Economist's View: One of These Things is Not Like the Others
the recession and recovery in perspective
Ramblings from The Convicted Audiophile™
Main Entry: man·i·fes·to
Pronunciation: \ˌma-nə-ˈfes-(ˌ)tō\
Function: noun
Inflected Form(s): plural man·i·fes·tos or man·i·fes·toes
Etymology: Italian, denunciation, manifest, from manifestare to manifest, from Latin, from manifestus
Date: 1620
:A written statement declaring publicly the intentions, motives, or views of its issuer.
But, ask around town now about Santa Barbara’s local currency experiment and the answer is nearly always, “Never heard of it.” Then, after a healthy pause, “What’s a local currency?”
...we found that when stock market values decreased, heart attacks seemed to increase, and then decreased when stock trends improved,”
The Justice Department released a presentation entitled "Obtaining and Using Evidence from Social Networking Sites." The slides, which were prepared by two lawyers from the agency's Computer Crime and Intellectual Property Section, detail several social media companies' data retention practices and responses to law enforcement requests. The presentation notes that Facebook was “often cooperative with emergency requests” while complaining about Twitter’s short data retention policies and refusal to preserve data without legal process. The presentation also touches on use of social media for undercover operations
Most people are not sure which camp is right. They hesitate. One day, when green shoots are popping up here and there, they believe the story warning about inflation; the next day, when the shoots turn brownish, they believe the other story. Disagreements among economists take away the intellectual anchors around which market participants interpret events and forecast the future. Ultimately, all our forecasts use a particular economic model to interpret data and to forecast their future course.
It is irrelevant to the entrepreneur, as the servant of the consumers, whether the wishes and wants of the consumers are wise or unwise, moral or immoral. He produces what the consumers want. In this sense he is amoral. He manufactures whiskey and guns just as he produces food and clothing. It is not his task to teach reason to the sovereign consumers. Should one entrepreneur, for ethical reasons of his own, refuse to manufacture whiskey, other entrepreneurs would do so as long as whiskey is wanted and bought. It is not because we have distilleries that people drink whiskey; it is because people like to drink whiskey that we have distilleries. One may deplore this. But it is not up to the entrepreneurs to improve mankind morally. And they are not to be blamed if those whose duty this is have failed to do so.
--Ludwig Von Mises