Austrian Economics

Ferengi-nomics

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(Content advisory to the above video.  A few of the Rules of Acquisition are off-color.  You know what the Ferengi are like.)

We have been having a debate recently on The American Catholic between Austrians and Distributists.  As a devotee of free enterprise with as little government intervention as possible, I have found some wisdom in the Ferengi Rules of Acquisition as set forth in one of my favorite fictional realms:  Star Trek.  Many of the Rules of Acquisition of course are merely for entertainment purposes and would lead to immoral results, if not bankruptcy or prison, if attempted in reality.  However,  after a quarter century of running my own business, I believe these rules are insightful:

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Oh What a Tangled Web…

Few things are more annoying to me than the obstruction of both semantic quibbles and logical fallacies to a clear understanding of reality. Thus my experience as a Distributist has become one of near-perpetual annoyance, given the proliferation of both throughout the Distributist camp. Here I want to address a few of the latest examples of this obstruction, and provide some insights as to how and why it ought to be overcome.

First, there is John Medaille’s interview with the Young Turks, in which he declares that one cannot be in favor of both free markets and capitalism, simply because he has defined a free market as a situation in which there are vast numbers of competitors, and capitalism as a situation in which economic power has been concentrated in the hands of a few large firms. When challenged on this distinction by the interviewer, who asserted that capitalism could be defined as a free market economy while this economic concentration could be defined as corporatism, Medaille essentially had no choice but to agree. He then decided to add that “the capitalism we have” is what he claims to be talking about, regardless of how one wants to “define it in the abstract.”

By answering in this way, however, Medaille might leave you with the impression that people who claim to be in favor of capitalism aren’t interested in criticizing that which “we have”, when it is beyond obvious to anyone who actually reads the material of self-identified pro-capitalist organizations such as the Mises Institute that they view “what we have” as corporatism or statism or state-capitalism or some variation on that theme, and oppose it as well.

Read the rest here.

Criminalizing Kindness: Will the Real Hobbesians Please Stand Up?

I read a lot of bad news every day, but this really tears it. A 78 year-old man named Rosco O’Neil has been charged with operating an illegal taxi service, has had his car impounded and a $2000 fine imposed upon him for offering to give a woman a ride home from a grocery store. The woman, you see, was an undercover police officer, part of a sting operation to rid society of the menace of cheap transportation for people who need it the most. Aside from the fact that this was a case of blatant entrapment, since O’Neil hadn’t even mentioned money and told the woman upon her inquiry that she could give him whatever she liked, this is also a case of the inhumanity that statism breeds.

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