Trump needs his own broadcast license taken away at this point. View quoted note →

How to give people a stroke speedrun. View quoted note →

If there is an objective/"real" value and the seller offers a good or service at exactly this value, both the buyer and seller would not perform transactions due to both sides having equal values, resulting in no incentive to trade. On the other hand, if a seller offers a good or service that is above or below said objective/"real" value, then neither party would also perform transactions due to thinking one side is too "greedy" or "envy," also removing the incentive to trade. Only with subjective valuations for both buyers and sellers can an economy function. This precisely why the labor theory of value makes no sense.

Of all economic terms, "monopoly" has to be the most confusing word there is because of how watered down it has become. Murray Rothbard has brought 3 definitions for a "monopoly" (see chapter 10 of Man, Economy, and State): 1. A seller of a specific good or service. This is incredibly vague because it can be applied to everyone. Ex. I have a "monopoly" over this very account you are reading this on. 2. A business that has achieved a "monopoly price." This is also very vague because the term "monopoly price" presupposes a sort of objective value for competitive prices that does not exist (all prices are inherently competitive)! 3. A government-granted privilege i.e IP. This is the least vague definition and the only correct one for this reason. It is also correct because unlike the two ones above, it is not a voluntary outcome that arises from the market. Therefore, to prevent any further spread of confusion and economic illiteracy, you need to be careful with how you use the term "monopoly" by referring to the third sense above.

In a market economy, the consumers individually suffer the consequences for their decisions through feelings of uneasiness. In a command economy, everyone suffers the consequences for someone else's decisions through a lowered standard of living.

Easily the best brand of ramen I've ever had! #Ramen #Foodstr

You can't hide from scarcity. Whether you live in a capitalist, socialist, or even feudalistic system, you will always have to deal with scarcity. The problem is figuring out how to reduce its effects the most.

Wealth is not finite. Whether by automation, immigrants, or billionaires, wealth can be created or destroyed. Don't fall for the fixed pie fallacy.

Coming to a pod near you! #Memestr #DankMemes #NostrMeme #NostrMemes #Nostr #Plebchain #Zap

🤣🤣🤣 #Memestr #DankMemes #NostrMeme #NostrMemes #Nostr #Plebchain #Zap

"We’re consequently subjecting the law of demand to a test that is irrelevant because we’ve misconstrued the test case: the good as a non-economic good. What we’re dealing with here is only a poor application of economic theory, based on a misunderstanding of what makes an economic good. The curiosity of Giffen and Veblen goods is not that they appear to contradict the law of demand--which they do not--but why economists, who should know better, fail to properly understand the very fundamental concept of an economic good." - Per Bylund, "Why Austrian School Economists Have a Better Understanding of Goods and Services" (2019) https://mises.org/mises-wire/why-austrian-school-economists-have-better-understanding-goods-and-services #AustrianEconomics #AustrianSchool #Goods #SubjectiveValue #HumanAction #Catallactics #Mises #Quotestr

Not as good as Sophie Cunningham tho. View quoted note →

Could things get any worse? #Memestr #DankMemes #NostrMeme #NostrMemes #Nostr #Video #Videostr

I never realized how uncanny the Barney suit actually is until now. Like imagine if the camera got too close to his mouth and saw some dude holding onto a bar with his jaw. Almost looks like a Saw trap. Source: @zackdfilms1, X #Memestr #DankMemes #NostrMeme #NostrMemes #Nostr #Video #Videostr

The argument against taxation isn't just that taxation is theft, but that the government is the least qualified to fulfill the happiness of each person.

Under free enterprise, the members have incentives to act the best or suffer the consequences. But under bureaucracy, these incentives vanish, leading to deterioration and inefficiency.

The government does not create wealth, rather it expropriates and transfers wealth to somebody else.

"In the economy, an act, a habit, an institution, a law, gives birth not only to an effect, but to a series of effects. Of these effects, the first only is immediate; it manifests itself simultaneously with its cause—it is seen. The others unfold in succession—they are not seen: it is well for us if they are foreseen. Between a good and a bad economist this constitutes the whole difference—the one takes account of the visible effect; the other takes account both of the effects which are seen and also of those which it is necessary to foresee." - Frédéric Bastiat, "That Which is Seen, and That Which is Not Seen" (1850), ***The Bastiat Collection*** (2007) p. 1 https://mises.org/library/book/bastiat-collection #Agorism #AnCap #Libertarian #Antistate #AustrianEconomics #TaxationIsTheft #OpportunityCost #Bastiat #Quotestr

Remember: It's not the benefits from the policies that matter, but the potential opportunities that are removed as a result of said policies that matter.

It's so surprising to me that Chuck Grassley will end up outliving Graham and McConnell. #Memestr #DankMemes #NostrMeme #NostrMemes #Nostr #Plebchain #Zap