Calculation and Knowledge

For those new to Austrian economics, there are few modern scholars whose work I would recommend more enthusiastically than Salerno’s.

"Giving back" is big these days, but how can we know if we’re really making a contribution that someone values? Economics, fortunately, gives us an answer: the best way to "give back" is to earn honest money.

Keynes’s theory of Aggregate Expenditures from the General Theory is examined and criticized. Keynes suggested numerous reasons why his marginal propensity to consume (MPC) might vary across individuals, over different time periods, and might be fundamentally heterogeneous in other respects, but assumed a constant MPC for tractability.

This lecture by Bob Murphy was presented at the 2012 Mises University in Auburn, Alabama.

This lecture by Gary North was presented at the 2012 Mises University in Auburn, Alabama.

Are we in a recovery? There has been no true recovery since 2008.  Private savings rate went down to zero during the boom. Traditional savings rate of Americans has been ten percent.

Growth requires private saving first, then investment and then production. It cannot be accomplished through sheer credit and credit expansion. Money is not wealth.

The entrepreneur risks, in the present, investment in productions that he thinks will produce some good or service at a profit in the future.