On the importance of mainstream vs. mainline distinction in understanding economics, the power of ideas and education focusing on the link between philosophy, politics and economics, and the new master’s PPE program in Prague with professor Peter Boettke talked Josef Šíma, president of CEVRO Institute, Prague.
Funny thing is that even professors of economics in the United States themselves were often not able to see the worse performance and lagging of centrally planned economies. Too much of intellectual work sometimes makes people forget to look out of the window.
The first task an economist has to master is to explain to people that there is such a thing as an economic problem. That is because people are more concerned with everyday emotionalism creeping into their lives by means of having to deal with another type of a problem that we could call an ‘engineering’ one.
The process of unmasking social and national etatists is an extremely vital part of our mission to improve our political system. And it has to be a ceaseless offensive. One has to fight!
On July 30, the British magazine “The New Statesman” published an article by the famous philosopher John Gray on the life, intellectual achievements, and mistakes of Friedrich Hayek. Gray’s piece examines the Austrian’s economic and political views. It is almost as if Gray puts Hayek on trial, the verdict of which has already been decided upon.
The Lithuanian Free Market Institute has launched a unique interactive teaching platform for teachers of economics at www.ekonomikosvadovelis.lt. This one-of-a-kind platform in Lithuania that encompasses a variety of features including video lessons, interactive tasks, a dictionary of economic terminology and other practical material is a part of LFMI’s brand new textbook on economics – Economics in 31 Hours.
LFMI’s brand new textbook on economics, “Economics in 31 Hours”, will be hitting the bookstores and schools across Lithuania this autumn after a pilot project with 30 teachers and over 1,300 pupils.
To understand utility of an intermediary we need to understand subjective price theory. A can of cheese does not have a universal value given from the “universe”, but rather N subjective values which vary in time and space. A task of the intermediary is to exchange what we need less for what we need more.
2014 was the most difficult year for Ukrainian economy in the 21st century. Ukraine faced economic crisis and military conflict in the East, while Russia annexed Crimea. Real GDP is estimated to decline by near 7% in 2014 due to a drop in domestic demand and weak external demand.
