0.07.28 After the Fish Got Away
0.31.45 Questioned by Authorities
Continue reading To Have and Have Not
Seven Hills, NV
“I think you’ve just got to be in a master plan, where there are CC&Rs and they can’t build a mobile home right next door or a nail shop. You know, it’s just strictly a planned community. You’re gonna get your dollars out.”
“I could not have paid for the construction of that house if I hadn’t got the loan-to-value, which means they appraised the house when it was done and loaned me money as what it would sell for.
[Title card: This is the same accounting technique used by Enron.]
Continue reading Maxed Out
“You like doing this? I don’t mean simply me; I mean the thing in itself?”
“I adore it.”
I was introduced to Austrian economics via Supply-Side economics, which has a great respect for the Austrians. The Supply-Siders I learned from (mostly the Wanniski branch as opposed to the Mundell or Laffer branches, though I did study with Mundell at Columbia) were constantly quoting Mises and Hayek (but not Rothbard).
The difference between Supply-Side and Demand-Side economics is that Supply-Siders think that production drives the economy and Demand-Siders think consumption drives the economy. Thus, Supply-Side policies tend to focus on things like tax cuts, decreased government spending and a stable currency (i.e. one tied to gold, though not necessarily convertible to gold) to stimulate the economy, and they oppose Demand-Side policies which tend to promote tax increases, increased government spending, and credit expansion to stimulate the economy.
The difference between Supply-Side economics and Austrian economics is that Supply-Side economics is a utilitarian, ends-based framework, while Austrian economics is a morally consistent, means-based framework. For example, Supply-Siders think high taxation is inefficient (using the Laffer Curve as their theoretical basis); Austrians think any taxation is evil robbery. Supply-Siders think the state can work fine, if only producer-friendly policies were pursued; Austrians obviously are enemies of the state.
When I attended Mises U. in 2005, I was still half Supply-Sider, but I’m a full on Austrian now.