I teach economics.
Henry Hazlitt Research Fellow @mises
May 6 • 5 tweets • 1 min read
Resources are economized when market participants use economic calculation. Economic calculation is the use of market prices to calculate profit and loss and thereby arrange production in an economizing way.
The way economic calculation performs this task is because market prices reflect the values and expectations of market participants. If one entrepreneur outbids another in purchasing a machine, it means the entrepreneur who gets it anticipates greater profitability by using it.
Apr 14, 2023 • 9 tweets • 4 min read
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Chapter 13 "The Cultural and Spiritual Legacy of Fiat Inflation" from Jörg Guido Hülsmann's "The Ethics of Money Production."
Tweet thread summary. 1. Inflation Habits
Some consequences of inflation are true whether the inflation is caused by private actors (like counterfeiters, fractional reserve banks) or by the state. When caused by the state the consequences are worse—forms long-lasting "institutions and habits".
Aug 10, 2021 • 4 tweets • 1 min read
you are probably a happily married white male who enjoys heavy metal, medium rare steak, going to the range with friends, and youtube videos of Ron Paul embarrassing the other 2008 GOP presidential candidates
oh and you have facial hair, a box of pc parts you haven't touched in years, neighbors who don't how radical your views are because you highly value having good relations with your neighbors and don't want to risk ruining it, and at least 2 unfinished home improvement projects
Jun 10, 2021 • 9 tweets • 2 min read
That Paul is a hoodlum. He’s mean and destructive
But one of his misdeeds became quite instructive
He picked up a brick and then wound up his arm
He aimed at a window to cause the most harm
The bakery window was shattered in pieces
A crowd gathers ‘round as the tension increases
"O what shall we say of this terrible act?"
Asked the man in the front, “Is it so bad, in fact?”
May 17, 2021 • 15 tweets • 3 min read
Finally listened to this while I was working on a home project today. Here were my thoughts while I was working. Murphy has great criticisms of PTPT of interest, and I think Herbener's backing of Fetter's version (and kind interpretation of Mises) avoids most of the problems...
...Murphy points out. Two remaining issues, which they touched on at the end, but did not find consensus/closure are (1) the extent to which time preference is necessary to explain interest, and (2) whether time preference is a priori or based on the inherent logic of action.
May 15, 2021 • 4 tweets • 1 min read
Saw this live. Wandered over to his campaign website. Thought his positions were good and constitutional. Read his book "The Revolution." Read some of his recommended reading like Economics in One Lesson by Henry Hazlitt. Went to Mises University 2009. ...
Got smacked in the face by Roger Garrison's PowerPoints. Decided to go to Auburn to get a PhD in economics. Met my wife at a church in Auburn. Found out about an open position at my current school via a Mises faculty member. Had two kids. ...
May 10, 2021 • 12 tweets • 3 min read
A thread about how monetary expansion exacerbates income and wealth inequality.
When the Fed increases the money supply or when credit is expanded by banks, the new money enters the economy through a particular point. One group of people gets to be the first to spend the new money. The new money does not increase everybody's incomes propotionally.
Jan 29, 2021 • 9 tweets • 2 min read
THREAD: A lot of my students have been asking me about the current events involving GameStop, Bitcoin/Dogecoin, minimum wage, stimulus checks, so I thought I'd make a thread that carefully explains this stuff for people who feel out of the loop: (1/97)
On May 28, 2016, a three-year-old boy climbed into a gorilla enclosure at the Cincinnati Zoo and Botanical Garden and was grabbed and dragged by Harambe, a 17-year-old western lowland gorilla. Fearing for the boy's life, a zoo worker shot and killed Harambe.
Sep 24, 2020 • 7 tweets • 1 min read
(Thread) "I know that the economic thing to do is X, but because of this emotional/relational/spiritual/cultural aspect, we should do Y." The word "commodify" often makes an appearance, in a negative way.
There is no economic/non-economic distinction in the choices you make.
"Economic" is incorrectly taken to mean "relating to money profit maximization." Economics includes that, but it also includes decisions in which money or consumption is forgone for some higher-valued state of affairs, perhaps one in which another person receives your money or...
Sep 2, 2020 • 6 tweets • 2 min read
rules for thee but not for me
add more below
my personal favorite
Aug 5, 2020 • 5 tweets • 1 min read
Factor prices: entrepreneurs are willing to pay for land, labor, and capital if profit is expected by the employment of the factor. Thus the most any entrepreneur is willing to pay for it is the anticipated discounted marginal revenue product. #econinonetweet (details below)
"Anticipated": the entrepreneur must make a forward-looking guess about the profitability of the production process.
Jul 15, 2020 • 7 tweets • 2 min read
Many years ago, I had a lunatic roommate who would remove people's clothes from the laundry machines mid-cycle, throw temper tantrums like a child, and set the thermostat to crazy temps, among other things.
One workaround that one of my sane roommates and I designed for the thermostat problem was to go out and buy a second thermostat. We connected it to the HVAC system and disconnected the existing one, but left it on the wall.
Jun 8, 2020 • 5 tweets • 1 min read
Since people are talking about defunding police depts, here's a bit from Rothbard's interview in Penthouse:
Penthouse: "But how could the free market provide such services as the police?"
Rothbard: "There is no difference between saying that and saying, 'How can the free market provide shoes?' In the present society, wealthy people can hire private guards—and they do just that, it’s the poor people who have no choice but to rely on the public police."
my personal favorite 