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	<title>Comments on: Skepticism about prices</title>
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	<link>http://cafehayek.com/2008/07/skepticism-abou.html</link>
	<description>where orders emerge</description>
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		<title>By: vidyohs</title>
		<link>http://cafehayek.com/2008/07/skepticism-abou.html/comment-page-1#comment-27648</link>
		<dc:creator>vidyohs</dc:creator>
		<pubDate>Tue, 22 Jul 2008 18:23:42 +0000</pubDate>
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		<description>&lt;p&gt;R. S.,&lt;/p&gt;

&lt;p&gt;You may well be right, but if there is misdirection and misunderstanding of the question then I suggest we look no farther than the 3 questions of the host to see why it happened.&lt;/p&gt;</description>
		<content:encoded><![CDATA[<p>R. S.,</p>
<p>You may well be right, but if there is misdirection and misunderstanding of the question then I suggest we look no farther than the 3 questions of the host to see why it happened.</p>
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		<title>By: Robert Scarth</title>
		<link>http://cafehayek.com/2008/07/skepticism-abou.html/comment-page-1#comment-27664</link>
		<dc:creator>Robert Scarth</dc:creator>
		<pubDate>Tue, 22 Jul 2008 17:33:06 +0000</pubDate>
		<guid isPermaLink="false">http://localhost/wordpress/?p=3170#comment-27664</guid>
		<description>&lt;p&gt;I think most people haven&#039;t precisely understood the question which was&lt;br /&gt;
&quot;if prices are so great at rationing scarcity, why don&#039;t people feel better about them?&quot;&lt;br /&gt;
Ignorance of Economics cannot be the reason. People are ignorant about Physics and Chemistry but nobody gets mad about the Newton&#039;s Theory of Gravity, or the Second Law of Thermodynamics. Further these two scientific theories are a much greater restraint on our choices than any of the laws of Economics; yet still nobody gets mad about them, and anyone who did who probably be considered insane.&lt;/p&gt;

&lt;p&gt;The only other scientific theory that attracts such a visceral negative reaction is Darwin&#039;s Theory of Natural Selection, and this does so because it offends very deeply held beliefs.&lt;/p&gt;

&lt;p&gt;The only conclusion I can reach is therefore that people feel bad about the price mechanism (and many other Economic theories) because they offend either deeply held beliefs or some hard-wired notions of what is an appropriate distribution of wealth.&lt;/p&gt;</description>
		<content:encoded><![CDATA[<p>I think most people haven&#39;t precisely understood the question which was<br />
&quot;if prices are so great at rationing scarcity, why don&#39;t people feel better about them?&quot;<br />
Ignorance of Economics cannot be the reason. People are ignorant about Physics and Chemistry but nobody gets mad about the Newton&#39;s Theory of Gravity, or the Second Law of Thermodynamics. Further these two scientific theories are a much greater restraint on our choices than any of the laws of Economics; yet still nobody gets mad about them, and anyone who did who probably be considered insane.</p>
<p>The only other scientific theory that attracts such a visceral negative reaction is Darwin&#39;s Theory of Natural Selection, and this does so because it offends very deeply held beliefs.</p>
<p>The only conclusion I can reach is therefore that people feel bad about the price mechanism (and many other Economic theories) because they offend either deeply held beliefs or some hard-wired notions of what is an appropriate distribution of wealth.</p>
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		<title>By: vidyohs</title>
		<link>http://cafehayek.com/2008/07/skepticism-abou.html/comment-page-1#comment-27649</link>
		<dc:creator>vidyohs</dc:creator>
		<pubDate>Tue, 22 Jul 2008 16:23:12 +0000</pubDate>
		<guid isPermaLink="false">http://localhost/wordpress/?p=3170#comment-27649</guid>
		<description>&lt;p&gt;I would suggest there are two other reasons people react negatively to a jump in prices in a crisis situation.&lt;/p&gt;

&lt;p&gt;#4. People have a basic understanding of economics and are disgusted with themselves at not having thought ahead and prepared for the crisis and so are subject to the higher prices to get up to speed. A fact that they know is their own damn fault.&lt;/p&gt;

&lt;p&gt;#5. People have zero understanding of economics and have no concept of preparation, thus are pissed off because in a crisis things aren&#039;t just given to them by the government fairy wand waver. they would be just as pissed about not getting it at no cost even if the prices held steady at precrisis levels.&lt;/p&gt;

&lt;p&gt;Personally, and because of many years of objective observation, I think my 4 and 5 are closer to the truth than 1, 2, or 3 above.&lt;/p&gt;</description>
		<content:encoded><![CDATA[<p>I would suggest there are two other reasons people react negatively to a jump in prices in a crisis situation.</p>
<p>#4. People have a basic understanding of economics and are disgusted with themselves at not having thought ahead and prepared for the crisis and so are subject to the higher prices to get up to speed. A fact that they know is their own damn fault.</p>
<p>#5. People have zero understanding of economics and have no concept of preparation, thus are pissed off because in a crisis things aren&#39;t just given to them by the government fairy wand waver. they would be just as pissed about not getting it at no cost even if the prices held steady at precrisis levels.</p>
<p>Personally, and because of many years of objective observation, I think my 4 and 5 are closer to the truth than 1, 2, or 3 above.</p>
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		<title>By: Ragnar</title>
		<link>http://cafehayek.com/2008/07/skepticism-abou.html/comment-page-1#comment-27663</link>
		<dc:creator>Ragnar</dc:creator>
		<pubDate>Tue, 22 Jul 2008 16:10:36 +0000</pubDate>
		<guid isPermaLink="false">http://localhost/wordpress/?p=3170#comment-27663</guid>
		<description>&lt;p&gt;The correct answer is the morality of altruism. Self oriented action, like making a profit on oil when prices are high, is seen by most as pure evil.&lt;/p&gt;

&lt;p&gt;Everyone wants a sense of meaning in life, the feeling that his life is not just a routine and a treadmill, but that he is &quot;making a difference,&quot; serving some (usually altruistic) moral purpose. Case in point: no looting taxes could take from Bill Gates the amount of wealth he is voluntarily giving away in order to &quot;do good.&quot; The Bill and Melinda Gates Foundation has nearly $40 billion.&lt;/p&gt;

&lt;p&gt;It is altruism that explains why people think that prices are rising because of selfishness. There are too many selfish, greedy, grasping people out there waving their dollars (especially them furriners!). And that anti-selfish, anti-greed, anti-life premise is the subtext behind the chant, &quot;We are addicted to oil.&quot; The broader, implicit message is: &quot;Stop being so greedy; learn a little self-denial; it&#039;s not all about you, you know.&quot;&lt;/p&gt;

&lt;p&gt;Yet another example why even the best economic arguments have no teeth without a proper moral and philosophical foundation. Who is John Galt?&lt;br /&gt;
&lt;/p&gt;</description>
		<content:encoded><![CDATA[<p>The correct answer is the morality of altruism. Self oriented action, like making a profit on oil when prices are high, is seen by most as pure evil.</p>
<p>Everyone wants a sense of meaning in life, the feeling that his life is not just a routine and a treadmill, but that he is &quot;making a difference,&quot; serving some (usually altruistic) moral purpose. Case in point: no looting taxes could take from Bill Gates the amount of wealth he is voluntarily giving away in order to &quot;do good.&quot; The Bill and Melinda Gates Foundation has nearly $40 billion.</p>
<p>It is altruism that explains why people think that prices are rising because of selfishness. There are too many selfish, greedy, grasping people out there waving their dollars (especially them furriners!). And that anti-selfish, anti-greed, anti-life premise is the subtext behind the chant, &quot;We are addicted to oil.&quot; The broader, implicit message is: &quot;Stop being so greedy; learn a little self-denial; it&#39;s not all about you, you know.&quot;</p>
<p>Yet another example why even the best economic arguments have no teeth without a proper moral and philosophical foundation. Who is John Galt?</p>
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		<title>By: Ragnar</title>
		<link>http://cafehayek.com/2008/07/skepticism-abou.html/comment-page-1#comment-27662</link>
		<dc:creator>Ragnar</dc:creator>
		<pubDate>Tue, 22 Jul 2008 16:10:30 +0000</pubDate>
		<guid isPermaLink="false">http://localhost/wordpress/?p=3170#comment-27662</guid>
		<description>&lt;p&gt;The correct answer is the morality of altruism. Self oriented action, like making a profit on oil when prices are high, is seen by most as pure evil.&lt;/p&gt;

&lt;p&gt;Everyone wants a sense of meaning in life, the feeling that his life is not just a routine and a treadmill, but that he is &quot;making a difference,&quot; serving some (usually altruistic) moral purpose. Case in point: no looting taxes could take from Bill Gates the amount of wealth he is voluntarily giving away in order to &quot;do good.&quot; The Bill and Melinda Gates Foundation has nearly $40 billion.&lt;/p&gt;

&lt;p&gt;It is altruism that explains why people think that prices are rising because of selfishness. There are too many selfish, greedy, grasping people out there waving their dollars (especially them furriners!). And that anti-selfish, anti-greed, anti-life premise is the subtext behind the chant, &quot;We are addicted to oil.&quot; The broader, implicit message is: &quot;Stop being so greedy; learn a little self-denial; it&#039;s not all about you, you know.&quot;&lt;/p&gt;

&lt;p&gt;Yet another example why even the best economic arguments have no teeth without a proper moral and philosophical foundation. Who is John Galt?&lt;br /&gt;
&lt;/p&gt;</description>
		<content:encoded><![CDATA[<p>The correct answer is the morality of altruism. Self oriented action, like making a profit on oil when prices are high, is seen by most as pure evil.</p>
<p>Everyone wants a sense of meaning in life, the feeling that his life is not just a routine and a treadmill, but that he is &quot;making a difference,&quot; serving some (usually altruistic) moral purpose. Case in point: no looting taxes could take from Bill Gates the amount of wealth he is voluntarily giving away in order to &quot;do good.&quot; The Bill and Melinda Gates Foundation has nearly $40 billion.</p>
<p>It is altruism that explains why people think that prices are rising because of selfishness. There are too many selfish, greedy, grasping people out there waving their dollars (especially them furriners!). And that anti-selfish, anti-greed, anti-life premise is the subtext behind the chant, &quot;We are addicted to oil.&quot; The broader, implicit message is: &quot;Stop being so greedy; learn a little self-denial; it&#39;s not all about you, you know.&quot;</p>
<p>Yet another example why even the best economic arguments have no teeth without a proper moral and philosophical foundation. Who is John Galt?</p>
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