What causes #poverty? Nothing. It's the original state, the default and starting point. The real question is, What causes #prosperity?
Pinned Tweet
Follow
Per Bylund
@PerBylund
The world needs economic literacy.
Aso prof #entrepreneurship . Also with &
Books: amazon.com/author/perbylu
Tweets my own.
Per Bylund’s Tweets
"A capitalist [i.e., owner of productive capital] is always also virtually an entrepreneur and speculator."
Quote Tweet
Ludwig von Mises on that nonsense that is the "pure" entrepreneur, who when not owning capital can make profits but not suffer losses. (Human Action, p. 254)
2
2
10
I've responded to you, as requested. I do it in a paper forthcoming in the QJAE. The editors should have contacted you soliciting a response to publish in the journal. But if that's not doable, perhaps you can respond here? My article: qjae.scholasticahq.com/article/77380-
Quote Tweet
Replying to @PerBylund and @cloutron4000
Find the hole in the Wray piece, which says exactly what I have said. It's a historical extension of Tobin's observation. I'll wait. Please cite page numbers and quotes.
1
5
25
Quote Tweet
New paper: "Is It Money Because It Is Redeemed in Tax Payments? A Response to Kelton and Wray"
I analyze @StephanieKelton's and L. Randall Wray's claim that fiat currency has value (and is money) because it is used to pay taxes.
Forthcoming in the #QJAE: doi.org/10.35297/qjae.
1
6
Ludwig von Mises on that nonsense that is the "pure" entrepreneur, who when not owning capital can make profits but not suffer losses. (Human Action, p. 254)
1
14
44
Quote Tweet
Authorities continue to crack down on cash and private transactions globally.
India removing the highest-denomination 2000 rupee note from circulation, despite it being worth less than $25 USD.
reuters.com/markets/curren
Show this thread
1
7
Get the Kindle version from Amazon for less than $3. The book is also available as a #free download (PDF, epub, audio) at
1
Show this thread
Don't miss out on the best deal of 2023: donate a mere $5 (or more) to the Institute and receive not one but two hardcopies of my #economics primer! mises.org/bylundprimer #EconTwitter
3
4
11
Show this thread
Still one of my favorite charts of all time:
The price for lighting went from "insanely expensive" to "basically free" — aka an abundance of light 💡
49
243
1,253
Here's my paper, "Is It Money Because It Is Redeemed in Tax Payments? A Response to Kelton and Wray"
1
1
13
Show this thread
A nice companion read to my Kelton/Wray rebuttal in the forthcoming issue of the Quarterly Journal of Austrian Economics.
Quote Tweet
New paper with @NewmanJ_R : what is inflation?
Where we explain why the classical understanding of inflation as an increase in the supply of paper money best captures the essence of inflation
qjae.scholasticahq.com/article/77391-
1
1
16
Show this thread
New paper with : what is inflation?
Where we explain why the classical understanding of inflation as an increase in the supply of paper money best captures the essence of inflation
7
28
Modern-day #eugenics: help the poor kill off themselves. And the people pushing this "solution" are of the same ideological conviction as those pushing it a century ago. amazon.com/Illiberal-Refo
Quote Tweet
Medically Assisted Suicide is now a solution to poverty in Canada.
Doctors approving assisted suicide for people worried about becoming homeless.
0:59
661.1K views
10
33
80
Tacit knowledge is trending so I thought I'd share some classroom activities I use to teach the concept. I start with an in-class exercise with questions like these.
7
40
142
Show this thread
Plenty of academic articles have led to Twitter debates. But how many Twitter debates have moved their way over to the pages of a peer-reviewed journal?
Quote Tweet
New paper: "Is It Money Because It Is Redeemed in Tax Payments? A Response to Kelton and Wray"
I analyze @StephanieKelton's and L. Randall Wray's claim that fiat currency has value (and is money) because it is used to pay taxes.
Forthcoming in the #QJAE: doi.org/10.35297/qjae.
4
2
16
"Significant" (as in statistically significant) is a favorite too.
Quote Tweet
How much is public education worth when people, despite having been taught statistics, still think "statistically significant" means "has big effect"?
Show this thread
8
Show this thread
New paper: "Is It Money Because It Is Redeemed in Tax Payments? A Response to Kelton and Wray"
I analyze 's and L. Randall Wray's claim that fiat currency has value (and is money) because it is used to pay taxes.
Forthcoming in the #QJAE:
17
23
75
This has been a very, very good banking crisis for JP Morgan -- even better than the last one! 🥳
Quote Tweet
JP Morgan: We aren't too big to fail
Also JP Morgan: We will generate $84 billion in revenue from net interest income this year
18
84
343
People seem to think that businesses lobby Congress for #deregulation and #freemarkets. They don't. They lobby for favors: specific deregulations that benefit themselves and regulations that damage competitors (real or potential).
Free markets benefit consumers, not businesses.
24
189
558
Show this thread
Other notable differences in meaning: economic growth, inflation, scientific findings...
4
10
Show this thread
It's confusing how often terms mean very different, if not opposite, things in colloquial language and scholarly discourse. Such as "in theory," which in the former means "hardly/not true" but in the latter suggests it should or must be true given everything that we know...
9
3
40
Show this thread
It's also on amazon as paperback, audiobook, and Kindle:
1
10
Show this thread
You can of course also still download the free PDF, epub, and audiobook - and buy additional hardcopies - at
1
1
14
Show this thread
You can still get two copies of my economics primer for just a $5 donation to . How awesome isn't that?
3
4
22
Show this thread
I had a great time visiting with Calgary's freedom movement at 's Capitalism & Morality event this past weekend. (I hear recordings of the talks will be made available online.)
3
18
Not all heroes wear capes.
But it is true that all heroes carry multiple copies of 's book, to give out when they can. I think that is the universal.
Quote Tweet
Hero: twitter.com/sstackmore/sta…
2
2
17
Hero:
Quote Tweet
Loaded up at the @mises booth to distribute @PerBylund ‘s book at our bitcoin meetup!
2
3
35
My request from the critics of Austrian economic theory is this: let's have a real discussion instead of your projecting your weaknesses onto "Austrians." I've made clear where you must target proper critiques, but nobody seems willing to accept the challenge...
1
3
65
Show this thread
(2) stating that Austrian economics is "not economics" is embarrassingly ignorant: not only was it one of the original marginalist schools of thought, it was also one of the main streams until the unfortunate formalization/mathematization of the economics discipline.
1
4
65
Show this thread
(1) to be political (rather than positive) the theory must leave room for value judgments. Austrian economics doesn't: it's purely deductive logic with the theory derived from the action axiom. This means you have two options for critique: an axiomatic error or problematic logic.
3
6
68
Show this thread
Funny how critics, always from the 'left', dismiss Austrian economics for supposedly being political or even "not economics." If you are to criticize (or dismiss) something you should at least be aware of the basics. Both of the aforementioned "points" are very wide of the mark.
8
30
196
Show this thread
David Hume's honest reply when his publisher pushed for him to write further volumes of his bestseller History of England
(Rasmussen 2017, p. 153)
1
9
45
Show this thread
All registered attendees received a free copy of my primer courtesy of the Mises Institute .
You can download the pdf, epub, and audio for free at
2
9
Show this thread
Speaking of dear old friends... the great Mary Lou Gutscher, whom I haven't seen for some 20 years. Fantastic to catch up with her!
1
1
13
Show this thread
This is not intended as a jab at anyone, as done appear to think. I am myself an economist and professor, not a professor of economics (although I teach courses also in the economics department).
18
Show this thread
Great to be among friends, both new and old, at the Capitalism & Morality event in Calgary.
2
7
64
Show this thread
Replying to
Regulation has been progressively destroying the American project for over 100 years.
See also: The Seen, The Unseen, and The Unrealized by
store.mises.org/The-Seen-the-U
1
4
11
Just FYI, if someone is referred to as an "economist and professor," it means they're not a professor of economics.
10
7
94
Show this thread
Imagine thinking that #economicgrowth refers to how much more resources are used [wasted] and not how much more valued output they produce--and critique it on that [false] basis...
Quote Tweet
Here is a definition of degrowth that defines the term as growth, just different
I guess “different growth” is not as catchy degrowth.info/degrowth
1
4
34
Economics has become psychotic and divorced from reality.
Quote Tweet
Saying the quiet part out loud. Notice who Tweeted it, the female John Law, Stephanie Kelton!
Show this thread
6
13
93