Production Theory

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In Jamaica, the Tourists Party On behind High Walls and Locked Gates

DemocracySocialismProduction Theory

Blog12/07/2022

High time preferences also mean high times in a party atmosphere. When Jamaica embraced socialism many decades ago, it wasn't supposed to come to this.

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What Do Supply and Demand Curves Really Tell Us? Not Very Much

PraxeologyPricesProduction Theory

Blog10/15/2022

It is easy to think of supply and demand curves as being key to economic analysis. In reality, they can't tell us much, and emphasizing them actually stands in the way of better understanding economic processes.

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Mises and Imaginary Constructions

Austrian Economics OverviewProduction Theory

Blog10/07/2022

While Austrian economists criticize the neoclassicals for their models' use of untrue assumptions, critics have turned the same criticism against the Austrians for their use of the evenly rotating economy.

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Robots Won't Destroy Us: How Automation Creates Jobs

Labor and WagesCalculation and KnowledgeCapital and Interest TheoryProduction Theory

Blog04/10/2021

The goods created by automation—and the labor freed up by it—become inputs for industries downstream.

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Technology Alone Won't End Poverty. We Need Savings First.

Money and BankingProduction Theory

Blog02/16/2021

Regardless of how knowledgeable we are and regardless of various technological ideas, without an expanding pool of real savings, expansion in economic growth is not going to emerge.

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The Upside of Lockdowns: More Saving

Money and BanksOther Schools of ThoughtProduction Theory

Blog01/14/2021

Rothbard: "At the outset of every step forward on the road to a more plentiful existence is saving….Without saving and capital accumulation there could not be any striving toward nonmaterial ends."

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Biden’s Covid "Supply Commander" Is Bad Medicine

CapitalismProduction Theory

Blog12/02/2020

Joe Biden thinks a centrally planned supply chain for healthcare supplies is necessary, because "We can no longer leave this to the private sector." There are many reasons why this is so very wrong. 

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If We Want to Increase Demand in the Market, We Must First Increase Production

Production Theory

Blog10/05/2020

An individual’s demand is constrained by his production of goods. The more goods an individual produces, the more of other goods he can secure for himself.

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Turning to Keynes in this Crisis Will Only Make Things Worse

Booms and BustsMonetary PolicyProduction Theory

Blog09/19/2020

If policymakers finally let a real economic "correction" and recession happen, it means the economy will finally turn toward doing what the consumers actually want.

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How Capitalists Improve Human Productivity

CapitalismProduction Theory

Blog09/07/2020

Capitalists, acting as intermediaries between present production and future consumption, are the key players in every capitalistic economy.

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