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Pastimes : Book Nook -- Ignore unavailable to you. Want to Upgrade?

To: Thomas M. who wrote (3)	3/18/2001 5:55:01 AM
From: Don Lloyd	Read Replies (1) \| Respond to of 443

Thomas - If anyone completes your reading list by noontime, they can add the book below to finish off the weekend. -g- Capitalism, A Treatise on Economics, by George Reisman, 1046p, 1990 BTW, when Mises was writing in the early part of the last century, one of the views he opposed was that economic theory could be based on the study of economic historical records. The Austrian view is that history may be useful for demonstration purposes, but that economic theory must be based on logic. Regards, Don

To: Thomas M. who wrote (3)	3/28/2001 5:37:12 PM
From: Don Lloyd	Read Replies (1) \| Respond to of 443

Tom - ..."Theory of Money and Credit" and "Human Action" by Ludwig von Mises To be able to read HA above, most people would need to also get the following book : Mises Made Easier, A Glossary for Ludwig von Mises' HUMAN ACTION, prepared by Percy L Greaves, JR. with a foreword by Mrs. Ludwig von Mises As a public service - Malinvestment. An investment in wrong lines which leads to capital losses. Malinvestment results from the inability of investors to foresee correctly, at the time of investment, either (1) the future pattern of consumer demand, or (2) the future availability of more efficient means for satisfying a correctly foreseen consumer demand. Example of (1): An investment of available savings in a manner that cannot produce as much consumer satisfaction as the same funds could produce if invested differently. Example of (2): An investment which, before the end of its expected useful life, becomes obsolete due to the unforeseen development of more efficient means for satisfying the same consumer demand. Malinvestment is always the result of the inability of human beings to foresee future conditions corectly. However, such human errors and the resulting malinvestments are most frequently compounded by the illusions created by undetected inflation or credit expansion. From the viewpoint of attaining maximum potential consumer satisfaction, every political intervention, other than that needed for the preservation of the market society, must lead to malinvestment. Regards, Don