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 four passengers to be selected to disembark. After having been selected by the computer, and refusing to give up his seat, Dr. David Dao was forcibly removed from the plane by members of the Chicago police. Though contractually empowered to ask a passenger to leave a flight in just such a situation, given the details surrounding the incident, including Dao’s resulting injuries and its being widely shared on social… 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 remedies against the monarch or the government. The doctrine of sovereign immunity was not an absolute prohibition on actions against the crown or against other branches of government;[1] subjects could avail themselves of petitions of right or writs of mandamus, for instance, and monarchs fearful of losing the support of the people would often consent to be sued. It was not until the monarchy had been demonstrably weakened that… 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 this article attempt to stand up for the deductive reasoning of praxeology or to defend its claims about a priori truths, a task better suited for a lengthy work of scholarship, not a short article. This piece instead asks one simple question: does Hayek’s early work on trade-cycle theory complicate stereotypes about the methods of Austrian economics or clarify the manner in which Austrians can and do approach economic… Keep Reading

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