Other Schools of Thought

Bob explains the contributions of Menger and Mises to monetary theory. He then deals with the critique of David Graeber, who argues that the economists' story of the origin of money is bogus.

The phrase, old school economics, is often used approvingly by many, but it's rarely explained. What is it?

What we may call the “spending illusion” is perhaps the gravest error in the history of economic thought and has been deeply embedded in economics since the early twentieth century.

There is no general social benefit from government spending regardless of how it is financed.

Recorded at the Mises Institute in Auburn, Alabama, on August 1, 2024.

Players, strategies, and outcomes.

A modern socialist economy is impossible.

Economic laws represent the real world. They are not ideologies or objects of worship. These laws are not the product of an ideological wish list but rather explain production and exchange.

What we may call the “spending illusion” is perhaps the gravest error in the history of economic thought and has been deeply embedded in economics since the early twentieth century.

Economic laws represent the real world. They are not ideologies or objects of worship. These laws are not the product of an ideological wish list but rather explain production and exchange.