Calculation and Knowledge

Keynes’s theory of Aggregate Expenditures from the General Theory is examined and criticized. Keynes suggested numerous reasons why his marginal propensity to consume (MPC) might vary across individuals, over different time periods, and might be fundamentally heterogeneous in other respects, but assumed a constant MPC for tractability.

This lecture by Gary North was presented at the 2012 Mises University in Auburn, Alabama.

This lecture by Bob Murphy was presented at the 2012 Mises University in Auburn, Alabama.

The entrepreneur risks, in the present, investment in productions that he thinks will produce some good or service at a profit in the future.

Growth requires private saving first, then investment and then production. It cannot be accomplished through sheer credit and credit expansion. Money is not wealth.

Are we in a recovery? There has been no true recovery since 2008.  Private savings rate went down to zero during the boom. Traditional savings rate of Americans has been ten percent.

Politicians and regulators usually don’t know what they don’t know about everything from health care to your small business, but that sort of compound ignorance won’t stop them from regulating the minutiae of everyday life and commerce.

Drug warriors rely on bad and manipulated data to make the claim that respecting private property rights in Colorado is “terrible public policy,” w

The economics profession acknowledges Menger’s place due to his contribution to the Marginalist Revolution in the 1870s, it otherwise ignores him because his theoretical framework does not lend itself to policy prescriptions.