Production Theory

Jobs cannot be created by government fiat.

Recorded at the Mises Institute Supporters Summit, 1 November 2008; Auburn, Alabama.

Austrian school capital theory and business-cycle theory are the best I have found.

Leading Austrian Economists discuss Henry Hazlitt's classic book Economics in One Lesson. Interview 5 of 12

Our reflections thus yield the conclusion that an alleviation of cyclical fluctuations should be expected preeminently from a greater publicity among business enterprises, and particularly among the banks.

From “Choice in Currency: A Path to Sound Money”; the Mises Circle in Vancouver. Recorded 13 September 2008.

The bargains the firm makes with its workers are nobody else's business.

"No benefit results from the mere expenditure of the money [on public works], nor the employment of the workmen employed on its construction; for, if this money had remained in the hands of the contributors, it would either directly or indirectly have put in activity an equal quantity of industry."

"The ability of most market indicators is found to be weak, while the ability of the skyscraper index to predict severe changes in the business cycle is strong."

This middle chapter on production theory goes into detail on factor pricing and discounted marginal value product. The way Rothbard developed every aspect of production theory is unique. As the economy becomes more specialized and complex, the importance of this market process becomes greater.