Increasing Marginal Utility

A blog so good it violates the law of diminishing marginal utility.

Browsing Catharsis – Reactions to HayekKeynes2 among other things

Reactions from John Taylor, Karl Smith, Arnold Kling, Daniel Kuehn, and David Thoreaux on Hayek vs. Keynes Round Two. Karl Smith’s comments are the most interesting. Daniel Kuehn’s are the most substantive but which I agree with the least. Less than 24 hours after the video was released, it has over 100,000 views on youtube. This is a stronger immediate reaction to the last one, but I’d bet money that it will have a less fat tail of views over time. Everyone and their grandmother linked to it today. Random thoughts:

  • Papola does the classic Austrian mistake of mis-citing The Pretence of Knowledge, but that lyric is by far the most awesome point of the song.
  • I could have done without the self-congratulatory nonsense at the end of THE FIGHT WAS RIGGED BUT THE YOUNGER GENERATION CAN SEE THROUGH IT!!!
  • Mike Munger was awesome but the opening was a bit self-indulgent in its length to humor ratio.
  • Will Ke$ha and Skidelsky endorse this video as they endorsed the last one? Gotta wonder since Papola kinda sarcastically refers to Keynes as the master, referencing Skidelsky’s book.
  • Note how incredibly neutral the “Hayek” is in describing the need for predictable rules. Never once does Hayek mention gold. I think this is strong evidence that Papola has been convinced of free banking, but does not to lose the support of the Mises Institute.
  • One of my mainstream professors laughed most loudly when he saw that Malthus was the trainer for Keynes. Did anyone else notice that they mostly hid the fact that the other trainer was Hicks? That they had someone play Hicks at all was awkward since Hicks was much younger than Keynes. A better choice would have been Marshall.
  • Wicksell would have been a better choice than Say for Hayek’s trainer.
  • How long did the actor’s take to get jacked for these roles?
  • Keynes was against econometrics… of all things, this was the biggest historical inaccuracy.
  • “JUST GET SPENDING FLOWING” while punching was Keynes’s best moment.

If you are a progressive and support Obama over Ron Paul, you are an asshole. HT Roderick T. Long.

Interviewing Modern Drunkard Magazine editor on baseball players.

The known reserves of oil shale reserves continue to grow.

Before mousing over this link, read the following passage on the relationship between evolution and economics. Then be shocked.

Economics and evolutionary theory are surprisingly similar. It is often asserted that economic theory draws its inspiration from physics, and that it should become more like biology. If that’s what you think, you should do two things. First, read a text on evoluationary theory, like John Maynard Smith’s Evolutionary Genetics. You will be startled at how much it looks like a textbook on microeconomics. Second, try to explain a simple economic concept, like supply and demand, to a physicist. You will discover that our whole style of thinking, of building up aggregative stories from individual decisions, is not at all the way they think.

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