In a Word, ..Haggard !

Haggard 1a

According to Webster: “hag·gard,” Appearing worn and exhausted; gaunt.

 dog digging 3

(Doing a little digging).

According to Curious Word Origins: “Haggard,”  The word first came into the English language in the 16th century, ..a “Haggard”, ..was a (hawk) that had been caught for training after it had taken on its adult plumage.

 Hawk 1a

(This meaning is still “extant” in Foul Country). 

According to Webster: “ex·tant,” Still in existence; not, lost, or extinct.

Adult Hawks are hard to tame so, “Haggard” ..came to mean anything (wild or feral.) It was only about 1850 that it came to be applied to people, ..at first to, “wild looking or “intractable” individuals.” (Source, tinyonline.co.uk).

According to Webster: “in·trac·ta·ble,” 1. Difficult to manage or govern; 2. Difficult to mold; 3. Difficult to alleviate, remedy, or cure.

(Sidebar). If that doesn’t describe a politician, (conservative or liberal) ..in (my opinion), ..nothing does.

With my proclivity for explanation, I’m sure that I’ve gone here before, ..albeit, (at least in my opinion) refreshing one’s “understanding” is never a bad thing.

Accordingly…

dog digging 4

 (Digging a little Deeper).

I am your duly elected leader 2

A politician, political leader, or political figure… 

(from Classical Greek πόλις, “polis”)

..is a person who is involved in influencing public policy and decision making. This includes people who hold decision-making positions in government, and people who seek those positions, whether by means of election, inheritance, coup d’état, appointment, electoral fraud, conquest, divine right, or other means.

Politics is not limited to governance through public office. Political offices may also be held in corporations, and other entities that are governed by self-defined political processes or can be known as freedom fighters.

Public choice theory…

Public choice theory involves the use of modern economic tools to study problems that are traditionally in the province of political science.

(A more general term is “political economy”, an earlier name for “economics” that evokes its (practical and theoretical) origins but should not be mistaken for the Marxian use of the same term.)

In particular, it studies the behavior of voters, politicians, and government officials as (mostly) “self-interested” agents and their interactions in the social system either as such or under alternative constitutional rules.

Which can be represented a number of ways, including standard constrained utility maximization, game theory, or decision theory.

Public choice analysis has roots in positive analysis…

(“what is”)

..but is often used for normative purposes…

(“what ought to be”),

..to identify a problem or suggest how a system could be improved by changes in constitutional rules.

A key formulation of public choice theory is in terms of rational choice, the agent-based proportioning of scarce means to given ends. An overlapping formulation with a different focus is positive political theory.

Another related field is social choice theory. There are also Austrian variants of public choice theory…

(suggested by Mises,Hayek, Kirzner, Lopez, and Boettke)

..in which it is assumed that bureaucrats and politicians are benevolent but have access to limited information. (Source Wikipedia).

So just who in the hell are Mises, Hayek, Kirzner, Lopez and Boettke?

Ludwig Heinrich Edler von Mises (German: [ˈluːtvɪç fɔn ˈmiːzəs]; 29 September 1881 – 10 October 1973) was a philosopher, AustrianSchool economist, and classical liberal. He became a prominent figure in the AustrianSchool of economic thought and is best known for his work on praxeology. Fearing a Nazi takeover of Switzerland, where he was living at the time, Mises emigrated to the United States in 1940. Mises had a significant influence on the libertarian movement in the United States in the mid-20th century. (Source Wikipedia).

Friedrich August Hayek, (German: (8 May 1899 – 23 March 1992), born in Austria-Hungary as Friedrich August von Hayek and frequently known as F. A. Hayek, was a British economist and philosopher best known for his defense of classical liberalism.

In 1974, Hayek shared the Nobel Memorial Prize in Economic Sciences (with Gunnar Myrdal) for his “pioneering work in the theory of money and economic fluctuations and penetrating analysis of the interdependence of economic, social and institutional phenomena.”

Hayek is a major economist and political thinker of the twentieth century. Hayek’s account of how changing prices communicate information which enables individuals to coordinate their plans is widely regarded as an important achievement in economics. He also contributed to the fields of systems thinking, jurisprudence, neuroscience and the history of ideas.

Hayek served in World War I and said that his experience in the war and his desire to help avoid the mistakes that had led to the war led him to his career. Hayek lived in Austria, Great Britain, the United States and Germany, and became a British subject in 1938. He spent most of his academic life at the London School of Economics (LSE), the University of Chicago, and the University of Freiburg.

In 1984, he was appointed as a member of the Order of the Companions of Honour by Queen Elizabeth II on the advice of Prime Minister Margaret Thatcher for his “services to the study of economics.” He also received the US Presidential Medal of Freedom in 1991 from president George H. W. Bush. In 2011, his article The Use of Knowledge in Society was selected as one of the top 20 articles published in the American Economic Review during its first 100 years. (Source Wikipedia).

Israel Meir Kirzner, (born February 13, 1930) is a leading economist in the AustrianSchool.

Kirzner’s major work is in the economics of knowledge and entrepreneurship and the ethics of markets. He is emeritus professor of economics at New YorkUniversity, and he is a leading authority on Ludwig von Mises’ thinking and methodology in economics.

Kirzner’s research on entrepreneurship economics is also widely recognized. In 2006, Kirzner received the Global Award for Entrepreneurship Research “for developing the economic theory emphasizing the importance of the entrepreneur for economic growth and the functioning of the capitalist process.”.

Due to his contribution to Economic theory, Universidad Francisco Marroquín granted him an Honorary Doctorate Degree.

UFM also named its KirznerEntrepreneurshipCenter in his honor. (Source Wikipedia).

Edward J. López is Research Fellow at The Independent Institute, BB&T Distinguished Professor of Capitalism at WesternCarolinaUniversity, and former President of the Association of Private Enterprise Education.

He earned a B.S. in economics from TexasA&MUniversity, and an M.A. and Ph.D in economics at GeorgeMasonUniversity in 1997. Before joining the faculty of San JoseStateUniversity in the fall of 2005, he held appointments at the University of North Texas, San JoseStateUniversity and GeorgeMasonUniversity, and he served as staff economist on the Joint Economic Committee of Congress. (Source, independent.org).

Peter Joseph Boettke (born January 3, 1960) is an American economist of the AustrianSchool.

He is currently a University Professor of Economics and Philosophy at GeorgeMasonUniversity; the BB&T Professor for the Study of Capitalism, Vice President for Research, and Director of the F.A. Hayek Program for Advanced Study in Philosophy, Politics, and Economics at the MercatusCenter at GMU. (Source Wikipedia).

Not to knock any of the previous (academic) gentleman’s credentials, albeit, ..being that I received my degree in B.S. (Bull-s–t) ..from “truck stops” between Southern California, and point east, ..and my Masters degree in economics by assuming a mortgage and raising a family, ..I admit to being a little short, ..and/or, ..lacking when it comes to “economic fluctuations,” ..and “penetrating analysis,” ..nevertheless, I know what the hell a loaf of bread cost these days,…

 too damned much

America, ..which hereinafter shall mean; “We the People,” desperately need to nip the political aspect of politics in the bud before we find ourselves (not just without) the freedom of speech and the freedom to keep and bear arms and the freedom from illegal search and seizure.

There are currently many men, women, and organizations, (all more educated than myself) ..predicting, not just a food shortage in America, ..but a food shortage around the world.

For those of you who may choose to believe that I’m just some old fool trying to “Chicken Little” you?

Fire up your laptop in Google farm reports and be specific; start with corn and wheat. 

corn and wheat 1

Don’t take my word for it…

Milton Friedman (July 31, 1912 – November 16, 2006) was an American economist, statistician, and author who taught at the University of Chicago for more than three decades.

He was a recipient of the Nobel Memorial Prize in Economic Sciences, and is known for his research on consumption analysis, monetary history and theory, and the complexity of stabilization policy. As a leader of the Chicago school of economics, he influenced the research agenda of the economics profession.

A survey of economists ranked Friedman as the second most popular economist of the twentieth century behind John Maynard Keynes, and The Economist described him as “the most influential economist of the second half of the 20th century…possibly of all of it.”

Friedman’s challenges to what he later called “naive Keynesian” (as opposed to New Keynesian) theory began with his 1950s reinterpretation of the consumption function, and he became the main advocate opposing activist Keynesian government policies.

In the late 1960s he described his own approach (along with all of mainstream economics) as using “Keynesian language and apparatus” yet rejecting its “initial” conclusions.

During the ‘60s he promoted an alternative macroeconomic policy known as “monetarism”. He theorized there existed a “natural” rate of unemployment, and argued that governments could increase employment above this rate (e.g., by increasing aggregate demand) only at the risk of causing inflation to accelerate. He argued that the Phillips curve was not stable and predicted what would come to be known as stagflation.

Though opposed to the existence of the Federal Reserve, Friedman argued that, given that it does exist, a steady, small expansion of the money supply was the only wise policy.

Friedman was an economic adviser to Republican U.S. President Ronald Reagan. His political philosophy extolled the virtues of a free market economic system with minimal intervention. He once stated that his role in eliminating U.S. conscription was his proudest accomplishment, and his support for school choice led him to found The Friedman Foundation for Educational Choice.

In his 1962 book Capitalism and Freedom, Friedman advocated policies such as a volunteer military, freely floating exchange rates, abolition of medical licenses, a negative income tax, and education vouchers. His ideas concerning monetary policy, taxation, privatization and deregulation influenced government policies, especially during the 1980s. His monetary theory influenced the Federal Reserve’s response to the 2007–2012 global financial crisis.

Milton Friedman’s works include many monographs, books, scholarly articles, papers, magazine columns, television programs, videos, and lectures, and cover a broad range of topics of microeconomics, macroeconomics, economic history, and public policy issues. His books and essays were widely read, and have had an international influence, including in former Stalinist states.

 Milton Friedman quote 

Obama left to his own devices, ..will do everything in his power to destroy America. 

Think about it, I’ll be back tomorrow

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Crusader Rabbit…

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