Marx built his infamous labor theory of value on the premise that labor itself was a commodity. However, as Mises and other Austrians have noted, Marx failed both at understanding the complexity of labor and subjective value theories.
Modern egalitarians play down the idea of free will, claiming that free will is relevant only if individuals have no interference with their choices. Murray Rothbard, on the other hand, recognized that self-ownership and one's ability to engage in reason is enough to recognize free will.
The Mises Institute is creating lessons for young economists to better help them evaluate and interpret economic events. Of course, these lessons also apply to anyone else wanting to be better educated on economics.
Keynesians are known for using obscure and jumbled jargon to explain their fallacious ideas. The hope being that, the more confusing the language, the greater the perceived scholarship. Good economics can and should be clearly logically explained.
Modern mainstream economics bases its theories on utilitarianism. Murray Rothbard, on the other hand, saw economic law as based in natural law. Furthermore, he rejected the legal positivism of our age, again deferring to the law of nature.
Modern egalitarians play down the idea of free will, claiming that free will is relevant only if individuals have no interference with their choices. Murray Rothbard, on the other hand, recognized that self-ownership and one's ability to engage in reason is enough to recognize free will.
Modern mainstream economics bases its theories on utilitarianism. Murray Rothbard, on the other hand, saw economic law as based in natural law. Furthermore, he rejected the legal positivism of our age, again deferring to the law of nature.
Murray Rothbard once wrote that egalitarianism is a "revolt against nature." Egalitarianism also can be likened to a superstition, a belief that has no basis in truth.
Professor Tara Smith tries to set the record straight regarding Ayn Rand, Objectivism, and reason. Unfortunately, as David Gordon demonstrates, Smith's analysis misses the mark.
The simple tautology that individuals act is not trivial, despite what critics of Austrian economics might say. As Mises noted, human action is directly related to the ability of humans to reason.
