Comments on: Ostrom Does What Economists Should Do http://cafehayek.com/2009/10/ostrom-does-what-economists-should-do.html where orders emerge Mon, 16 Jan 2012 02:06:33 +0000 hourly 1 http://wordpress.org/?v= By: Anonymous http://cafehayek.com/2009/10/ostrom-does-what-economists-should-do.html/comment-page-1#comment-185643 Anonymous Tue, 13 Oct 2009 18:01:00 +0000 http://cafehayek.com/?p=6847#comment-185643 I pretty much agree with that understanding of the market too (at least the first several paragraphs... I didn't keep reading). But I'm still not sure how that applies to Ostrom. Mises writes: "The state of the market at any instant is the price structure, i.e., the totality of the exchange ratios as established by the interaction of those eager to buy and those eager to sell." Ostrom looks at situations where the state isn't involved and buying and selling in the framework of a "price structure" isn't involved either. I pretty much agree with that understanding of the market too (at least the first several paragraphs… I didn’t keep reading). But I’m still not sure how that applies to Ostrom. Mises writes: “The state of the market at any instant is the price structure, i.e., the totality of the exchange ratios as established by the interaction of those eager to buy and those eager to sell.”

Ostrom looks at situations where the state isn’t involved and buying and selling in the framework of a “price structure” isn’t involved either.

]]> By: Anonymous http://cafehayek.com/2009/10/ostrom-does-what-economists-should-do.html/comment-page-1#comment-185642 Anonymous Tue, 13 Oct 2009 17:54:00 +0000 http://cafehayek.com/?p=6847#comment-185642 my understanding of the market (which is essentially something arising out of freedom) comes from mises' human action. it is neither odd nor uncommon. read on http://mises.org/humanaction/chap15sec1.asp my understanding of the market (which is essentially something arising out of freedom) comes from mises’ human action. it is neither odd nor uncommon. read on http://mises.org/humanaction/chap15sec1.asp

]]> By: Greg_Ransom http://cafehayek.com/2009/10/ostrom-does-what-economists-should-do.html/comment-page-1#comment-185611 Greg_Ransom Tue, 13 Oct 2009 15:58:00 +0000 http://cafehayek.com/?p=6847#comment-185611 I've long argued that Steven Levitt isn't an economist -- and what the guy does is the social science equivalent of "natureology". Imagine of natural scientists randomly attempted to understand the world without underlying causal processes or laws, but simply aimed a statistical construct at the world and tried to make sense of it. NO science has succeeded using that strategy. Levitt a statistician with particular obsessive interests. And often he produced very bad causal inferences from his misuse of statistics. He doesn't provide an explanatory strategy for explaining global economic order or the coordination of plans beyond what individual minds can observe -- i.e. he doesn't engage the explanatory problem of economic science. I’ve long argued that Steven Levitt isn’t an economist — and what the guy does is the social science equivalent of “natureology”. Imagine of natural scientists randomly attempted to understand the world without underlying causal processes or laws, but simply aimed a statistical construct at the world and tried to make sense of it. NO science has succeeded using that strategy.

Levitt a statistician with particular obsessive interests. And often he produced very bad causal inferences from his misuse of statistics.

He doesn’t provide an explanatory strategy for explaining global economic order or the coordination of plans beyond what individual minds can observe — i.e. he doesn’t engage the explanatory problem of economic science.

]]> By: Charles N. Steele http://cafehayek.com/2009/10/ostrom-does-what-economists-should-do.html/comment-page-1#comment-185590 Charles N. Steele Tue, 13 Oct 2009 13:38:00 +0000 http://cafehayek.com/?p=6847#comment-185590 Both Ostrom and Williamson are squarely within the New Institutional Economics camp. This is a very satisfying award for those of us who think transaction costs, property rights, & institutions matter. Both Ostrom and Williamson are squarely within the New Institutional Economics camp. This is a very satisfying award for those of us who think transaction costs, property rights, & institutions matter.

]]> By: Anonymous http://cafehayek.com/2009/10/ostrom-does-what-economists-should-do.html/comment-page-1#comment-185573 Anonymous Tue, 13 Oct 2009 11:03:00 +0000 http://cafehayek.com/?p=6847#comment-185573 "Suppose that the local swamp requires draining to eliminate or reduce mosquito breeding. Let us postulate that no single citizen in the community has sufficient incentive to finance the full costs of this essentially indivisible operation. Defined in the orthodox, narrow way, the “market” fails; bilateral behavior of buyers and sellers does not remove the nuisance." Sorry but I just don't see a market in that example or analogy. No market, no market failure, and no buyers and sellers. “Suppose that the local swamp requires draining to eliminate or reduce mosquito breeding. Let us postulate that no single citizen in the community has sufficient incentive to finance the full costs of this essentially indivisible operation. Defined in the orthodox, narrow way, the “market” fails; bilateral behavior of buyers and sellers does not remove the nuisance.”

Sorry but I just don’t see a market in that example or analogy. No market, no market failure, and no buyers and sellers.

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