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Date: | Wed Dec 20 13:21:53 2006 |
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Free exchange probably began when Man began.
People have always exchanged goods and trade is part of the productive
process. So, if one wishes to view economic Man, it must begin with his
predilection to exchange goods to improve his condition.
I am not a Misean (shades of Nixon) but it seems to me that he adopted the
proper path to understanding.
Any interference with this natural propensity to exchange is political
and/or coercive. So, economic discussion of tariffs, quotas, anti-dumping
duties, and the rest, might be considered political rather than economic
science.
Of course economists can analyze the consequences of interference, but
surely that's a technical job, using skills to produce a result - not really
part of economic science, except as a footnote.
It's a pity we find ourselves in 'schools' when it is unlikely that any
particular brand of economics has completely surrounded the truth. Out of
the 19th century came two insights that modern economists - particularly
Miseans - might note.
First, Misean value theory seems to float in air. Perhaps it should be drawn
back to earth. Marx's labor theory of value has been properly beaten into
the ground. Yet, there is a sensible 'labor theory of value' which ties
value to labor and should be looked at.
Second, is the belief that the land market is price mechanism controlled and
should mixed in with commodity markets.
Not really true.
I am enjoying the Misean controversy. I hope the moderator allows it to
continue.
Harry Pollard
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