Production Theory

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Mining for the Next Million Years

Calculation and KnowledgePhilosophy and MethodologyProduction Theory

Blog08/14/2006

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...

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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...

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How Environmentalism Raises Profits at the Expense of Wages

The EnvironmentProduction Theory

Blog07/24/2006

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...

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How Government Budget Deficits Reduce Wages and Raise Profits

Calculation and KnowledgeMonetary TheoryProduction TheoryValue and Exchange

Blog07/24/2006

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

Blog07/23/2006

(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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Business "skills" are overrated

Production Theory

Blog07/19/2006

This is an interesting article that rings true.

The dot-com boom was largely about "genius" MBAs coming up with brilliant ideas for online...

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Patent and Penicillin

HealthMonopoly and CompetitionProduction Theory

Blog06/22/2006

Apparently the discovery of penicillin is often trotted out as a classic case showing the importance of having the innovation-incentives of a patent system in place. The following post from Greg Aharonian's PatNews is a letter from a medical...

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Don't Raise Capital in America

Global EconomyProduction Theory

Blog05/26/2006

Because I think they're only accessible to people with paid subscriptions, I rarely blog items from the Wall Street Journal. But this one from the Opinion page of today (Friday, May 26) is worth a...

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The Actual Nature of Offshoring and of Our Balance of Trade Deficits

U.S. EconomyProduction Theory

Blog04/13/2006

Few issues are more frequently commented on than the shifting of American manufacturing to locations outsides the United States, in order to take advantage of lower foreign wage rates, particularly in Asia. This shifting is what is meant by "offshoring." With equal or greater frequency...

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