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{"id":428,"date":"2017-07-25T17:52:53","date_gmt":"2017-07-25T21:52:53","guid":{"rendered":"http:\/\/admin.patheos.com\/blogs\/pickledpencil\/?p=428"},"modified":"2023-01-10T18:45:42","modified_gmt":"2023-01-10T22:45:42","slug":"socialism-inequality-war-monopoly-power-market-failure-days-work-mises-u-2017","status":"publish","type":"post","link":"https:\/\/www.patheos.com\/blogs\/pickledpencil\/2017\/07\/socialism-inequality-war-monopoly-power-market-failure-days-work-mises-u-2017\/","title":{"rendered":"Socialism, Inequality, War, Monopoly Power, and Market Failure – All in a Day’s Work – Mises U 2017"},"content":{"rendered":"\n<\/head>

<\/p>\n

Lecture 1 \u2013 Common Objections to Capitalism by Tim Terrell
\nLecture 2 \u2013 Calculation and Socialism by Joe Salerno
\nLecture 3 \u2013 Economics of War by McCaffrey
\nLecture 4 \u2013 Myths of Market Failure by Tom DiLorenzo<\/p>\n

For readability\u2019s sake, I\u2019m going to try and change the format a little from yesterday\u2019s post and focus a bit more on the big ideas and my personal experience of each lecture. I won\u2019t deprive you of the details, but I don\u2019t want you staring down a 2,500 word wall of notes. As I mentioned in my original post<\/a> some weeks ago, I first participated in Mises U when I was a college sophomore. I traveled\u00a0down to the Mises Institute, next to the campus of Auburn University, and stayed the week in the dorms. That was a turning point in my economics education. But it\u2019s been 10 years and I don\u2019t have the ideological commitment I once did to libertarianism. So I\u2019m going to wear my skeptical hat today. For most of my late 20s I identified as a left-leaning libertarian. I maintained my anti-war position and saw most business regulation as special interest-driven, but I also recognized a practical benefit to supporting local social welfare programs, public schools, libraries, and the like.<\/p>\n

Lecture 1 \u2013 Common Objections to Capitalism by Tim Terrell<\/span><\/strong><\/p>\n

Terrell notes that some folks object to using the term \u201ccapitalism,\u201d as it can lead to come confusion, and that often what detractors mean by that word is in fact \u201ccrony capitalism\u201d and not the free-market, where certain interests and groups are able to avoid the consequences of their actions because of their connection to the state and the special privileges they\u2019re granted. He also mentions that defending human freedom is a bit like playing whack-a-mole, as there\u2019s always some new \u201creason\u201d popping up as to why the central state needs more power.<\/p>\n

The rich get richer and the poor get poorer<\/span><\/p>\n

Terrell argues that the nature of the free-market is one of production and innovation. He cites a statistic: of Americans designated as poor, 99% have electricity, running water, flush toilets, telephones\u2026etc. Cornelius Vanderbilt had none of these. An important distinction in this conversation: are we discussing inequality or the real well-being of the poorest of society? Terrell notes that increased immigration will tend to result in increased inequality even though no one is actually worse off \u2013 indeed, many folks will be better off relative to their previous living situation.<\/p>\n

Terrell notes that it\u2019s okay to be concerned about inequality, but that we should recognize how certain government programs tend to increase inequality despite their stated intentions. In some states, welfare pays more than a minimum wage job, in 13 states it pays more than a $15 per hour job (he cites a study from Tanner and Huges (2013) and offers a number of graphs to bolster his numbers \u2013 I think this question deserves its own lecture). The upshot is that with welfare programs in place, after taxes, your income isn\u2019t going to go up very much if you find employment. The loss of welfare benefits has a similar behavioral effect as taxes on income. When you couple these together \u2013 both the loss of benefits and the added taxes for added income \u2013 a low-income earner has to make a single enormous leap to really get from poor to middle-class and avoid being hit by these disincentives.<\/strong> This was a fascinating part of the lecture.<\/p>\n

Terrell makes the casual point that economic freedom and low poverty rates tend to correlate. If you look at the income share of the poorest 10%, whether a country has a high or low level of economic freedom, it tends not to make a difference, but the real condition of that poorest 10% is tremendously better in countries with free-market institutions, systems, and orders. Private property, flexibility, sound-ish money, etc. This is a commonly made argument. The Heritage Index of Economic Freedom, flawed though it may be, is a solid resource in this regard.<\/p>\n

Socialism works in Europe<\/span><\/p>\n

Terrell notes that according to the Economic Freedom of the World Ranking (freetheworld.com), the United States ranks 16th, behind New Zealand, Switzerland, Canada, Ireland, the UK, and Australia. Denmark and the Netherlands are very close to the US, and in many crucial categories they\u2019re ranked much higher. They dilute the\u00a0impact of social programs on their economy with a high level of economic freedom, low business regulation and taxes, sound property rights, economic flexibility, and international trade. I think these are some important observations that advocates of large social welfare programs and single-payer healthcare need to take seriously. What happens to the economic well-being of people in the US if we install Denmark-style programs without taking steps to reduce the government\u2019s footprint as Denmark has done?<\/strong><\/p>\n

Terrell had to move very quickly through his last few points. I think his strongest argument was his first.<\/p>\n

Lecture 2 \u2013 Calculation and Socialism by Joe Salerno<\/span><\/strong><\/p>\n

This lecture is primarily about Mises\u2019s article\u00a0Economic Calculation in the Socialist Commonwealth<\/em>. Salerno considers this the greatest economic essay\u00a0of the 20th century and described it as a fatal demolition of socialism as an economic theory.<\/p>\n

Mises\u2019s basic argument<\/span>
\n\u2192\u00a0Socialism abolishes private property in capital goods and natural resources.
\n\u2192\u00a0Since the state is the sole owner of the materialis factors of production, there can\u2019t be exchange.
\n\u2192\u00a0No exchange means no prices.
\n\u2192\u00a0No prices means no calculation of the cost of production.
\n\u2192 If you can\u2019t know that, you can\u2019t figure out which goods are valuable and which goods are not \u2013 that is, what\u2019s the most valuable use of scarce resources according to the wants and needs of humankind.
\n\u2192 Therefore, the socialist economy<\/em> is strictly impossible. Socialism nullifies economic calculation. The essential mark of socialism is that\u00a0one will alone acts<\/em>.<\/p>\n

The economic question isn\u2019t a matter of technical knowledge, that is, the scientific know-how of what it takes to, for example, build a car. The economic question is one of costs. This is the role of entrepreneurship and profit and loss. Profit and loss is the compass. Even if an entrepreneurial undertaking takes a loss, his forecasting and decision making is nonetheless rational. Under socialism, the whole process is entirely irrational because there\u2019s no calculation of costs.<\/strong> Without an accounting of the costs, there is no economizing.<\/em> This is why Mises calls the socialist economy, wherein all means of production are monopolized by the state, strictly speaking, impossible.<\/em><\/p>\n

Example: prices guide our use of scarce resources. The modular house industry is a useful example of this process. There\u2019s no way under socialism that it could be known that an efficient way to build a house is to construct it a thousand miles away and ship it by truck across country.<\/strong> Only under the market system of monetary exchange, profit and loss, and the calculation of costs, does this knowledge become possible.<\/p>\n

Mises doesn\u2019t deny that in a very simplistic economy, Crusoe on his desert island, for example, it is possible to rationally allocate resources without prices. But in a modern economy, it\u2019s impossible.<\/p>\n

The USSR example
\n<\/span>\u2192\u00a0Salerno explains how production and industry in the Soviet Union was a disaster. In the USSR, there were lots of finished structures that had no roofs because the production quota for nails was set in terms of weight. This was also a problem for chandeliers, which were often too heavy and would fall from ceilings and kill people. The Soviet Union lasted as long as it did because it was an island in the middle of a capitalist ocean. The USSR would copy prices and costs calculations of market economies and allow internal black markets so they could copy prices. The only true socialism existed between 1919-1921, called war communism, where Lenin tried to get rid of all prices. There were shortages everywhere. People burned furniture and parts of their houses to keep warm. It was chaos.<\/p>\n

The responses of the socialists to Mises
\n<\/span>\u2192 Some socialists argued that costs could be calculated in labor hours. The problem here is that labor hours are heterogeneous. You can\u2019t add them up. Even in the same profession, an hour of LeBron James\u00a0playing basket ball isn\u2019t equal to an hour of the 6th man.
\n\u2192 Mainstream economics of the 1920s and socialist-leaning economists recognized Mises\u2019s challenge and offered some potential solutions: Trial and Error Method,\u00a0Market Socialism, and the\u00a0Mathematical Solution \u2013 these efforts however all amounted to flawed attempts at \u201cplaying market,\u201d or trying to do in a central office, using equations or arbitrary prices over the course of weeks or months, what the market does each second of each day in a dynamic economy.<\/p>\n

Salerno is a very good lecturer. His slides make it easy to take notes and he\u2019s very clear. A useful lecture from Salerno might be how Mises\u2019s argument informs our understanding of the specific failures and inefficiencies of mixed economies and modern-style democratic socialism. More concrete examples like the modular home industry would be pedagogically helpful in moving Mises\u2019s critique out pure of theory.<\/p>\n

Lecture 3 \u2013 Economics of War by Matt McCaffrey<\/span><\/strong><\/p>\n

If I remember correctly, Matt McCaffrey was a student along side me at Mises U 2007. Now he\u2019s on the other side of the podium, a college professor delivering a lecture on the economics of war. Kudos to this young scholar. The circle of life, indeed.<\/p>\n

McCaffrey makes note that his analysis will be in the praxeological-Misesian tradition. This can be put to use in studying the effects of both peaceful interaction and violence.<\/p>\n

McCaffrey defines war as a purposeful, organized, military conflict. Praxeologically, he clarifies war as\u00a0purposeful.<\/em> He views\u00a0war as a planned event which puts to use\u00a0scarce resources. He notes that war can occur without a state, but that the state has a very special relationship to war, as it\u2019s very difficult for a private organization to acquire the amount of resources necessary for waging armed conflict. This dovetails with a favorite paper of mine by William Cavanaugh called \u201cKilling for the Telephone Company\u201d which explores the development of the modern state and its relationship to taxes and war.<\/p>\n

War sets in motion a chain of economic events:<\/span>
\n\u2192\u00a0War finance \u2013 taxation, borrowing, and inflation (and at times confiscation). Each method has limitations and causes problems, and government typically bounce between all three methods, never relying on one exclusively.<\/p>\n

\u201cTaxation leads to borrowing, borrowing leads to inflation, and inflation leads to suffering.\u201d \u2013 Yoda<\/em><\/p>\n

\u2192 Taxation tends to be an unpopular method of financing even a popular war as support begins to drop once the public feels the pressure on their pocket book. The withholding tax helped to soften this blow, since the public never actually held the money.
\n\u2192 Borrowing avoids the public backlash of taxation, however, it carries a number of complications, particularly if the war is lost.
\n\u2192 Inflation is a popular method of war finance as the effects typically aren\u2019t felt right away.<\/p>\n

War and the structure of production:<\/span>
\n\u2192 War mobilization \u2013 1) shifts production away from consumer goods 2) shifts production away from long-term peace goods to immediate war goods 3) war results in the overuse of the existing capital stock and systematic capital consumption, as immediate production is favored over maintenance and replacement 4) capital consumption is utterly detrimental to the living standards of a nation.<\/p>\n

I\u2019m not sure how precisely some of McCaffrey\u2019s analysis applies to 21st century war-waging, particularly his analysis of the effects of war on the capital stock (the US didn\u2019t nationalize industry to wage war in Iraq, though there\u2019s no doubt that the money\u00a0they\u2019ve spent on that war has resulted in the\u00a0misallocation of capital). This lecture does offer a tough challenge to those who believe in the war prosperity of the 1940s.<\/p>\n

Robert Higgs\u2019 ratchet effect:<\/span>
\n\u2192 War results in the growth of the state
\n\u2192 After the war, state power is typically reduced, but rarely to the pre-war level
\n\u2192 Precedents are set for the peacetime growth of state power
\n\u2192 Over time, war after war, the effect will be the gradual growth of state control of social and economic life<\/p>\n

Can we end war?<\/span>
\n\u2192 The peace process must include the replacement of nationalism and autarky with peace, liberalism, and international trade. Trade builds social and international bonds. McCaffrey argues that ideas based in conflict must be supplanted by ideas based in cooperation and the division of labor.<\/p>\n

As I mentioned\u00a0above, I wish McCaffrey would have\u00a0dealt more with the economics of the war in Iraq and how 21st century warfare distorts and erodes the capital structure. It\u2019s easy to recognize how this takes place when the state literally takes over an auto plant and starts producing bombs and guns and tanks 24\/7 and sends the most productive workers overseas to fight and die. It\u2019s not as easy to recognize how the capital structure and American living standards were injured between 2003-2011.<\/p>\n

Lecture 4 \u2013 Myths of Market Failure by Tom DiLorenzo<\/span><\/strong><\/p>\n

The Nirvana Fallacy \u2013 comparing the real world to utopia:<\/span><\/p>\n

\u2192 Tom DiLorenzo opened his talk with a note about the origins of antitrust law. The American economics profession was almost unanimously opposed to the idea. They thought of competition as an on-going, dynamic, rivoulrous, discovery process. The merger wave of the time was not considered a negative development as it was accompanied by rising living standards and increased production. It wasn\u2019t until the 1920 that this idea changed, where unrealistic models about \u201cperfection competition\u201d began to supplant the older and, according to DiLorenzo, more realistic definition. As it relates to \u201cmarket failure,\u201d this set up a framework where the market by definition had to fail, since reality could never meet the high (and arbitrary) bar of \u201cperfect competition.\u201d Until the theory of perfect competition, the concept of monopoly was primarily related to government-sponsorship or protection of an industry as opposed to market failure.<\/p>\n

\u2192\u00a0The theory of asymmetric information also falls victim to the Nirvana Fallacy. Asymmetric information\u00a0is why markets exist<\/em>. The international division of labor and knowledge\u00a0<\/em>is a fundamental element of the market economy. One of the F. A. Hayek\u2019s great insights was how the market, through the price system, takes dispersed information and puts it to use in allocating resources instantaneously. Beyond that, symmetric information alone doesn\u2019t mean symmetric appraisal. On the contrary, the economic theory of trade is based on the idea that people will appraise the same items differently \u2013 this is closely connected to the subjective theory of value. DiLorenzo actually calls this entire theory \u201cass-backwards.\u201d Ha.<\/p>\n

Externality problems:<\/span>
\n\u2192 These objections often ignore the role of entrepreneurship, profit, and local problem solving.
\n\u2192 Example: a Florida brewing company recognized a littering issue where local beaches and wildlife were being harm 6-pack beer rings, so they hired a company to design biodegradable and edible 6-pack beer rings which they\u2019re now selling in bulk. Markets and the profit motive are social problem solving mechanisms.
\n\u2192 Example: Bee keepers and nearby apple orchards have generation-old contracts which regulate the use of pesticides. This is reminiscent of the work of Elinor Ostrom<\/a>.<\/p>\n

Natural monopoly:**
**\n<\/span>\u2192 Contrary to the \u201cnatural monopoly\u201d theory, in the late 19th century, industries such as electricity, light, gas were subject to competitive markets. In the US during the early 1800s private road companies laid streets and\u00a0turnpikes. Local communities dealt with the free-rider problem through social ostracism.<\/p>\n

Environment:**
**\n<\/span>The environment condition of the USSR was reprehensible. Without a system of property rights and corporate liability with consequences for pollution and dumping (and of course a Soviet state with zero accountability), the great big commons of the Soviet Union lacked any systematic way of dealing with these kinds of problems, and without a entrepreneurship and profit, the primary system for solving these problems\u00a0didn\u2019t exist.<\/p>\n

In all, I enjoyed DiLorenzo\u2019s talk. He\u2019s a good story-teller. He seemed to bounce between points, so an outline would have been helpful as a note-taker sitting at home.<\/p>\n

Thanks for reading!<\/p>\n<\/body><\/html>\n","protected":false},"excerpt":{"rendered":"

Today is the beginning of concurrent lectures so I had some options but these are sessions I settled on. I skipped note-taking on a Jeff Herbener lecture about banking since that\u2019s going to overlap with Roger Garrison\u2019s talks later this week on the business cycle and Hayek and Keynes, which I will discuss here. Peter […]<\/p>\n","protected":false},"author":4887,"featured_media":433,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[14],"tags":[],"class_list":["post-428","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-mises-university-2017"],"yoast_head":"\nSocialism, Inequality, War, Monopoly Power, and Market Failure - All in a Day's Work - Mises U 2017<\/title>\n<meta name=\"description\" content=\"Today is the beginning of concurrent lectures so I had some options but these are sessions I settled on. 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