Virgil Storr is a brilliant graduate from GMU who we see on a regular basis thanks to the fact that his private sector job keeps him close by. If you don’t know Virgil here’s a bit of background; in addition to being a free market economist he is also a vegetarian. Once I heard him comment about how difficult it is to maintain a balance between these two identities because there are large portions of people in each group who are not enjoyable to be around. I thought about a similar situation I feel myself a few weeks ago when I attended a concert in Baltimore.

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Phinneas’s comments to Walter Block’s original post on the Mises blog (hit tip to Aubrey Herbert for the link) are an interesting read. Phinneas uses the term “unitize” to refer to the process of mass producing amorphous services. This is one of the few ways to make real money. Real money is made not by the great idea itself but in taking the great idea to the masses.
Then he comments on Walter’s thesis (being an academic economist is the best way for bright students to promote liberty). Phinneas argues that aiming for liberty is best achieved by popularizers and people who write the editorials rather than the research. In this role they are unitizing the ideas of liberty so have a better chance at reaping high profits of liberty. To some extent I agree, popularizes do some real heavy hitting for liberty. But I think he’s overlooking time in the classroom as an example of unitization. Popularizes like Hazlitt and Menken did great work at promoting liberty by being public intellectuals but the climate of our times has changed. Today pretty much everyone goes to college, and almost no one engages debate in magazines and newspapers. The time spent in university is when most adults form their world views. If Hazlitt or Menken were around today their best access to captive audiences and minds open to the ideas of liberty would be in the classrooms of colleges. The professor who rises the ranks of academia by scholarly research also engages hundreds of students in the classroom.

For “Communicating Economics” taught by Russell Roberts we were given the assignment to write a 1000 words on the topic of comparative advantage. In my opinion, our previous two assignments were more straight forward because they were on topics that most people have erroneous beliefs about (the minimum wage, and the hazards of capitalism as a social system). Starting the writing process for each was easy because you knew what you were up against. But before I could write something coherent on comparative advantage I had to get over the fact that I think we’ve generally won this battle.

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Mises’s Human Action is a hefty read, but the first hundred pages or so gives you the entire outline of praxeology and the Austrian perspective. Normally I’d never think of suggesting the book to a non academic type (because of its weight and depth). But for people who are serious about business, making money, and corporate strategy I think the Austrian school has important lessons to be learned.

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Marginal Revolution linked to the LOSTpedia on the Economics of Lost today. This is a really cool entry that I think anyone who’s a fan of the show would enjoy. I also wish that more pieces of pop culture sparked and encouraged as much reflection as the LOST series does.
As for the content of the entry I tend to agree with much of it but am not as quick to wrap up Jack’s character as a symbol of “socialism.” After all he’s got a talent and skill of great importance, and scarcely found on the islands; he’s a doctor. The way he obtains his position of authority on the island is much less democratic than the entry makes it out to be. I doubt if he were an accountant anyone would have respected his instructions or lead. This is kind of a interesting thought experiment that the show provides. Is there a link between political power and power of necessity?

My roommate has been reading The Origin of Wealth and came across a mention of Duncan Watts and Steve Strogatz who have done scholarly research on “Six Degrees of Kevin Bacon.” Playing around with their database at The Oracle of Bacon has been extremely fun. Did you know that Atreyu from The Neverending Story was also in Troll and then your just one step away from Bacon himself?

As a person and a driver I’m a laid back guy. Unlike a lot of my friends and family I rarely get road rage and generally handle sitting in traffic pretty well. As an economist I hate waiting in line. I have to admit that I would rather premium and get where I’m going faster than sit around and waste that time.

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