All Posts Tagged With: "capital theory"

“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 cedars [...]

24Apr2009 | Sheldon Richman | 0 comments | Continued

Mainstream 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 | 10 comments | Continued

Paul 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 | 5 comments | Continued