Production Theory

Mises in 1926: Public opinion always wants "easy money," that is, low interest rates. But it is the very function of the note-issuing bank to resist such demands, protecting its own solvency.

Recorded in Tampa, Florida on February 25, 2023.

High time preferences also mean high times in a party atmosphere. When Jamaica embraced socialism many decades ago, it wasn't supposed to come to this.

It is easy to think of supply and demand curves as being key to economic analysis. In reality, they can't tell us much, and emphasizing them actually stands in the way of better understanding economic processes.

It is easy to think of supply and demand curves as being key to economic analysis. In reality, they can't tell us much, and emphasizing them actually stands in the way of better understanding economic processes.

While Austrian economists criticize the neoclassicals for their models' use of untrue assumptions, critics have turned the same criticism against the Austrians for their use of the evenly rotating economy.

"The free market and the division of labor does not promote hyper-atomized individuals. It creates social harmony and community."

According to this theory, cooperation among any number of persons is more productive than the individual efforts of the same persons in isolation from one another.

Rothbard shows that the failures of government are no accident but rather stem from the very nature of the means.

In that epoch of virtually unchallenged Keynesian ascendancy, Hutt's work was a beacon for those who defended the truth that economics is about the choices and actions of real human beings.