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[PerennialSmorgasbords @PerennialChow]

@cboyack Intent can only be shared so far. Each new person who directs the causal effects changes the original intent based on their subjective understanding.

[PerennialSmorgasbords @PerennialChow]

@petergklein Leadership/influence is something beyond economics. It is another layer of Human Action that is for to often underdiscussed if discussed at all. Many things to learn from this book as both a leader and a scholar.

[PerennialSmorgasbords @PerennialChow]

People have a hard time distinquishing between controlling objective properties and attempting to control emergent properties. Objective properties change the outcome of emergent results emergent results are a constant moving target, that cannot be controlled.

[PerennialSmorgasbords @PerennialChow]

The banking function outside of the central structure. There is little discussion of how privatized banking works. Outside of that I think the Austrians need to move outside the marketplace in regards to how "the radical change in the methods of reasoning... [are] ...restricted because people believed that they referred only to a narrow segment of the total field of human action, namely, to market phenomena." LVM.

Understanding better what Menger called the accidental economy and how it differs in structure from the market economy. I.e. the time preference mixed with causality. Menger made some distinctions between scarcity and good that have yet to become economic in nature.

This would further allow us to see the structure of thinking that prevades the command economy and then we can make a real distinction between societies. I.e. the current and still existing accidental social structures, the mostly market social structures, and the outright command structures.

Mises gave us the key and it has to do with the epistomological framework of the majority in a society.

"It therefore devolves upon economics to deal thoroughly with the assertion that its teachings are valid only for the capitalist system of the short-lived and already vanished liberal period of Western civilization." LVM Human Action.

[PerennialSmorgasbords @PerennialChow]

@PerBylund How do you feel about Menger later work, on the technical economy where he focused on the opposite of scarcity. The discovery of that which has not been developed as a resource?

[PerennialSmorgasbords @PerennialChow]

The problem with MMT is they believe they can take the scarcity out of money and people can still economize. Except to economize requires scarcity.

[PerennialSmorgasbords @PerennialChow]

@PerBylund The 3 economies are the accidental economy see menger principles of economics. Particularly the refutation of smiths div. of labor. The market or exchange economy, and the command/control economy.

[PerennialSmorgasbords @PerennialChow]

@PerBylund Prosperity centers on epistemic discovery and purposeful action as the core drivers of productivity and welfare.

[PerennialSmorgasbords @PerennialChow]

Economics needs to be centered on epistemic discovery and purposeful action as the core drivers of productivity and welfare.

Currently economics as discussed is nothing more than attempts to predict/forecast future monetary calculations based on a faulty aggregation of manipulated monetary calculations.

[PerennialSmorgasbords @PerennialChow]

@nikto20001 @WeWillBeFree24 Economic transformation requires causal insight and action upon it. Scarcity in the narrow physical sense plays little as an independent role; the real constraint is epistemic.

[PerennialSmorgasbords @PerennialChow]

Economics is the study of how rational individuals act based on knowledge constraints. It examines the emergence, coordination, and consequences of economizing behavior (transformation of natural resources) across three fundamental types of economies: the accidental, the market, and the directed. Prosperity centers on epistemic discovery and purposeful action as the core drivers of productivity and welfare.

[PerennialSmorgasbords @PerennialChow]

@PerBylund A look under the hood of social cohesion.

[PerennialSmorgasbords @PerennialChow]

@RealKeithWeiner Visuals hit harder than words

Progress is made under a given environment and a willingness to test causal undersranding.

[PerennialSmorgasbords @PerennialChow]

Economics is the study of how rational individuals act based on knowledge constraints. It examines the emergence, coordination, and consequences of economizing behavior (transformation of natural resources) across three fundamental types of economies: the accidental, the market, and the directed. Prosperity centers on epistemic discovery and purposeful action as the core drivers of productivity and welfare.

[PerennialSmorgasbords @PerennialChow]

Economics is the study of how rational individuals act based on knowledge constraints. It examines the emergence, coordination, and consequences of economizing behavior (transformation of natural resources) across three fundamental types of economies: the accidental, the market, and the directed. Prosperity centers on epistemic discovery and purposeful action as the core drivers of productivity and welfare.

[PerennialSmorgasbords @PerennialChow]

Economics is the study of how rational individuals act based on knowledge constraints. It examines the emergence, coordination, and consequences of economizing behavior (transformation of natural resources) across three fundamental types of economies: the accidental, the market, and the directed. Prosperity centers on epistemic discovery and purposeful action as the core drivers of productivity and welfare.

[PerennialSmorgasbords @PerennialChow]

Economics is the study of how rational individuals act based on knowledge constraints. It examines the emergence, coordination, and consequences of economizing behavior (transformation of natural resources) across three fundamental types of economies: the accidental, the market, and the directed. Prosperity centers on epistemic discovery and purposeful action as the core drivers of productivity and welfare.

[PerennialSmorgasbords @PerennialChow]

@RyanDGriggs

https://t.co/r0Rm85YMwd

A true master class in capital theory.

Already watched it a few times. Will probably watch it a few more times in conjunction with your earlier work on Nelson being the heir to Menger.

The Mises quote on Capital as the sum of money equivalent is key.

James' mentions multiple times about having something good to compare an opportunity too in order to help weed out bad investments. I.E. money does very well in a policy all on its own.

All these math models are feel like they are in space. I think about it like a CAD design you've got to set a plane first. Then you can develop geometric tolerences against it.

A foundation so to say.

[PerennialSmorgasbords @PerennialChow]

@ConstantUnder @iL1keTurtles @darrelltalksfi Average does not mean steady average is a poor indicator of highs and lows. Some of those lows being negative.

[Per Bylund @PerBylund]

When you realize that people act motivated by what they value, and economics thus is about what takes place in pursuit of such value, then you also must recognize that objective observable economic "data," so-called, are hopeless for explaining economic processes and causalities.