[Excerpted from An Austrian Perspective on the History of Economic Thought, vol. 1, Economic Thought Before Adam Smith (1995). An MP3 audio file of this article, read by Jeff Riggenbach, is available for download.]
[Excerpted from An Austrian Perspective on the History of Economic Thought, vol. 1, Economic Thought Before Adam Smith (1995). An MP3 audio file of this article, read by Jeff Riggenbach, is available for download.]
It is theoretically conceivable but scarcely likely that the ruling class will rush to embrace a philosophy and a political economy that will end their power and put them, in effect, out of business.
It was the physiocrats who broke with centuries of sound economic reasoning and contributed to what would become, in the hands of Smith and Ricardo, a reactionary and obscurantist destruction of the correct analysis of value.
In the U.S., an almost unsurmountable gulf separates “society” from the intellectuals.
The entrepreneurs and capitalists owe their wealth to the people who patronize their businesses.
