[T]hough subject to normal human failings, the long time horizons of monarchy is one of its distinct advantages. As economist Mancur Olson pointed out that, the longer the time horizon of the ruler, the more their interests tended to converge with those of their subjects. One tends to be somewhat more careful and accommodating the longer you and your children are going to be living with the consequences of your decisions. Of the three major Axis powers, the two monarchies (the Kingdom of Italy and the Empire of Japan) found it easier to exit from fighting precisely because they were monarchies; there was someone with sufficient authority to say enough. Nazi Germany had to wait until Hitler was dead (and assassination proved to be a less reliable alternative).
Theme: Incentives
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Michael Phillip On The Incentives of Monarchy
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Michael Phillip On The Incentives of Monarchy
[T]hough subject to normal human failings, the long time horizons of monarchy is one of its distinct advantages. As economist Mancur Olson pointed out that, the longer the time horizon of the ruler, the more their interests tended to converge with those of their subjects. One tends to be somewhat more careful and accommodating the longer you and your children are going to be living with the consequences of your decisions. Of the three major Axis powers, the two monarchies (the Kingdom of Italy and the Empire of Japan) found it easier to exit from fighting precisely because they were monarchies; there was someone with sufficient authority to say enough. Nazi Germany had to wait until Hitler was dead (and assassination proved to be a less reliable alternative). -
(1) Almost every single rationalist argument Hoppe makes is false. (2) Almost ev
(1) Almost every single rationalist argument Hoppe makes is false.
(2) Almost every analysis of incentives Hoppe makes is true.
The Economics and ethics of private property is disposable nonsense. Democracy the god that failed is mostly tolerable.
His most recent essay (short book/long essay) abandons rationalism entirely, which is why its worth reading.
I am unafraid of debate with skilled opponents. I’ll win. Just how it is.
Science wins.
Every time.
Source date (UTC): 2014-12-21 10:23:00 UTC
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WHY DO LIBERTARIANS ALWAYS LOSE? Libertinism. Meaning incorrect attribution of l
WHY DO LIBERTARIANS ALWAYS LOSE?
Libertinism. Meaning incorrect attribution of legal, economic, political and military value to costs of high-cost, high-trust norms. Conservatives do not make this mistake – if anything they over-value norms. Libertines discount norms. Progressives never even consider them or find prohibition on their consumption antithetical.
Source date (UTC): 2014-12-21 03:59:00 UTC
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MICHAEL PHILLIP ON THE INCENTIVES OF MONARCHY Though subject to normal human fai
MICHAEL PHILLIP ON THE INCENTIVES OF MONARCHY
Though subject to normal human failings, the long time horizons of monarchy is one of its distinct advantages. As economist Mancur Olson pointed out that, the longer the time horizon of the ruler, the more their interests tended to converge with those of their subjects. One tends to be somewhat more careful and accommodating the longer you and your children are going to be living with the consequences of your decisions. Of the three major Axis powers, the two monarchies (the Kingdom of Italy and the Empire of Japan) found it easier to exit from fighting precisely because they were monarchies; there was someone with sufficient authority to say enough. Nazi Germany had to wait until Hitler was dead (and assassination proved to be a less reliable alternative).
Source date (UTC): 2014-12-18 02:04:00 UTC
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I don’t do should. I do is, want, incentive, exchange and institution. Should an
I don’t do should. I do is, want, incentive, exchange and institution. Should and belief are quaint antique words left over from the mystical era, for use with the ignorant, unintelligent, and little children.
Source date (UTC): 2014-12-15 12:58:00 UTC
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Legal Prohibitions on Free Riding Must Expand With Minimum Friction
[E]ntrepreneurs innovate. Property is necessary for calculation and incentives. Trust is necessary for economic velocity (rates). As complexity expands so does the means of free riding and theft, so legal prohibitions must expand in criminal, ethical, moral, conspiratorial coverage at a marginally indifferent rate from the complexity of associations in order to maintain trust and economic velocity.
This state of affairs is only possible in homogenous polities. -
Legal Prohibitions on Free Riding Must Expand With Minimum Friction
[E]ntrepreneurs innovate. Property is necessary for calculation and incentives. Trust is necessary for economic velocity (rates). As complexity expands so does the means of free riding and theft, so legal prohibitions must expand in criminal, ethical, moral, conspiratorial coverage at a marginally indifferent rate from the complexity of associations in order to maintain trust and economic velocity.
This state of affairs is only possible in homogenous polities. -
Economy: Family Business and State Are Just Matters of Scale
(h/t Andy Curzon )(edited and revised)
[I]f we look at Austrian business cycle theory as merely an instance of the cycle of ‘flocking and schooling’ that follows any kind of change in knowledge that as a consequence produces an opportunity, then the century of pseudoscience was just another business process by which to exploit a market opportunity, and it played out as a series of eddies and pools, which are currently in the process of maximum exploitation and collapse.
And so governments are just temporary corporations exploiting business opportunities. And management(government), employees(bureaucracy), customers(consumers), and investors(citizens) all compete for the maximum returns.
This matches all political theory throughout history that suggests that people seek opportunities until it is possible to seek rents, and rents expand until the civilization collapses. It also matches the data that without private(shareholder) public(corporation) alliance no city state became economically competitive.
I disagree with Diamond for example, since I am pretty sure the reason for these collapses is a breakdown of incentives : the information system that allows for the organization of production. I would say that civilizations collapse either due to extreme efficiency followed by shocks (1200 BC), or the equivalent of cancer: damage to the information system that eliminates the relationship between production and consumption.
But since humans flock and school, then break off in smaller schools, to exploit opportunities, we are pretty good at a sort of fractal exploitation of every possible opportunity until it’s been exhausted.
I suspect either an expansion of statism in order to extend the status quo, or an upcoming era of increased statist tyranny in the name of order. If not I suspect collapse of the western control of commerce and trade, and an expansive war or system of wars, to fill the vacuum; and an acceleration of civil wars to take advantage of change at home.
It is better to study businesses than states, because the model is sufficient and the data is better.
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Economy: Family Business and State Are Just Matters of Scale
(h/t Andy Curzon )(edited and revised)
[I]f we look at Austrian business cycle theory as merely an instance of the cycle of ‘flocking and schooling’ that follows any kind of change in knowledge that as a consequence produces an opportunity, then the century of pseudoscience was just another business process by which to exploit a market opportunity, and it played out as a series of eddies and pools, which are currently in the process of maximum exploitation and collapse.
And so governments are just temporary corporations exploiting business opportunities. And management(government), employees(bureaucracy), customers(consumers), and investors(citizens) all compete for the maximum returns.
This matches all political theory throughout history that suggests that people seek opportunities until it is possible to seek rents, and rents expand until the civilization collapses. It also matches the data that without private(shareholder) public(corporation) alliance no city state became economically competitive.
I disagree with Diamond for example, since I am pretty sure the reason for these collapses is a breakdown of incentives : the information system that allows for the organization of production. I would say that civilizations collapse either due to extreme efficiency followed by shocks (1200 BC), or the equivalent of cancer: damage to the information system that eliminates the relationship between production and consumption.
But since humans flock and school, then break off in smaller schools, to exploit opportunities, we are pretty good at a sort of fractal exploitation of every possible opportunity until it’s been exhausted.
I suspect either an expansion of statism in order to extend the status quo, or an upcoming era of increased statist tyranny in the name of order. If not I suspect collapse of the western control of commerce and trade, and an expansive war or system of wars, to fill the vacuum; and an acceleration of civil wars to take advantage of change at home.
It is better to study businesses than states, because the model is sufficient and the data is better.