This one is really strong, Attila The Bun's demon metaphor is a good one.
We conclude with Fallacy 5
When the underlying economic conditions are changing your ideas about regulation are incoherent. Too many moving pieces to get right, Many examples are given, starch making, chapmen, malt vinegar, woad growing to indicate the regulations of the time were not even directionally appropriate.
and Fallacy 6
You can tax things without causing changes.
Stocking knitting, and the other production processes are discussed. Harald has experience with real life modern examples and alludes to those, though the possibility that an NDA was signed sometime, limits details. Perhaps Fallacy 6 is a special example of Fallacy 5.
We summarized all the Fallacies at the end.
Early Modern Economic Fallacies
1. The Apples of Caernarvon: Goods have intrinsic value determined by intuition. This is one of the most difficult for modern people to understand. We examine the idea that market prices are a kind of artificial intelligence.
2. The balance of our treasure is determined by the balance of foreign trade. Thomas Mun's 1620 essay is examined for what he got wrong and also the interesting things he got right.
3. Middlemen are like parasites and vampires. Perhaps the people in government who held this notion were having a look in the mirror experience.
4. Monopolies are a good idea.
5 and 6 Regulation and taxation are like demons we are fated to contend with for all time.
An Attila the Bun episode
This one is really strong, Attila The Bun's demon metaphor is a good one.
We conclude with Fallacy 5
When the underlying economic conditions are changing your ideas about regulation are incoherent. Too many moving pieces to get right, Many examples are given, starch making, chapmen, malt vinegar, woad growing to indicate the regulations of the time were not even directionally appropriate.
and Fallacy 6
You can tax things without causing changes.
Stocking knitting, and the other production processes are discussed. Harald has experience with real life modern examples and alludes to those, though the possibility that an NDA was signed sometime, limits details. Perhaps Fallacy 6 is a special example of Fallacy 5.
We summarized all the Fallacies at the end.
Early Modern Economic Fallacies
1. The Apples of Caernarvon: Goods have intrinsic value determined by intuition. This is one of the most difficult for modern people to understand. We examine the idea that market prices are a kind of artificial intelligence.
2. The balance of our treasure is determined by the balance of foreign trade. Thomas Mun's 1620 essay is examined for what he got wrong and also the interesting things he got right.
3. Middlemen are like parasites and vampires. Perhaps the people in government who held this notion were having a look in the mirror experience.
4. Monopolies are a good idea.
5 and 6 Regulation and taxation are like demons we are fated to contend with for all time.
An Attila the Bun episode