Production Theory

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.

"The free market and the division of labor does not promote hyper-atomized individuals. It creates social harmony and community."

According to this theory, cooperation among any number of persons is more productive than the individual efforts of the same persons in isolation from one another.

Rothbard shows that the failures of government are no accident but rather stem from the very nature of the means.

In that epoch of virtually unchallenged Keynesian ascendancy, Hutt's work was a beacon for those who defended the truth that economics is about the choices and actions of real human beings.

Capital goods become available thanks to secure private property rights, and a class of people willing to save and invest. Without this, there can be no great progress in the standard of living. But, it all takes time. 

Recorded at Mises University 2021.

"The free market and the division of labor does not promote hyper-atomized individuals. It creates social harmony and community."

The Marxist concept of exploitation arises from a deep question Marx asked: Why do capitalists earn interest?

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