Industry Is an Effort Followed by a Result
[Included in The Bastiat Collection (2011), this article appeared in Economic Sophisms (1845).]
What We Can Learn from a Great Scholar
Although Leland Yeager calls himself a fellow traveler of the Austrian School (p. 100), rather than a full-fledged member of it — he is a fellow traveler of the Chicago School as well — no reader of his essays can fail to note one respect in which he resembles two quintessential Austrian economists, Ludwig von Mises and Murray Rothbard. Like them, Yeager is a scholar of enormous learning, a fact in evidence in each of the 28 essays of his collected here.
Capital is NOT a Homogeneous Blob
“Professor Lachmann has been diligently reminding us of what economists generally forget: that “capital” is not just a homogeneous blob that can be added to or subtracted from. Capital is an intricate, delicate, interweaving structure of capital goods. All of the delicate strands of this structure have to fit, and fit precisely, or else malinvestment occurs.
Clamping Down on the Joneses
Economist Robert Frank thinks “keeping up with the Joneses” is socially harmful. He wants to rein in and clamp down on all the “Joneses” in the world.
Horrible Schools for the Whole World
At a United Nations meeting in the year 2000, the world’s governments agreed on the goal of enrolling every child on the planet in primary schooling by 2015.1 Strangely, this lofty plan does not say anything about the quality of schooling; the whole idea is to get children into government-approved classrooms, apparently regardless of what happens there.
The Obstacle Mistaken for the Cause
It is of interest to inquire how and why the very obstacles to his material prosperity have come to be mistaken for the cause of man’s prosperity.
A Single Reference
A single reference to Böhm-Bawerk by a Keynesian professor set Jeffrey Herbener, who I consider one of the best economists alive today, on the path toward becoming an Austrian. Here he tells that story to Tom Woods.
Drugstore Education
[This article is excerpted from chapter 8 of The Theory of Education in the United States (1931).]
Keynesianism vs. the Gold-Coin Standard
Duncan Weldon of the London Guardian provides a highly useful summary of the Keynesian case — a fine mixture of familiar old canards and creative new errors.
10 Reasons Why Austrian Economics Is Better Than Mainstream Economics
BY JAKUB BOŻYDAR WIŚNIEWSKI (Original Post)
