The economic problem of society is thus not merely a problem of how to allocate “given” resources — if “given” is taken to mean given to a single mind which deliberately solves the problem set by these “data.” It is rather a problem of how to secure the best use of resources known to any of the members of society, for ends whose relative importance only those individuals know. Or, to put it briefly, it is a problem of the utilization of knowledge not given to anyone in its totality.
Hayek, “The Use of Knowledge in Society” (1945)
The proper sphere of banking, its limitations, and its mischievous possibilities will not be resolved until the money mechanism is treated not as the creator, but as the safeguard of wealth.
Elgin Earl Groseclose (1899-1983), American economist
The curious task of economics is to demonstrate to men how little they really know about what they imagine they can design.
F.A. Hayek, Austrian Economist and Philosopher, 1974 Nobel Prize Winner in Economics
a person who takes an opposing view, esp. one who rejects the majority opinion, as in economic matters.
Whether it be ignorance, agenda or bias - this blog is here to look through the obstacles in mainstream reporting to focus on the foundational causes - the fountainheads - of the economic and social issues facing our society. It will repudiate the cosmetic, short term, opportunistic and politicized solutions that are second nature to today’s press and “experts”. The conclusions will almost always be different - if not antithetical - to what is prescribed by established pundits, writers, politicians and professors.
Let’s be clear, however. This isn’t an exercise to take an opinion opposite consensus for the sake of contradiction. Nor should it be construed as a negative mouthpiece against those with whom I disagree. This is a debate of ideas. Every argument against something necessitates the support for something else. Where I am against government intervention, I am for personal liberty and freedom. Where I disagree with Keynesian Economics, I espouse Austrian Economics. Where I explain the benefits of capitalism, I demonstrate how our economy is far from a free market, and so on.
This blog will put forward a perspective on contemporary analysis that isn’t often - if ever - articulated. My goal is to shed light on what I sincerely believe (and intend to demonstrate) is the crux of practically every pressing issue facing the world today. These views are opposite to general opinion because the vast majority of people in society (for most of modern time) have internalized ubiquitous fallacies of human action - of economics. Fallacies that must be dispelled if we ever hope to live in a free and prosperous society.
To do this: I will be posting critiques of current articles, editorials and other commentaries found throughout mainstream media and publications. In this way, I hope to help readers think differently about the world around them and the topical issues in the news. Don’t take the analysis at face value. Question the conventional assumptions. Question your assumptions: the assumptions you’ve accepted for most of your life about government and society.
By applying solid and sound economic principles in contrast to the misguided arguments that clutter the world of journalism, I hope to demonstrate the value in understanding more about the Austrian School of Economics and liberty. Only through awareness can we understand and solve the problems facing our world today. The fact that these views are the contrarian ones illustrates just how far we have to go to do that.