Calculation and Knowledge

While F.A. Hayek is known for his term “spontaneous order,” Mises saw institutional development as coming from growth in human understanding of things.   Original Article: Mises versus Hayek on the Future of Civilization

Despite what many elites believe, AI can do many things, but it cannot successfully plan an economy. It lacks the intelligence of an entrepreneur. Original Article: "AI Lacks the Entrepreneurial Intelligence to Plan an Economy"

Much of government-owned transportation destroys rather than adds to wealth. The lack of a sound system of economic calculation is to blame. Original Article: "The Problem with Public Transit"

Economic calculation is not an either-or proposition. Even in so-called market economies like that of the USA, there is plenty of government intervention that distorts market processes. Original Article: "Economic Calculation Is Nonbinary"

Following the collapse of the USSR, many socialists pinned their hopes upon the development of a "market socialism" that would be economically efficient and create equality. Marxist philosopher G.A. Cohen wisely dissented. Original Article: "What Marxists Say about "Market Socialism""

On this episode of Good Money, Tho is joined by Tate Fegley of Montreat College. Dr. Fegley talks about his lectures from Mises University on policing, AI, and the deep state, and the important topic of economic calculation that connects the three. In the final segment, Tho looks at the economics of college football in the aftermath of FSU's threat of secession from their conference.  Good Mo...

Experienced entrepreneurs are Austrians. Download the slides from this lecture at Mises.org/MU23_PPT_35. Recorded at the Mises Institute in Auburn, Alabama, on 28 July 2023.

Game theory done the wrong way eliminates individual choice. Download lecture slides at Mises.org/MU23_PPT_30. Recorded at the Mises Institute in Auburn, Alabama, on 27 July 2023.

Recorded at the Mises Institute in Auburn, Alabama, on 27 July 2023.

“Our civilization is inseparably linked with our methods of economic calculation. It would perish if we were to abandon this most precious intellectual tool of acting.” Download lecture slides at Mises.org/MU23_PPT_28. Recorded at the Mises Institute in Auburn, Alabama, on 27 July 2023.

In 1920, Ludwig von Mises destroyed the intellectual foundations of the case for socialist central planning. Download lecture slides at Mises.org/MU23_PPT_12. Recorded at the Mises Institute in Auburn, Alabama, on 25 July 2023.

Whether political elites promote outright socialism or interventionism, thanks to the reality of economic calculation, they are advocating a failed economy. Original Article: "Why Mises’s Theory of Economic Calculation Still Is Relevant Today"

While F.A. Hayek's famous 1945 essay effectively critiques the "perfect information" hypothesis, it is an inadequate explanation of the issue of economic calculation. Original Article: "The Market Process Is Not a Knowledge Problem"

Shoddy service, regular breakdowns, and overbudget to boot. There is a reason why government-funded projects always waste resources. Original Article: "The Failure of Public Works and Public Funding"  

Jonathan Newman joins Bob to critique a recent Twitter argument where some were claiming that supercomputers solved the socialist calculation problem. The Twitter thread on AI and Socialism: Mises.org/HAP394a Bob on Socialism and calculation vs knowledge: Mises.org/HAP394b Karras Lambert and Tate Fegley on economic calculation and AI: Mises.org/HAP394c

Most socialists are not misguided about how to have a prosperous economy, for that is not their goal. Original Article: "Socialism Isn't about Creating Economies. It Is about Amassing Political Power" This Audio Mises Wire is generously sponsored by Christopher Condon. 

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.

Bob has Steve Patterson back on the show, to concede that Steve’s skepticism of higher mathematics was right all along. Specifically, Bob explains how his recent discovery of a theorem from Riemann showed that something is indeed rotten in the way mathematicians typically handle infinite sets. Mentioned in the Episode and Other Links of Interest: The YouTube version of this interviewSteve Patterso...

Bob reviews Mark Spitznagel's latest book, Safe Haven: Investing for Financial Storms, on which he was a consultant. Bob explains that Spitznagel rejects the alleged dichotomy between risk and return, and then gives a numerical example to illustrate the two schools of thought. Mentioned in the Episode and Other Links of Interest: Bob’s appearance on Jordan Peterson‘s podcastBob’s surprisingly...

Fans of Austrian economics know hedge fund manager Mark Spitznagel as a brilliant thinker thoroughly steeped in Menger, Böhm-Bawerk, Mises, and Rothbard. His excellent 2013 book The Dao of Capital was rooted in Austrian capital theory and "roundaboutness," and his application of of that theory has proven highly beneficial for his investors.  Now Spitznagel is back with a new book that di...

Download the slides from this lecture at Mises.org/MU21_PPT_12. Recorded at the Mises Institute in Auburn, Alabama, on 20 July 2021.

Contra Marx, Mises understood that human desires and needs are not determined merely by biology.  Original Article: "Why Marx Never Figured Out How to Distribute Goods in a Socialist Society​". This Audio Mises Wire is generously sponsored by Christopher Condon. Narrated by Millian Quinteros.

Professor Per Bylund of Oklahoma State University is the author of The Seen, The Unseen, and the Unrealized. 2020 is the year social scientists failed to show us the unseen, namely the staggering and still unfolding economic, social, medical, and human costs of Covid lockdowns. Dr. Bylund and Jeff Deist discuss Covid and government responses against the backdrop of ripple effects, Say's law, "mark...

Why don't corporations just get bigger and bigger until they take over the whole economy? Unlike states, firms aren't necessarily better off as they get bigger. This Audio Mises Wire is generously sponsored by Christopher Condon. Narrated by Michael Stack. Original Article: "Why the Economy Isn't Controlled by One Big Corporation".

Syndicalism is a method of attack by organized labor for the attainment of certain political ends. It requires widespread acts of destruction on "capitalist" institutions as a means of ushering in a socialist regime. This Audio Mises Wire is generously sponsored by Christopher Condon. Narrated by Millian Quinteros. Original Article: "Mises on Syndicalism".