Production Theory

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.

Without the labor theory of value's assumption of a natural price that explains what is “really” going on beneath the veil of supply and demand, there is no mystification involved in capitalist production.

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.

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."

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."