a system — perhaps including retail channels, or a wholesale partner, or a bank of financial partner. How much of the value flow do they take? Or how about competition, who might copy and undercut. Or suppliers who violate contracts or under-perform on contracted services. Entrepreneurs must pay close attention to value capture. Subjective value thinking extends to business investment decisions. Subjectivism applies not only to value but to the assets of a producing firm. The subjectivist approach understands assets as providers of potential services that customers might value. Most classes of assets (including people) can be assigned to multiple different uses and multiple configurations for the provision of different services. Entrepreneurship weighs up — evaluates — all the possibilities and assigns the assets to their greatest value generating uses. Value calculus assesses the value-producing arrangements inside the firm. Entrepreneurial producers of value face in two directions: outward to the market and customers, and inwards to the firm and its internal organization. Looking inwards, producers must calculate which assets — including both human capital assets and physical assets — in which combination result in the greatest value for customers at the least cost. This requires an evaluation that assesses value flowing to the customer from the firm. Since value is subjectively determined by the customer, this calculation is extremely challenging. Peter Lewin called it subjective quantification, and Steve Phelan used the term value calculus. It's a combination of qualitative and quantitative assessments that's learned over time. It's highly contingent on the (changing) value preferences of customers. Internally, managers must combine their people assets and physical assets in a way that produces most value based on this uncertain and changing value calculus. Entrepreneurs and owners can't be the decision-makers for everyone, and so the organizational technology must be designed for greatest value generation. Instructively, that organizational technology has been changing over time — from highly structured and divisionalized organizations to today's more open, networked, and interconnected organizations. The tool for capturing this value calculus is EVA — economic value added. Capital is a value. In fact, Ludwig von Mises remarked that it was unfortunate that business ever coined the term capital goods, because it tends to make us think of capital as something solid and fixed. It's not — it's the result of the value calculus that Steve Phelan talks about. Capital value can be measured, but not in the way that is captured on a P&L or a balance sheet — creating numbers that appear to be exact, and fixed and fully determined. Entrepreneurs must estimate capital value and the estimate is that of the valuer. They do so algorithmically — there's a process and a routine but it's not necessarily mathematical. It includes breaking down the asset combination into smaller and smaller components — perhaps individual people or teams, or perhaps divisions versus the entire company, or perhaps some set of components that can be thought of as an integrated grouping — and assessing their relative capital value contribution. Money values can be used since this helps the expression of relative value, but the algorithmic computation is never exact. Its validity is always in the eye of the valuer. The goal is to find costs that don't add value, or don't add as much value as other costs. Accounting and finance — one looking to the past to measure what happened and one looking to the future to predict what will happen — offer objective-looking numbers, but they truly reflect the subjective value calculus of the entrepreneur in trying to allocate economic value added as accurately as possible. Additional Resources "An Austrian Theory Of The Firm" by Peter Lewin and Steven Phelan: Mises.org/E4B_176_PDF1 Austrian Capital Theory: A Modern Survey of the Essentials by Peter Lewin and Nicolas Cachanosky: Mises.org/E4B_176_Book "Entrepreneurship in a theory of capital and finance — Illustrating the use of subjective quantification" by Peter Lewin and Nicolas Cachanosky: Mises.org/E4B_176_PDF2

Interviews
Peter Lewin and Steven Phelan: How Do Entrepreneurs Calculate Economic Value Added? Subjectively.

Interviews

Play Episode Listen Later Jun 28, 2022


At the core of the entrepreneurial orientation that is the engine of vibrant, growing, value-creating, customer-first businesses, we find the principles of subjectivism and subjective value. Subjective value embraces not only the value the customer seeks, but also the value that entrepreneurs establish in their companies: capital value. Once businesses master these two principles in combination, they can open new horizons of innovation and growth. Key Takeaways and Actionable Insights A fundamental advantage of Economics For Business over traditional business schools is the understanding of subjective value. It's hard for conventional businesses, and for the traditional instruction in business school, to fully embrace all the insights of subjectivism and the subjectivism of value. The traditional bias is towards numbers, quantification, prediction, and financial control. Value is conflated with price and profit. Value is what customers will pay, cost is what the producer pays for inputs, and profit is the difference. Value is inherent in the thing that is produced. Finance and accounting are the numerical tools for computing these relationships. When business embraces subjectivism, the value is not in the thing. Human minds bring value to the thing. Value comes ultimately from the consumer or end-user. They evaluate the offerings available to them and make value decisions, to part with their money (or not) to claim the value that's offered. Value is better thought of as a verb rather than a noun. It's an emotional driver of decision-making. Firms can't impose their concepts of value on customers. A key difference for the subjectivist approach is that customers alone determine value and producers can't create it and sell it. Value is experienced by customers and, of course, experience lies entirely with them and can't be reproduced or projected or simulated by producers. That doesn't mean that there's no role in value generation for businesses. Steve Phelan broke down the firm's value role into 3 parts: value imagination, value delivery and value capture. Value imagination is a belief about the future — entrepreneurs imagine (or have a “hunch” about) a future in which a target customer experiences value from the producer's offering, the goods and/or services they make available to customers. This imagination step is a major component of the entrepreneurial journey construct we employ at econ4business.com to help businesses generate value and grow. It's creativity at work — where value creation starts. Value delivery is implementation of the imagined value: designing the goods / services for commercial offering, assembling all the components required for implementation (including people in team roles as well as production assets) and taking the offering to the marketplace with a price and a value communication bundle. Value capture concerns how much of the value experienced by the customer flows back to the producer. Typically, value production takes place in a system — perhaps including retail channels, or a wholesale partner, or a bank of financial partner. How much of the value flow do they take? Or how about competition, who might copy and undercut. Or suppliers who violate contracts or under-perform on contracted services. Entrepreneurs must pay close attention to value capture. Subjective value thinking extends to business investment decisions. Subjectivism applies not only to value but to the assets of a producing firm. The subjectivist approach understands assets as providers of potential services that customers might value. Most classes of assets (including people) can be assigned to multiple different uses and multiple configurations for the provision of different services. Entrepreneurship weighs up — evaluates — all the possibilities and assigns the assets to their greatest value generating uses. Value calculus assesses the value-producing arrangements inside the firm. Entrepreneurial producers of value face in two directions: outward to the market and customers, and inwards to the firm and its internal organization. Looking inwards, producers must calculate which assets — including both human capital assets and physical assets — in which combination result in the greatest value for customers at the least cost. This requires an evaluation that assesses value flowing to the customer from the firm. Since value is subjectively determined by the customer, this calculation is extremely challenging. Peter Lewin called it subjective quantification, and Steve Phelan used the term value calculus. It's a combination of qualitative and quantitative assessments that's learned over time. It's highly contingent on the (changing) value preferences of customers. Internally, managers must combine their people assets and physical assets in a way that produces most value based on this uncertain and changing value calculus. Entrepreneurs and owners can't be the decision-makers for everyone, and so the organizational technology must be designed for greatest value generation. Instructively, that organizational technology has been changing over time — from highly structured and divisionalized organizations to today's more open, networked, and interconnected organizations. The tool for capturing this value calculus is EVA — economic value added. Capital is a value. In fact, Ludwig von Mises remarked that it was unfortunate that business ever coined the term capital goods, because it tends to make us think of capital as something solid and fixed. It's not — it's the result of the value calculus that Steve Phelan talks about. Capital value can be measured, but not in the way that is captured on a P&L or a balance sheet — creating numbers that appear to be exact, and fixed and fully determined. Entrepreneurs must estimate capital value and the estimate is that of the valuer. They do so algorithmically — there's a process and a routine but it's not necessarily mathematical. It includes breaking down the asset combination into smaller and smaller components — perhaps individual people or teams, or perhaps divisions versus the entire company, or perhaps some set of components that can be thought of as an integrated grouping — and assessing their relative capital value contribution. Money values can be used since this helps the expression of relative value, but the algorithmic computation is never exact. Its validity is always in the eye of the valuer. The goal is to find costs that don't add value, or don't add as much value as other costs. Accounting and finance — one looking to the past to measure what happened and one looking to the future to predict what will happen — offer objective-looking numbers, but they truly reflect the subjective value calculus of the entrepreneur in trying to allocate economic value added as accurately as possible. Additional Resources "An Austrian Theory Of The Firm" by Peter Lewin and Steven Phelan: Mises.org/E4B_176_PDF1 Austrian Capital Theory: A Modern Survey of the Essentials by Peter Lewin and Nicolas Cachanosky: Mises.org/E4B_176_Book "Entrepreneurship in a theory of capital and finance — Illustrating the use of subjective quantification" by Peter Lewin and Nicolas Cachanosky: Mises.org/E4B_176_PDF2

Turning Hard Times into Good Times
Why PhD Economists Don't Really Understand Inflation

Turning Hard Times into Good Times

Play Episode Listen Later Jun 21, 2022 60:00


Jeff Deist, Michael Oliver & Patrick Highsmith return. Suddenly, with exploding consumer prices stripping the fruits of labor away from average Americans and thus threatening the political status quo, TV talking heads have set aside concerns about COVID and the Ukraine to focus on what Americans really care most about, namely their ability to put food on the table and gas in their cars. But actually, what is inflation? Is it simply rising prices or is there more to it? What is its root cause? Most Americans don't realize that long before the CPI rose rapidly beyond the Fed's target of 2% to over 8%, massive levels of inflation fueled the financial markets to levels that make no economic sense. In that process wealth was allocated from America's middle class to America's top 1%. But now that the 1% have gorged themselves with so much wealth that a growing number of Americans are living in poverty, the economic system is breaking down. Why have the PhD economists at the Federal Reserve and our politicians failed us so badly? Is there anything that can be done to tame inflation without ushering in a severe depression? Austrian economists have well-reasoned answers and Jeff Deist, President of the Mises Institute, will share some of them that have originated from the Father of Austrian Economics, Ludwig von Mises. Michael will share his latest thoughts on major markets based on his structure and momentum models and Patrick will update us on Timberline Resources' exciting new Carlin-style gold discovery in Nevada.

Gadfly
The New Leaders of the Libertarian Party

Gadfly

Play Episode Listen Later Jun 17, 2022 87:20


Hey, y'all! This week we are discussing the recent power shift that occurred at the 2022 Libertarian National Convention. What was known as the Pragmatic Caucus has been effectively leading the party into it's strongest election success in the party's history, but for some, it was at the expense of watering down the party's ideals. Enter the Mises Caucus: a group that, depending on who you ask, are the true stewards of limitless liberty or a group of perpetually online, racist edgelords.

The Protestant Libertarian Podcast
Ep. 3 | The Anti-Capitalist Mentality and Reading Revelation Responsibly

The Protestant Libertarian Podcast

Play Episode Listen Later May 24, 2022 44:35


In this episode, we will define both 'capitalism' and 'socialism' and discuss how Biblical scholars often get capitalism wrong. We will be doing this by comparing Michael Gorman's Reading Revelation Responsibly with The Anti-Capitalist Mentality by Ludwig von Mises. Episode Outline:I. Language is flexible and productive conversations need shared definitions. II. Defining ‘Capitalism' and ‘Socialism'.III. Introducing Gorman and MisesIV. Overview of Reading Revelation Responsibly.V. A response from The Anti-Capitalist Mentality.  VI. The need for economic literacy.  Media Referenced:Philosophical Investigations, Wittgenstein  Survey of Economics: 8th Edition, Tucker Cruciformity, GormanReading Revelation Responsibly, GormanThe Anti-Capitalist Mentality, MisesNext Week: My Libertarian Conversion – how reading the Bible in an ecumenical context shaped my worldview.If you like the show and would like to support it, you can! Check out the Protestant Libertarian Podcast page at https://www.buymeacoffee.com/theplpodcast. Thanks!

The Bitcoin Standard Podcast
116. Bitcoin from First Principles, Saifedean interviewed by Lex Fridman

The Bitcoin Standard Podcast

Play Episode Listen Later May 23, 2022 256:08 Transcription Available


In perhaps his most comprehensive interview to date, Saifedean talks to Lex Fridman about the history of money, the foundations of economics, and why bitcoin represents a pathway to a more peaceful and prosperous world. Starting from Lex's question “What is money?”, Saifedean draws on insights from his most recent book, The Fiat Standard, to take the listener on a four-hour historical journey. He explains how money emerged as a market good; why the gold standard developed in Britain and spread across the world; and the intriguing historical circumstances that led to government-controlled fiat money becoming the global medium of exchange. By asking fundamental questions about money, the purpose of economics, and the technical foundations of bitcoin, Lex prompts Saifedean to present a first-principles case for free exchange, non-aggression and bitcoin. Their conversation also includes Saifedean's reflections on his upbringing in Palestine, how to make the most of our short time on earth, and advice to younger generations. ResourcesLex Fridman on Twitter.Lex Fridman's podcast website.Carl Menger's Principles of Economics: the founding text of the Austrian School, published in 1871.Human Action by Ludwig von Mises, published in English in 1949.Critical overview of John Maynard Keynes' The General Theory of Employment, Interest, and Money in the Journal of Libertarian Studies.Saifedean Twitter thread on scientists who dismissed flight as impossible at the time the Wright brothers were inventing the airplane. Includes comments by Lord Kelvin and the New York Times.Graphic showing technological progress in Britain during the gold standard. For further discussion, see The Bitcoin Standard section: Innovations: “Zero to One” versus “One to Many”, and episode 74 of The Bitcoin Standard Podcast: The Real Drivers of Technological Progress.Saifedean paper on the decline of the aviation industry since the 1970s. For further discussion see chapter 10 of The Fiat Standard on Fiat Fuels.The Bitcoin Standard Podcast episode 108: A New World Monetary Order The ramifications of the Russian invasion of Ukraine.Bitcoin Net Zero paper by Nic Carter and Ross Stevens. See page 38 for comparison of bitcoin network energy consumption compared with tumble driers and other common household appliances.Saifedean's first book, The Bitcoin Standard.Saifedean's second book, The Fiat Standard.

Have You Not Read?
This Week in Witchcraft (S1 E7)

Have You Not Read?

Play Episode Listen Later Apr 21, 2022 24:05


You are surrounded by witchcraft every day, but in a much more subtle form than in previous centuries.  Find out how you can learn to "spot it in the wild."  Our hosts will also provide media recommendations for those searching for thought-provoking content:"Spiritual Depression: Its Causes and Cure" - book by Martyn Lloyd-Jones"Christianity and Liberalism" - book by J. Gresham Machen"Antifragile: Things That Gain from Disorder" - book by Nassim Nicholas Taleb"Human Action" - book by Ludwig von Mises

The Libertarian Institute - All Podcasts
Human Action Book Review. Jacob Hornberger & Keith Knight

The Libertarian Institute - All Podcasts

Play Episode Listen Later Apr 12, 2022 68:32


https://youtu.be/YUpUBt52hXk Economics, as a branch of the more general theory of human action, deals with all human action, i.e., with man's purposive aiming at the attainment of ends chosen, whatever these ends may be. Ludwig von Mises, Ph.D., Human Action, p. 880 Jacob G. Hornberger is founder and president of The Future of Freedom Foundation. An Encounter with Evil: The Abraham Zapruder Story by Jacob G. Hornberger Odysee BitChute Minds Flote Archive Spotify

The Libertarian Institute - All Podcasts
43 Mises Quotes on War and Peace. Reed Coverdale, Patrick McFarlane, & Keith Knight.

The Libertarian Institute - All Podcasts

Play Episode Listen Later Mar 20, 2022 73:15


https://youtu.be/aQiEMCBw1KA Modern war is not a war of royal armies. It is a war of the peoples, a total war. It is a war of states which do not leave to their subjects any private sphere; they consider the whole population a part of the armed forces. Whoever does not fight must work for the support and equipment of the army. Army and people are one and the same. The citizens passionately participate in the war. For it is their state, their God, who fights. Ludwig von Mises, Ph.D., Omnipotent Government, p. 104 Must watch episodes from today's guests: Reed Coverdale of the Naturalist Capitalist podcast & Patrick McFarlane of the Liberty Weekly podcast Episode 205 - Cornpop's Ukrainian Revenge with Ryan Dawson Episode 195 - The Ukrainian Situation with Scott Horton Why Can't Johnny Kill? 11th Hour Conscientious Objection and Moral Injury Ep. 178 Odysee BitChute Flote Minds Archive Spotify