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Why Bankers Avoid the Public Eye

- Thorsten Polleit - Mises.org

Honorary Professor Polleit has again served us up a heaping, steaming pile of doggy do-do. How this man ever managed to make it beyond 5th grade is a mystery wrapped in an enigma.

Honarary Professor Polleit writes that "The logic of human action tells us that there is – in fact, there must be – for the individual an economic incentive to aggress against other peoples’ property. Two interrelated praxeological insights explain this.

First, we know for sure that an earlier satisfaction is preferred over a later satisfaction of wants; we also know for sure that a satisfaction of wants associated with low costs is preferred over a satisfaction of wants associated with high costs. In other words, individuals try to achieve their ends with as little input as possible and in the shortest period of time.

Second, the process to civilization does not extirpate man’s inclination to aggression. Individual A can be expected to aggress against B (that is against B’s property) if and when he gets away with it—that is, if the (expected) benefits for A from aggressing against B will be higher than the (expected) costs he has to bear by doing so."

What Polleit fails to realize is that there is no logic to human action. People will do what people will do and there is no way to deduce what any particular individual will do in a given situation. There need not be any economic incentive for someone to aggress against another's property, as Polleit asserts there must be. Some folks just like to start fires and watch things burn.

As for his first praxeological insight, it is merely a regurgitation of Nietzche and does not stand up to examination. One may regard it as the rationale of the premature ejaculator.

With regard to his second insight, gleaned in an a priori fashion, it necessarily overlooks the fact that there are many people who find someone elses' wallet and return it to the owner with all of its contents intact. Nor does it take into account that there are many folks who give to charity, some quite anonymously. Not everyone is out to rob you if they think they can get away with it.

Praxeology is to philosophy what alchemy is to chemistry.

i will refrain from speculating here as to just how Polleit managed to become a member of academia. Afterall, i do not want to have my comment deleted by our feckless moderators.

Commented 4094 days ago

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Beginning of the headline :“It had come to be accepted that the pigs, who were manifestly cleverer than the other animals, should decide all questions of farm policy, though their decisions had to be ratified by a majority vote.” Orwell, G. (1989 [1945]), Animal Farm, S. 34. The Starting Point: Civilization Begins The founder of the Medici banking dynasty, Giovanni di Bicci de' Medici (1360–1429), said to his children on his death bed: “Stay out of the public eye.”[1] His words raise the question, "How much do banke... Read More

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