Friday, May 9, 2008

Free Market Economist Mises in Indian Parliaments by Chandra

This idea was once brilliantly explained by Mises but now the Indian Politician Sharad Joshi explains the food crisis in India.

“This country enjoys the highest standard of living ever known in history because for several generations no attempts were made toward “equalization” and “redistribution.” Inequality of wealth and incomes is the cause of the masses’ well-being, not the cause of anybody’s distress. Where there is a “lower degree of inequality,” there is necessarily a lower standard of living of the masses”.

The below lines is from Sharad Joshi
“It is an old observation in economics that with increasing incomes the standards of nourishment rise”.

What is not the mart yet to say by Chandra?

The Mint columnist Niranjan Rasadhyaksha writes that the “Markets are learning mechanisms. Information is transmitted through prices. And mistakes usually get minimized over time”. This is what the free market economists along saying. Is anyone out there? Read full.

Economics =Supply and Demand by Chandra

Anandi R writes “The classical theory of demand, the foundation on which other principles of economics are built, states that prices are determined, other things being equal, by the demand and supply forces in the market”.

However it is true what actually need at present is that the “Indian farmers are rational and better informed in a near competitive market. The prices are market determined and are ruling higher than the MSP. So we should focus more on the real sector problem rather than spinning along with the markets”.
Read more

May 8, Friedrich August von Hayek 109 Birthday by chandra

There are insighting ideas that different economist and learners have rememberd
GMU Economist Don Boudreaux wished brief passage from page 104 of Hayek's 1973 book Law, Legislation, and Liberty, Vol. 1: Rules and Order:
Another one is from the The Road to Serfdom: here
my favourate one is from his discussion with staff at Stanford
“No discovery ever been made in economics then discovery is to be made” more here