Production Theory

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Why Socialism Will Always Fail

Calculation and KnowledgeProduction TheoryValue and Exchange


The paradox of "planning" is that it cannot plan, because of the absence of economic calculation.

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The Ethanol Industry: An Engine of Economic Destruction

InterventionismPricesProduction Theory


In his recent Mises Daily, Dave Albin admirably elucidates the tangle of unseen, long-run consequences that has resulted from uncoordinated government subsidies to the sugar, corn and ethanol industries.  


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Hagel's 'Defense Cuts' Are Smoke And Mirrors

War and Foreign PolicyFiscal TheoryProduction Theory


by Ron Paul

Last week Defense Secretary Chuck Hagel proposed an additional 40,000 reduction in active duty US Army personnel, down to 450,000 soldiers. As US troops are being withdrawn from the recent wars in Afghanistan and Iraq, it might make sense to reduce not only the active duty...

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Economic Impact of Legal Marijuana

Production Theory


Here is an article that reports legal marijuana growers are using a great deal of electricity in Colorado following the vote to legalize marijuana. It focuses on the negative impact...

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Happy St. Patrick's Day

Production Theory


Many of you maybe celebrating St. Patrick's Day with a cool glass of Ireland's iconic beer: Guinness.

Guinness is different from other beers because it is dark and creamy. It also has less alcohol. I did not know until very recently that the darkness and flavor come from the ingredient...

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Production Theory and Man, Economy, and State

Production Theory


"One of Rothbard's greatest accomplishments in production theory was the development of a capital and interest theory that integrated the temporal production-structure analysis of Knut Wicksell and Hayek with the pure-time-preference theory expounded by Frank A. Fetter and Ludwig von Mises....

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A test of your economic intuition

Production Theory


You see a headline that reads "$1 billion Later, Elevators Still Fail."

The project in question is:

a) a private company that is managing a private facility...

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Newspaper is worthless

Production Theory


A report on the price of newspaper: zero

A paper mill in the central Canadian province of Manitoba is no longer accepting paper for recycling because the price of newsprint has dropped...
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Krugman is just too much

Taxes and SpendingProduction Theory


Here is a howler from Paul Krugman:

The fact is that war is, in general, expansionary for the economy, at least in the short run. World War II,...
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While Politicians yammer, enterprise does work

InterventionismPhilosophy and MethodologyProduction Theory


While the politicians run around the country telling us of their plans to make our lives better--what wizardry they command, merely to make speeches, pass laws, and print paper and thereby make us prosperous and secure!--free enterprise is...

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