"Let us consider an example. When A trades an a to B for one of his b’s, each of them, A and B, gain in welfare in the ex ante sense.
That is, A values the b he receives more than the a he must give up in this exchange. And, similarly, B, ranks the incoming a more highly than the outgoing b.
Perhaps the best illustration of this is that famous front cover of the Saturday Evening Post where Normal Rockwell draws the milkman and the pie man, each sitting in front of their respective trucks, munching away on a pie and slurping at a bottle of milk.
We are given to understand by Rockwell, an artist who would appear to know more about economics than Friedman, that right before the scenario he depicted, the milkman (A) traded a bottle of milk (a) with the pie man (B) for one of the latter’s products (b), and that each did so because he valued what he received more than what he had to give up for it.”
— Walter Block
An incredible weekend in the The Lost World Valley staying at the Worendo Homestead.
Some humor for Conza.
700th post! I recently competed in the Noosa Triathlon, doing the bike ride for the teams category. Some stats that might be of interest:
- 40km course, Time: 1hr 5min, Averaged 35km/hr, 1,118 teams cyclists, 155 in the Open Male Cat (not. incl mixed teams).
- 114th overall, 25th in the Open Male category, & 19th for the Garmin King of the Hill section.
Pretty pleased with that given the amount of incredible bikes & athletes out there, not to mention my two weeks commute prep training. Plus, look at those colours!
Being forced to vote in the Brisbane City Council Elections on Saturday. Wish I could have seen the ballot counters face when they came across the above.
The Mafia on the Social Contract
Elizabeth Warren revealed.
Henry Hazlitt and Ludwig von Mises at the Gallatin House Seminar sharing a laugh about, what we can only assume to be — at the Keynesians expense.