Tag archive

hayek

News

Market Lessons For United Airlines

As widely covered by the media, United Airlines finds itself in a bit of a public relations pickle. Last Sunday, after having overbooked a flight from Chicago to Louisville, Kentucky, and being contractually obligated to transport members of another crew to man a flight out of Louisville, the crew first asked for volunteers to fly out the next day from the already boarded passengers. When no one volunteered, the crew first offered hotel and monetary accommodations in the amount of $400. When the passengers till refused, the crew offered $800, only to finally announce that a computer would randomly select… Keep Reading

Philosophy/Politics

Kingsmen – End Sovereign Immunity!

The doctrine of sovereign immunity derives from the English notion that “the king can do no wrong” and hence cannot be sued without his consent. The purpose of this doctrine was, in England, from at least the Middle Ages until eighteenth century, to bar certain lawsuits against the monarch and his or her ministers and servants. With the rise of the English Parliament after the death of Elizabeth I, government officers and politicians sought to gain the power of immunity that the monarch and his or her agents had enjoyed. In practice, however, English subjects were not totally deprived of… Keep Reading

Economics

Hayek, Statistics, And Trade-Cycle Theory

Austrian economics is often caricatured and criticized because of its approach, or deliberate lack of an approach, to mathematical models, multivariable calculus, and econometrics. Attacks are leveled against Austrians such as Mises, Rothbard, and Kirzner for their failure or refusal to avail themselves of applied empirical research in their scholarship. The Austrian methodology most frequently targeted is praxeology. It is not the purpose of this short article to refute these attacks or to explore their errors and merits. That has been done ably by others (see, for example, the series of debate-essays available here, here, here, and here). Nor does… Keep Reading

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