Local Knowledge Problem @MaxUtilitarian
The data required for rational economic planning are distributed among individual actors and thus unavoidably exist outside the knowledge of a central authority Joined June 2020-
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@SonjaBactuary @PlanetOfMemes @BernieSanders Beats me?
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@SonjaBactuary @GuntherEagleman @BernieSanders "Why aren't student loans dischargeable"? Beats me? 🤷♂️
@AnthonyGalli @BernieSanders Bill Bennett please pick up the nearest courtesy phone.
@vulpine2020 Indeed. The ONLY resolution to climate change (assuming it needs "resolving") is innovation and growth.
@ItsLulu_7 "abundance of wealth for the ruling elite." Actual ruling elite: • Fidel Castro • Nicolás Maduro • Daniel Ortega • Pol Pot • Enver Hoxha • Mengistu Haile Mariam • Nicolae Ceauşescu • Jean-Bédel Bokassa • Hugo Chávez etc, etc, etc.
@EdibleHazmat @cafreiman " yOU DO rEaLIze!!!" Yes... Yes, he does.
@tonyannett @mikewinddale How?
Mises' point is that ONLY private property rights in the means of production enable rational economic calculation—via market prices, bidding, and profit/loss signals—which is what makes efficient resource utilization possible at all. Without that institutional foundation, the "middle" (prices + entrepreneurship) collapses, and society can't allocate capital to its highest-valued uses. It's not that current owners are inherently superior; it's that only the competitive market process under private property continually discovers and rewards better uses.
@mikewinddale @tonyannett Exactly.
@Smithdanj Erm... "capital management" 🤪
@Smithdanj "Comparative advantage applies to the management of capital." I don't know why it shouldn't. Question is, why do we see so few collectivists engage in capitol management?
@noahqk Famous? Infamous!
@nickpretnar @noahqk @ryanbedwards Hear, hear.
Local Knowledge Problem retweeted
Sáez, Zucman, and Piketty have all become incredibly dangerous in multiple ways: 1) they threaten the reputation of our profession and by extension us by proposing policies that have not been rigorously evaluated and workshopped; 2) they clearly do this in service of a political agenda, risking that those of us who disagree with them for strict mechanical reasons become seen as ourselves merely of differing “political” opinion; 3) following from (2) if our regular research starts being seen as “political” because of this perception problem (and the general fact that the regular public cannot comprehend equilibrium mechanics), substantial (existential?) risk to the research profession and its institutions (academic departments, central banks, etc.) could arise from politicians who do not “like” our conclusions and have no patience for a nuanced discussion of things like model mechanics.
@PhilWMagness It's almost as if the title "academic" doesn't mean one who is academic. 🤔
@tonyannett Tax receipts as a percent of GDP are virtually the same now as then. Virtually nobody paid those high marginal rates and the revenue they collected was de minimis.
@Noahpinion Doesn't seem to be getting much traction...
@chrisdbbradley @Noahpinion "still see themselves as economists"... As opposed to the power-seeking, anti-human autocrats they are?
@GosPaly62410 @SenWarren Every time you accepted a "terms and conditions" agreement which gave a site permission to use your data without reading it, you agreed to this.
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