Private ownership of the means of production is the fundamental institution of the market economy. It is the institution the presence of which characterizes the market economy as such. Where it is absent, there is no question of a market economy.
Assuming that some groups of foragers indeed practiced "primitive communism," they would have died out because they had lost the fierce competition with the more economically viable "libertarian" tribes. Communism has never appeared spontaneously and "naturally" in the history of mankind.
The characteristic principle of capitalism is that it is mass production to supply the masses. Big business serves the many.
"The problems of poor relief are problems of the arrangement of consumption, not of the arrangement of production activities."
Jeff Deist and Mark Thornton discuss the works of one of the fathers of modern economics: Richard Cantillon.
Per Bylund's new book makes a compelling Austrian argument that firms precede markets, and creates what reviewer Mateusz Machaj calls "an unlocking theory of the firm."
The radicals advocated the right of the slaves to rebel, either individually or en masse, and to resort to violence in their own self-defense, and to call on those outside the slave system to come to their assistance.
The so-called "art of central banking" lies in picking the "right" target interest rate. But, there's no way to know the "correct" rate without giving markets freedom from central bankers.
By disparaging and ultimately ignoring Say's Law, many scholars have done great damage to economic theory.
