Mises Wire
Author:
David Gordon
Online Publish Date:
a distinguished logician and the book contains an interesting account of Marxist economics. In this week’s column, I’ll discuss one of Priest’s main arguments. I mistaken. He contends that in a capitalist economy, there is a constant pursuit of growth by the owners of capital, driven by competition with other owners. Competition would keep going until a crisis was reached. What this overlooks is that the growth of capital responds to the time preference of consumers. If the consumers do