Steven Horwitz
"I'm not throwing up and hungover, I'm just reallocating the malinvested resources of the boom."
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Peter J. Boettke: Living Economics: Yesterday, Today, and Tomorrow
Christopher Coyne: Doing Bad by Doing Good: Why Humanitarian Action Fails
Paul Heyne, Peter Boettke, David Prychitko: Economic Way of Thinking, The (12th Edition)
Steven Horwitz: Microfoundations and Macroeconomics: An Austrian Perspective
Boettke & Aligica: Challenging Institutional Analysis and Development: The Bloomington School
Peter T. Leeson: The Invisible Hook: The Hidden Economics of Pirates
Philippe Lacoude and Frederic Sautet (Eds.): Action ou Taxation
Peter Boettke: The Political Economy of Soviet Socialism: the Formative Years, 1918-1928
Peter Boettke: Calculation and Coordination: Essays on Socialism and Transitional Political Economy
Peter Boettke & Peter Leeson (Eds.): The Legacy of Ludwig Von Mises
Peter Boettke: Why Perestroika Failed: The Politics and Economics of Socialist Transformation
Peter Boettke (Ed.): The Elgar Companion to Austrian Economics
Liquidating malinvestments
Posted by: Adam | November 01, 2009 at 08:08 AM
Bush got drunk last night and Obama had a hangover this morning.
Posted by: Roger Koppl | November 01, 2009 at 08:46 AM
No, this is not the hangover, even less a "liquidating malinvestment", but only unanticipated increase in the demand for money that must be accommodated by increased credit supply, if we are to avoid another Great Depression calamity. And comrades from the Fed did excellent job thus far in preventing the fatal shortage of credit (see here http://upload.wikimedia.org/wikipedia/commons/7/7d/Federal_Funds_Rate_(effective).svg).
Posted by: Nikolaj | November 01, 2009 at 09:44 AM
You know a sense of humor isn't mandatory for being welcome at gatherings of humans, but it sure does help.
Posted by: Steve Horwitz | November 01, 2009 at 01:14 PM
If somebody were to make the alcohol content on drinks 50% lower before a party (assuming people look at the alcohol content), I bet you'd have a pretty wild party but it'd be a mess to clean up.
Posted by: GilesS | November 01, 2009 at 02:50 PM
If somebody were to represent the alcohol content as being 50% lower is what I meant.
Posted by: GilesS | November 01, 2009 at 02:51 PM
If you made the alcohol content lower without telling people you might have an equally wild party with less mess to clean up. There has probably been work done on this.
The Australian intellectual and wit, Barry Humphries put about a rich vocabulary for drinkers - the liquid laugh, the technicolour yawn, throwing a map. He also created (in addition to the legendary Dame Edna) the archetypical Australian innocent abroad, Bazza Mackenzie. I don't know if this list wants to know about the time that Bazza met Karl Popper, this is undergraduate stuff that appeared in a student newspaper. http://www.the-rathouse.com/KPmeetsBM.html
Posted by: Rafe Champion | November 01, 2009 at 03:27 PM
Rafe, what I meant was keeping the alcohol content the same but misrepresenting this amount.
Posted by: GilesS | November 01, 2009 at 03:36 PM
Paraphrasing Milton Friedman " There is no Free L(a)unch! As an economist you should know better than anyone that it is sometimes painful when you violate the "law of diminishing returns" when it comes to drinking!
Posted by: Bob | November 01, 2009 at 05:13 PM
On the "watered down beer" deal, this is not scalable. For one party that may work, but soon Gresham's law sets in and the pissheads shark for the special brew and take the cans home whilst drinking the piss at the party.
Ant if it is government massing, then the results quickly squew the system.
Posted by: Rosthorn | April 07, 2010 at 05:34 PM