Explore " other schools of thought" with insightful episodes like "How Carl Menger and the Austrians Helped to Steer Economic Theory in the Right Direction", "The War on Producers and Entrepreneurs Is Based on False Notions of Profits" and "Can Classical Economics Explain the Approaching Fiscal Disaster?" from podcasts like ""Audio Mises Wire", "Audio Mises Wire" and "Audio Mises Wire"" and more!
When Adam Smith and the English classicals promoted division of labor as the most important ingredient in economic development, it took Carl Menger and his Austrian successors to point out that error and promote the proper economic theory of production.
Original Article: How Carl Menger and the Austrians Helped to Steer Economic Theory in the Right Direction
Since Adam Smith, economic thinkers have failed to understand that profits in a market economy are not extractions of wealth from laborers. In truth, profits lead to higher wages and higher living standards for those workers.
Original Article: The War on Producers and Entrepreneurs Is Based on False Notions of Profits
There is a lack of buyers for US Treasury debt. Rating agencies have recently downgraded the US debt, and entitlement benefits’ “trust funds” will go into the red in a few years. The classical economists offer few answers to the depth of this problem.
Original Article: Can Classical Economics Explain the Approaching Fiscal Disaster?
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