Other Schools of Thought

From An Austrian Perspective on the History of Economic Thought, Volume II. Narrated by Jeff Riggenbach.

From An Austrian Perspective on the History of Economic Thought, Volume II. Narrated by Jeff Riggenbach.

From Theory and History, Part Two, “Determination and Materialism”. Narrated by John Pruden.

From Theory and History, Part Two, “Determination and Materialism”. Narrated by John Pruden.

One doesn't have to read far into the works of George Orwell to discover that he had no understanding of economics whatsoever and was not personally a libertarian in the sense we have in mind when we use that word today.

The economist who knows no history understands far less than his opposite number in the historical profession; but his claims are far greater. Therefore, he is much wider off the mark.

"Congress and big oil companies colluded to reward risky behavior and lost their bet."

"Oil was supposed to disappear by 1900. But the automatic conserving and incentive workings of the price system have repeatedly given the lie to these absurd projections."

Decades before the socialists gained power, Eugen Richter saw the writing on the wall. The great tragedy of the 20th century is that the world had to learn about totalitarian socialism from bitter experience, instead of Richter's inspired novel. Many failed to see the truth until the Berlin Wall went up. By then, alas, it was too late.

"All the portions served out are of the same size. One insatiable fellow today who asked for more was rightly served by being heartily laughed at. For what more deadly blow could be leveled at one of the fundamental principles of equality?"