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Most human knowledge is tacit, the product of experience and not capable of being captured in words or numbers, and local, concerned with and relevant to specific local conditions and circumstances.
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Light, as we know it today, is a commodity. That would not have been possible without the institutional prerequisites — freedom to create, own, and exchange — that built the modernity we too often take for granted.
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Academic works such as Quinn Slobodian’s Globalists demonstrate that the anti-capitalists and anti-liberals are determined to make their case through factual fabrications and scandalous misinterpretations of what classical liberals such as Ludwig von Mises and Friedrich A. Hayek really said and advocated.
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Ten years after the 2008 financial crisis, economists are beginning to assess the lessons learned. Sometimes we learn the right lessons. Sometimes we learn the wrong lessons.
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We must recognize that a whole may exhibit properties that are not present in its parts. But problems come in when the method of study for the economy as a whole looks radically different from that used for its parts.
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Economists and philosophers engage in a strange form of positive analysis.
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For both social contract theory and monetary theory, theorists are considering something that never happened in the past and that they have no reason to believe will happen in the future. No such considerations are useful.
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“We should not claim for liberalism,” Robbins insisted, “that the world it could produce would be perfect.… But we may claim that, with all its deficiencies, it would still provide a safeguard for happiness and spontaneity more efficient than any other which has yet been suggested.”
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“Without entirely knowing what we were doing, that in the course of a few decades, we replaced a view of the human project that was inspired by choice, personal ambition, and individual achievement with a completely different view that insists that aspiration is utterly pointless and probably even dangerous.” ~ Jeffrey Tucker
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If the classical liberals of that earlier time could defeat the prevailing beliefs and vested interests supporting human slavery, after its existence for all of human history, some of us believe the same can be done against the existing system of collectivism, interventionism, and welfare statism in both their authoritarian and democratic forms.
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It should come as no surprise that in a political/economic system helmed by an elite that the trappings of a ruling class inevitably follow.
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Paul Krugman is a little too quick to dismiss the need for microfoundations in rigorous macro models.
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