Austrian Economics and Absentee Land Ownership with Jimmy LaBaume

What exactly is Capitalism anyway? Do we have it here inAustrian economics the United States? Dr. Jimmy LaBaume joins me to talk economics, land ownership and ranching.

Walt Davis





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Austrian Economics & Absentee Land Ownership Resources:

Land & Livestock International – Great blog on ranching, economics and Absentee Land Ownership

Ranching for Profit with Dave Pratt

My personal story of being Debt-Free with an Austrian Economics approach

Ludwig Von Mises Institute – Austrian Economics Blog and Website

About Dr Jimmy LaBaume, Land & Livestock International:

First: The Bottom Line. Ranches that have converted from conventional management practices to our method have seen up to four fold increases in rangeland carrying capacity and increases in profits of up to 300%.

Land & Livestock International, Inc. is a leading agribusiness management firm providing a complete line of services to the range livestock industry.

We provide educational, management and consulting services with a focus on ecologically and financially sustainable land management that will enhance natural processes (water and mineral cycles, energy flow and community dynamics) while enhancing profits and steadily building wealth.

Our Approach to Management

We recognize that natural systems function as wholes that are greater than the sum of their parts. Every decision impacts the whole system.

Our approach to land management is a circular and never ending process of planning, implementation, monitoring, controlling, correcting unfavorable variances and re-planning.

It seamlessly integrates grazing, livestock, land and financial planning with financial and biological monitoring, control and re-planning.It views the land, livestock, people and money as one.

Our approach is comprehensive and adaptive, meaning that we take into account changing circumstances such as drought, herd size and seasonal fluctuations in weather.

We use (and will teach you to use) a planning process that was developed over hundreds of years by the militaries of the Western World in situations where critical decisions have to be made quickly and decisively while under stress. This type of planning follows a logical, step-by-step process where each decision is made in a manner that takes full consideration of those made before it.

We will also show you an objective method of setting priorities that ensures you will always, year in and year out, maximize profits, maintain a positive cash flow, avoid debt crises, and continuously build wealth while you improve the land upon which you live and we all depend.

You will learn to create your “ideal plan” then implement that plan incrementally as your financial position allows it with priorities being set in light of your overall strategic goal.

Thanks Jimmy for the excellent interview on Austrian Economics and Absentee Land Ownership.


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  • Graeme Hand

    Just listening to this podcast and enjoying it
    Some of this thinking although intuitive suffers from not understanding the
    My thinking is that Jimmy needs to read the book below which shows that stock brokers are irrational.
    There is no evidence that because farmers have capital in the land or skin in the
    game or receiving subsidies such as crop insurance (which we do not have) they will look after it.
    We have data from a lot of Southern Australia and the working hypothesis is that only when people are trained in planned grazing based on a true definition of perennial grass recovery and then driving it by monitoring using landscape function do they increase land health. We have a few outliers to this so still working on it
    Both in the US and Australia there is a (net) depletion of biodiversity, erosion of
    soil, decreased water infiltration and reduced nutrient cycling.

    “Since then, my questions about the stock market have hardened into a larger puzzle: a major industry appears to be built largely on an illusion of skill. Billions of
    shares are traded every day, with many people buying each stock and others
    selling it to them. It is not unusual for more than 100 million shares of a
    single stock to change hands in one day. Most of the buyers and sellers know
    that they have the same information; they exchange the stocks primarily because
    they have different opinions. The buyers think the price is too low and likely
    to rise, while the sellers think the price is high and likely to drop. The
    puzzle is why buyers and sellers alike think that the current price is wrong.
    What makes them believe they know more about what the price should be than the
    market does? For most of them, that belief is an illusion. In its broad
    outlines, the standard theory of how the stock market works is accepted by all
    the participants in the industry. Everybody in the investment business has read
    Burton Malkiel’s wonderful book A Random Walk Down Wall Street. Malkiel’s
    central idea is that a stock’s price incorporates all the available knowledge
    about the value of the company and the best predictions about the future of the
    stock. If some people believe that the price of a stock will be higher tomorrow,
    they will buy more of it today. This, in turn, will cause its price to rise. If
    all assets in a market are correctly priced, no one can expect either to gain
    or to lose by trading”.

    Daniel (2011-11-03). Thinking, Fast and Slow (p. 213). Penguin Books Ltd.
    Kindle Edition.



    • ChrisStelzer

      I appreciate your comments. However, I agree and disagree with you. I think on one hand, people are more likely to look after something properly if they own it, and especially if they paid for it. But, I do know farmers/ranchers who look after other people’s land just as if it was their own. A lot of the problem I think is Government subsidies, which reward bad behavior/management. For example there is practically no risk for many farmers because they have crop insurance backed by the government. Their crop is also subsidized so they can get a good price, no matter what the market conditions are.

      Thanks for writing Graeme, always good to hear from you.