Production Theory

Although the money supply has greatly increased, accompanying growth in production has it possible to keep the current system of immense debt increase going for a long time.

Although the money supply has greatly increased, accompanying growth in production has made it possible to keep the current system of immense debt increase going for a long time.

Formal models of the economy, writes Murray Rothbard, tend to overlook a crucial instrument of change: entrepreneurship.

There is productive consumption and there is non-productive consumption. In the Keynesian mind, it's not necessary to produce anything, so long as people spend and consume endlessly, even to the point of destroying real wealth.

Private ownership of the means of production is the fundamental institution of the market economy. It is the institution the presence of which characterizes the market economy as such. Where it is absent, there is no question of a market economy.

Assuming that some groups of foragers indeed practiced "primitive communism," they would have died out because they had lost the fierce competition with the more economically viable "libertarian" tribes. Communism has never appeared spontaneously and "naturally" in the history of mankind.

The characteristic principle of capitalism is that it is mass production to supply the masses. Big business serves the many.

"The problems of poor relief are problems of the arrangement of consumption, not of the arrangement of production activities."

Presented at Mises University 2019.

Jeff Deist and Mark Thornton discuss the works of one of the fathers of modern economics: Richard Cantillon.