All Posts Tagged With: "capital theory"
How an Economy Grows and Why It Crashes
Ignorance of economics is rampant. The average person believes the secret to prosperity is consumption and was often led to that fallacy by professional economists who should know better. Economic education in the universities has been as much a part of the problem as the solution, with millions of students taught Keynesian beliefs about government [...]
22Jun2011 | Robert Batemarco | 4 comments | ContinuedNot More Capital — the Right Capital
Capital and labor need to restructure themselves to meet the new reality of the post-crash marketplace. Just throwing more capital at firms won’t help.
22Jul2010 | Steven Horwitz | 9 comments | Continued“I, Pencil” Revisited
Leonard Read’s classic essay, “I, Pencil,” is justly celebrated as the best short introduction to the division of labor and undesigned order ever written. But it holds another, largely overlooked lesson as well: “I, Pencil” is an excellent primer in the Austrian approach to capital theory. Read’s pencil describes its family tree, beginning with the [...]
24Apr2009 | Sheldon Richman | 0 comments | ContinuedMainstream Macro in an Austrian Nutshell
While the events that have unfolded over the past year have required some outside-the-box theorizing by mainstream macroeconomists, the econo-mists of the Austrian school can offer a straightforward, fill-in-the-blanks explanation by drawing on the theory first articulated by Ludwig von Mises and then developed by Friedrich A. Hayek.
24Apr2009 | Roger W. Garrison | 15 comments | ContinuedPaul Krugman Flunks Capital Theory
Nobel laureate and New York Times columnist Paul Krugman is said to have bested commentator George Will over what prolonged the Great Depression during a joint appearance on ABC’s “This Week with George Stephanopoulos” back in November. But all Krugman really did was show that he, as a Keynesian, holds an unrealistic Play-Doh model of [...]
1Apr2009 | Sheldon Richman | 6 comments | ContinuedHayek Made No Contribution?
“If one asks what substantive contributions [F. A. Hayek] made to our understanding of how the world works, one is left at something of a loss. Were it not for his politics, he would be virtually forgotten.” This assessment was offered up late last year in the online magazine Slate by Paul Krugman, 1991 winner [...]
1May1999 | Roger W. Garrison | 0 comments | Continued-
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