Production Theory

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Has Card Been Misinterpreted?

Monetary TheoryProduction Theory


Here's an interesting excerpt from an interview with David Card by the Minneapolis Fed's Region (December 2006).

Is Card making the Austrian point that the perfectly competitive model (a.k.a. the simple supply and...

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Toyota Up, Ford Down

Monopoly and CompetitionProduction Theory


This morning's New York Times business page reports that Toyota is expected to replace Ford as the second-best selling automobile manufacturer in the United States next month. This is a significant event...

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The fruit of immigration controls

InterventionismProduction Theory


People who favor having federal goons arrest undocumented workers and send them home imagine that this is a great thing for American culture and society. But of course no government program quite turns out that way you expect it to.

In this case, the results have been to create a huge...

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The battle over rapid replication is about to begin

Production Theory


When 3D printers become cheaper and more reliable, it will only be a matter of time when customers will be sued by toy manufacturers (among others), just as the RIAA has done to music enthusiasts. Why buy a $...

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Myths of NASA: Inventions They Never Invented

Philosophy and MethodologyProduction Theory


Ever wonder where Tang and Teflon came from? If you guessed that some lab operated by NASA pulled the necessary levers and turned the dials, you guessed wrong. See, Urban Legends of NASA: What They Did...

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Mining for the Next Million Years

Calculation and KnowledgePhilosophy and MethodologyProduction Theory


For many years, I've been pointing out that the entire mass of the earth, from the upper limits of its atmosphere 4,000 miles straight down to its core, consists of nothing but solidly packed chemical elements. There is not one cubic centimeter anywhere in the earth's mass that is not some...

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Ancient Chinese historian recognized the market as a beneficial spontaneous order

Production Theory

Reading Don Lavoie and Emily Chamlee-Wright's Culture and Enterprise, I was struck by the following percipient and eloquent observation by Chinese historian Ssu-ma Ch'ien (c.145-86 BC),...

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How Environmentalism Raises Profits at the Expense of Wages

The EnvironmentProduction Theory


In my last article, "How Government Budget Deficits Reduce Wages and Raise Profits", I explained why those who complain about profits rising at the expense of wages should not blame the free market but, in part at least, the growth in...

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How Government Budget Deficits Reduce Wages and Raise Profits

Calculation and KnowledgeMonetary TheoryProduction TheoryValue and Exchange


In recent years there have been growing complaints over slow growth in wages compared to profits. Those who make the complaints usually offer little in the way of explanation. Here is a part of the explanation: growing government budget deficits.

Government budget deficits are financed...

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Advice from me, re: academic publishing

Media and CultureProduction Theory


(With assistance from Bill Barnett)

I am perhaps one of the most heavily published of all Austro libertarians now active, at least in terms of refereed journals and law reviews (205, plus 32 forthcoming, for a total of 237 as of today), so these hints, below, might be of some use to you....

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