'As Huerta de Soto points out, “it is impossible to grasp the concept of socialism without a prior understanding of the essence of entrepreneurship.” Based on the analysis of entrepreneurship, Huerta de Soto defines the characteristics of information as subjective, creative, tacit, practical, and dispersed. He further defines socialism as “any system of institutional aggression on the free exercise of entrepreneurship,” and aggression or coercion by means of “all physical violence or threats of physical violence which another person or group of people initiates and employs against the actor.”
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..Huerta de Soto, therefore, distinguishes two related but different concepts,
knowledge (subjectively created by human being) and
data (objectively stored by computers), successfully refuting the fallacy that computer science can make socialist calculation possible.
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..Huerta de Soto goes on to define what is the correct definition of dynamic efficiency as an economic concept: creativity and coordination driven by human beings’ entrepreneurship.'
- William Hongsong Wang,
Jesús Huerta de Soto: The Synthesizer of the Austrian School, December 22, 2018
'..if we wish to build a truly stable financial and monetary system for the twenty-first century..''In conclusion, if we wish to build a truly stable financial and monetary system for the twenty-first century, a system which will protect our economies as far as humanly possible from crises and recessions, we will have to: (1) ensure complete freedom of choice in currency, based on a metallic standard (gold) which would replace all fiduciary media issued in the past; (2) establish a free-banking system; and, most importantly, (3) insist that all agents involved in the free-banking system be subject to and comply with traditional legal rules and principles, especially the principle that no one, not even a banker, can enjoy the privilege of loaning something entrusted to him on demand deposit (i.e., a free-banking system with a 100-percent reserve requirement).
Until specialists and society in general fully grasp the essential theoretical and legal principles associated with money, bank credit, and economic cycles, we may realistically expect further suffering in the world due to damaging economic recessions which will inevitably and perpetually reappear until central banks lose their power to issue paper money with legal tender and bankers lose their government-granted privilege of operating with a fractional reserve. We now wrap up the book as we began it, with this opinion: Now that we have seen the historic fall of socialism, both in theory and in practice, the main challenge to face both professional economists and lovers of freedom in this new century will be to use all of their intellectual might to oppose the institution of the central bank and the privilege private bankers now enjoy.'
- Jesús Huerta de Soto, (
Banking Reform - English/Dutch) '..a truly stable financial and monetary system for the twenty-first century..')
Context Affective Introspection'..a process of transition toward the only world financial order..' - Jesús Huerta de SotoFour Hundred Years of Dynamic Efficiency - By Jesus Huerta de Soto(Haptonomy - Affectivity) - Praxeology as the Method of the Social Sciences - (Affective) Phenomenology of the Social World'A judgment of value .. a man's affective response to definite conditions of the universe..' - Ludwig von MisesAffective Human Action - Management & Organization in The Third MillenniumFeeling & Analyzing