Category: Economics, Finance, and Political Economy

HAYEK VS MISES (RESPONDING TO BOB MURPHY)

1- Mises always and everywhere only addresses commodities (cherry picking) and never addresses the rest of the capital stack which makes commodity trade possible – particularly tacit knowledge capital (all paradigms). Hayek’s Serfdom includes ALL capital.

2 – Of calculation and incentive, incentive, norms, traditions, and institutions, have been demonstrably superior to calculation in influence. Impositions on calculation are costly, and shocks must be absorbed by the polity, but function is demonstrably possible.

3 – If we look at the soviets who are our best living example, the problem was not the economics of organizing production of housing (which they were exceptional at), but the fact that the craftsman lost interest in competitive advantage and skills were lost.

4 – Hayek was among the first to change the category of analysis from the physical to information -which is how all sciences function today. Mises was the first to discover economic operationalism but he understood math and science too poorly to understand what he’d done.

5 – In all things, Mises was only half right, which is the problem we fall into whenever we cherry pick what we measure. Hayek started with cognition, and worked through economics, and finally understood behavioral capital was created by TORT LAW, and all else was a consequence.

6 – MI/Rothbardians fight the last battle -one that doesn’t matter, with shoddy arms. The Marxist era of Pseudoscience was over by 1970. We have been fighting Rousseau v2 in Postmodernism: Silencing, Ridicule and Denial, just as we battled Christianity and Islam in antiquity.

7 – No one tries to advocate socialism. They try to achieve Pareto Maximums, wherein the maximum extraction from the productive can be used to buy the fealty of the non, in order to extract rents, and denial of any science or reason.

Mises was only half wrong but fully irrelevant. Hayek was right and prescient: Prohibit the bad and all that is left is good.And the means of incremental empirical suppression of the bad is the dry evolutionary process we call the judge discovered common law of tort: Reciprocity.

8 – Just as we have discovered in science, all truth is determined by exhaustive attempts at falsification. The same is true in social orders. Exhaustively falsify lying, cheating, theft, and violence by any and all means, and all incentives and institutions develop in response.

You are rarely wrong. In fact, in the entire discipline you are pretty much the only person rarely wrong.But the fact that you don’t take the argument through the conclusion, simply perpetuates everything that has led anarchism to a dead end. Only Commons Produce Private Property

Anything important that can be said about economics or law, can only be said about externalities. The only way to restore libertarianism to the discipline of the natural law of reciprocity in the anglo saxon tradition, is to return commons and externalities to the discourse.