All Lessons

Machiavelli: On Change

“It must be remembered that there is nothing more difficult to plan, more doubtful of success, nor more dangerous to manage than a new system. For the initiator has the enmity of all who would profit by the preservation of the old institution and merely lukewarm...

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The Rise of The Autocratic

The autocrat problem Prime Minister Viktor Orban of Hungary has used the coronavirus crisis as an excuse to further centralize authority. The European Union seems to be functioning better than the United States in some big ways right now. Europe has been far more...

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Hayek on Health Care

Hayek on Health Care and Other Social Safety Nets This lesson is on how Hayek views Health Care and other Social Safety Nets. The following passage is taken from The Road to Serfdom, Text and Documents, The Definitive Edition, by F. A. Hayek, edited by Bruce Caldwell,...

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Fractal Markets Theory

Fundamentals Of Fractal Markets Theory< In the wake of the 2008 financial crisis, many have challenged the dominant economic theories and perspectives on markets. The Efficient Market Hypothesis (EMH) in particular has fallen short in explaining the crisis. According...

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I, Pencil

The activities for Economics in One Day are developed around the themes of Leonard E. Read’s classic essay, ‘‘I, Pencil.’’ ARTICLE: I, Pencil: My Family Tree - Leonard Reed (FEE.org) [http://at.fee.org/1yAq6Jf] ‘‘Not a single person in the world knows all the...

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Hayek – Central Planning

This is not a dispute about whether planning is to be done or not. It is a dispute as to whether planning is to be done centrally, by one authority for the whole economic system, or is to be divided among many individuals. From The Use of Knowledge in Society.  

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Aggregate Demand

Aggregate demand is an economic measurement of the total amount of demand for all finished goods and services produced in an economy. Aggregate demand is expressed as the total amount of money exchanged for those goods and services at a specific price level and point...

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Fractal Politics 2

Fractal Politics The evolution of digital technologies and the evolution of contemporary society and politics have facilitated fractal thinking.  It is fairly obvious that technology innovations can facilitate cultural and political innovations, which in-turn...

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12 Economic Concepts

Twelve Economic Concepts Everyone Should Know 1. Gains from trade: In any economic exchange, freely chosen, both parties benefit–at least in their own minds. 2. Subjective value: The value of any good or service is determined by the individual human mind....

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Henry Ford and the $5 wage

He says Ford proved that higher wages led to more productivity, which in turn was good for business. That positive feedback loop gave rise to a broad, prosperous middle class. But over the years, waves of economic pressures and political changes have broken that link....

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Adam Smith – All Quotes

“No human wisdom or knowledge could ever be sufficient [for] the duty of superintending the industry of private people..." “[Governments are] ...without exception, the greatest spendthrifts in the society.” “The agents of [government] regard the wealth of their master...

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Fractal Politics

Fractal Politics “The rise of fractal politics” was first submitted to the Nine Dots Prize in response to the question, “Are digital technologies making politics impossible?” The essay was written as a thought piece prior to the announcement of the 2017 UK General...

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Ernst Friedrich Schumacher

Ernst Friedrich Schumacher (16 August 1911 – 4 September 1977) was a German-British statistician and economist who is best known for his proposals for human-scale, decentralised and appropriate technologies.[1] He served as Chief Economic Advisor to the British...

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Adam Smith – Wealth of Nations

The Condensed Wealth of Nations and The Incredibly Condensed Theory of Moral Sentiments Eamonn Butler     Contents 1 Introduction 4 2  The Condensed Wealth of Nations 7Book I: Economic efficiency and the factors of production 9Book II: The accumulation of...

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Cartesianism

Cartesianism, the philosophical and scientific traditions derived from the writings of the French philosopher René Descartes (1596–1650). Metaphysically and epistemologically, Cartesianism is a species of rationalism, because Cartesians hold that knowledge—indeed,...

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Individualism: True and False | F. A. Hayek

According to Hayek, there are two opposing ideas about how to understand individuals and the society in which they live: true individualism and false individualism. These ideas permeate all social and political thought. They apply to beliefs about reason and knowledge, economics, justice, equality, power, tradition, marriage and family, and government.

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Change is Always Hard!

Think about a gold wedding band.  There are three distinct phases of that gold band.  Phase 1 is the beginning of life for band, the mining and manufacturing of the band.  Phase 2 is the longest period for the band, the time it is worn.  And Phase 3 is when the band...

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