The Death Cult of Collectivism

The reproach of individualism is commonly leveled against economics on the basis of an alleged irreconcilable conflict between the interests of society and those of the individual.
Classical and subjectivist economics, it is said, give an undue priority to the interests of the individual over those of society and generally contend, in conscious denial of the facts, that a harmony of interests prevails between them. It would be the task of genuine science to show that the whole is superior to the parts and that the individual has to subordinate himself to, and conduct himself for, the benefit of society and to sacrifice his selfish private interests to the common good.
In the eyes of those who hold this point of view society must appear as a means designed by Providence to attain ends that are hidden from us. The individual must bow to the will of Providence and must sacrifice his own interests so that its will may be done. His greatest duty is obedience. He must subordinate himself to the leaders and live just as they command.

This post was published at Ludwig von Mises Institute on 12/30/2017.

Public Library of Science Published No Evidence of Global Warming Caused by Humans

Even the renown Public Library of Science (PLOS) Organization has stated plainly there is no evidence of Global Warming caused by human activity.
‘[O]nly 18% of the stations showed increases in water temperature that would be expected from global warming, partially reflecting the limits in detecting trends due to inherent natural variability of temperature data. Decreases in visibility were associated with increased human density. However, this link can be decoupled by environmental factors, with conditions that increase the flush of water, dampening the effects of human influence.’
SOURCE

This post was published at Armstrong Economics on Dec 31, 2017.

The US Suffered 15 Billion-Dollar-Plus Weather Disasters In 2017

In the year that President Donald Trump pulled out of the Paris accord and downplayed global warming as a security threat, the US received a harsh reminder of the perils of the rise in the planet’s temperature: a destructive rash of hurricanes, fires and floods.
According to Bloomberg, the US recorded 15 weather events costing $1 billion or more each through early October, one short of the record 16 in 2011, according to the federal government’s National Centers for Environmental Information in Asheville, North Carolina. And that tally doesn’t include the recent wildfires in southern California, one of which grew to be the largest fire in state history, according to Bloomberg.
Among the most devastating events were hurricanes Harvey, Irma and Maria and wildfires in northern California. The killer storms caused economic losses of more than $210 billion in the U. S. and across the Caribbean, and about $100 billion in insured damages, according to Mark Bove, a senior research scientist with Munich Reinsurance America in Princeton, New Jersey.

This post was published at Zero Hedge on Sat, 12/30/2017 –.

Jihadist Group Blows Up Oil Pipeline In Iran, In Midst Of Protests

In the year that President Donald Trump pulled out of the Paris accord and downplayed global warming as a security threat, the US received a harsh reminder of the perils of the rise in the planet’s temperature: a destructive rash of hurricanes, fires and floods.
According to Bloomberg, the US recorded 15 weather events costing $1 billion or more each through early October, one short of the record 16 in 2011, according to the federal government’s National Centers for Environmental Information in Asheville, North Carolina. And that tally doesn’t include the recent wildfires in southern California, one of which grew to be the largest fire in state history, according to Bloomberg.
Among the most devastating events were hurricanes Harvey, Irma and Maria and wildfires in northern California. The killer storms caused economic losses of more than $210 billion in the U. S. and across the Caribbean, and about $100 billion in insured damages, according to Mark Bove, a senior research scientist with Munich Reinsurance America in Princeton, New Jersey.

This post was published at Zero Hedge on Sat, 12/30/2017 –.

The Rise of the West

Throughout almost the entire span of human history, material privation and chronic insecurity were the norm. Not even those at the peaks of social status and political power could enjoy the creature comforts and consumer delights that “poor” people take for granted in the West today. At times, certain populations fared somewhat better – in ancient Greece and Rome, perhaps, and in China during the Sung Dynasty (960 – 1279) – but those cases were exceptional.
As late as the 14th century, the Chinese probably enjoyed the highest level of living of any large population. Recall the amazement with which Europeans greeted Marco Polo’s account of China in the latter part of the 13th century, even though, as Polo declared on his deathbed, he had not described the half of what he had seen.1
As the Middle Ages waned the Europeans began to make quicker economic progress, while the Chinese lapsed into economic stagnation. Even more remarkable, the economic energy of Europe began to shift away from the great commercial centers of northern Italy and toward the periphery of civilization in northwestern Europe. The barbarians, it seemed, had somehow stumbled onto the secret of economic progress. Henceforth, despite many setbacks, the western Europeans – and later their colonial cousins in North America as well – steadily pulled ahead of the human pack. By the 18th century they had far surpassed the Chinese, not to speak of the world’s more backward peoples, and until the late 20th century the gap continued to widen.
How did the West succeed in generating sustained economic progress? Historians and social scientists have offered various hypotheses, and so far no single explanation has gained general acceptance. Nevertheless, certain elements of an answer have received wide agreement. The growing individualism of Western culture, rooted in Christian doctrine, seems to have contributed significantly.2 In addition, the political fragmentation of the European peoples in the high Middle Ages and the early modern period – a political pluralism with hundreds of separate jurisdictions – fostered the institutional and technological experimentation by which entrepreneurs could discover how to make labor and capital more productive.

This post was published at Ludwig von Mises Institute on 2017/12/29.

North Korean Defectors Show Signs Of Radiation Exposure

South Korean scientists and doctors who have been examining North Korean defectors have stumbled upon yet another horrifying discovery: At least four of the defectors have shown signs of radiation exposure, the South Korean government said on Wednesday – although researchers could not confirm if the radiation was related to Pyongyang’s nuclear weapons program.
Earlier today, we noted that one of the defectors had also tested positive for Anthrax antibodies, suggesting that North Korean leader Kim Jong Un has continued his chemical weapons program despite signing an international chemical weapons treaty. Of course, the North Korean government has denied that chemical weapons are being used.

This post was published at Zero Hedge on Dec 27, 2017.

Putting the Economics Back in Christmas

I applaud the online magazine Slate for its recurring series on ‘the dismal science,’ as they call it. Rather than boring discussions of the housing market or the NASDAQ index, economists such as Steven Landsburg and others tackle interesting issues. Don’t get me wrong, I just about always disagree with the columns. I was never puzzled as to why people walk up stairs but not escalators, I don’t think an increase in promiscuity will reduce the spread of HIV, and I’m still not convinced that a person should only give to one charity. Even so, the articles get me thinking, and that’s what’s important.
So the reader must understand that it is in this festive, jovial spirit that I proceed to devastate a recent Slate article, ‘The Sovereign versus the Idiot.’ It is a stocking stuffed full of fallacies and plenty a non sequitur for all the family to enjoy. When I read an article like this, I am honestly humbled by how lucky I was to stumble across the wisdom of the Austrian economists. But enough preamble! On to the article’s inauspicious opening:
Economists generally salute holiday gift-giving for its healthy effect on the macroeconomy. And indeed, gift spending boosts GNP to the tune of $100 billion a year in the United States.

This post was published at Mises Canada on DECEMBER 26, 2017.