Podcasts about bohm bawerk

Le quattro caratteristiche fondamentali della Scuola Austriaca di economia, i suoi cinque contributi più importanti, le lontane origini che risalgono agli scolastici spagnoli tra il XVI e XVII secolo e, infine, gli sviluppi definitivi a partire dal XIX secolo con Carl Menger e Bohm Bawerk, continuati poi nel XX secolo con Mises, Hayek, Rothbard, Kirzner....

For a chapter in Per Bylund's new collection, Bob explained the pure time preference theory (PTPT) of interest, and then offered suggestions for future work on an Austrian theory of interest. He summarizes his chapter in this episode.Mentioned in the Episode and Other Links of Interest:Per Bylund's 2022 edited collection.Part 1 and Part 2 and Part 3 in the series on Capital & Interest in the Austrian tradition (BMS ep. 26 and 28 and 31).Bob's doctoral dissertation, in which the second and third essays elaborate on the main elements of this episode.The Bob Murphy Show interview with Jeff Herbener.Bob's mises.org article summarizing Bohm-Bawerk's critique of the exploitation theory of interest (and in the article the are links early on to two other BB critiques).Help support the Bob Murphy Show.The audio production for this episode was provided by Podsworth Media.

Bob critiques a Guardian article from an economist favoring price controls, and explains his argument with Joe Weisenthal about the social benefit of saving actual cash. Mentioned in the Episode and Other Links of Interest: Dr. Keith Smith (of the Surgery Center of Oklahoma) contact page.The Guardian article advocating price controls.Murphy Mises.org critique of Weisenthal.Murphy article on the 1920-21 depression.Mises essay calling inflationary war finance “undemocratic.”BMS series on Bohm-Bawerk (1, 2, and 3). ​For more information, see BobMurphyShow.com. The Bob Murphy Show is also available on Apple Podcasts, Google Podcasts, Stitcher, Spotify, and via RSS.

Bob critiques a Guardian article from an economist favoring price controls, and explains his argument with Joe Weisenthal about the social benefit of saving actual cash. Mentioned in the Episode and Other Links of Interest: Dr. Keith Smith (of the Surgery Center of Oklahoma) contact page.The Guardian article advocating price controls.Murphy Mises.org critique of Weisenthal.Murphy article on the 1920-21 depression.Mises essay calling inflationary war finance “undemocratic.”BMS series on Bohm-Bawerk (1, 2, and 3). ​For more information, see BobMurphyShow.com. The Bob Murphy Show is also available on Apple Podcasts, Google Podcasts, Stitcher, Spotify, and via RSS.

Bob critiques a Guardian article from an economist favoring price controls, and explains his argument with Joe Weisenthal about the social benefit of saving actual cash. Mentioned in the Episode and Other Links of Interest: Dr. Keith Smith (of the Surgery Center of Oklahoma) https://surgerycenterok.com/contact/ (contact page). The https://www.theguardian.com/business/commentisfree/2021/dec/29/inflation-price-controls-time-we-use-it (Guardian article) advocating price controls. Murphy Mises.org https://mises.org/wire/joe-weisenthal-thinks-debasing-dollar-moral-thing-do (critique of Weisenthal). Murphy article on the https://fee.org/articles/the-depression-youve-never-heard-of-1920-1921/ (1920-21 depression). https://mises.org/wire/inflation-its-effects-and-failures (Mises essay) calling inflationary war finance "undemocratic." BMS series on Bohm-Bawerk (https://www.bobmurphyshow.com/episodes/ep-26-capital-and-interest-in-the-austrian-tradition-part-1-of-3/ (1), https://www.bobmurphyshow.com/episodes/ep-28-capital-and-interest-in-the-austrian-tradition-part-2-of-3/ (2), and https://www.bobmurphyshow.com/episodes/ep-31-capital-and-interest-in-the-austrian-tradition-part-3-of-3/ (3)). http://bobmurphyshow.com/contribute (Help support) the Bob Murphy Show. The audio production for this episode was provided by http://podsworth.com/ (Podsworth Media).

Bob unveils a new recurring series, in which he gives the context of infamous quotations. In this episode, he covers two allegedly shocking quotes from John Lennon, John Maynard Keynes' "in the long run we're all dead," Trump on Nazis being very fine people, Dan Quayle misspelling potato, Obama's "you didn't build that," and Bohm-Bawerk on Karl Marx. Mentioned in the Episode and Other Links of Interest: Wikipedia entry on John Lennon's “more popular than Jesus” comment. Lyrics to “Revolution.”Bob and the Music City Friends of Liberty cover “Come Together.”Video for Trump's “very fine people” remark. Video of Obama's “you didn't build that.”Nancy Pelosi on “We have to pass the bill to find out what's in it.”Bohm-Bawerk's Karl Marx and the Close of His System. ​For more information, see BobMurphyShow.com. The Bob Murphy Show is also available on Apple Podcasts, Google Podcasts, Stitcher, Spotify, and via RSS.

Bob unveils a new recurring series, in which he gives the context of infamous quotations. In this episode, he covers two allegedly shocking quotes from John Lennon, John Maynard Keynes' "in the long run we're all dead," Trump on Nazis being very fine people, Dan Quayle misspelling potato, Obama's "you didn't build that," and Bohm-Bawerk on Karl Marx. Mentioned in the Episode and Other Links of Interest: Wikipedia entry on John Lennon's “more popular than Jesus” comment. Lyrics to “Revolution.”Bob and the Music City Friends of Liberty cover “Come Together.”Video for Trump's “very fine people” remark. Video of Obama's “you didn't build that.”Nancy Pelosi on “We have to pass the bill to find out what's in it.”Bohm-Bawerk's Karl Marx and the Close of His System. ​For more information, see BobMurphyShow.com. The Bob Murphy Show is also available on Apple Podcasts, Google Podcasts, Stitcher, Spotify, and via RSS.

https://www.youtube.com/watch?v=rFtlXIfwfQ0 ...the Austrian theory of the trade cycle reveals that only the inflationary bank credit expansion that enters the market through new business loans (or through purchase of business bonds) generates the over-investment in higher-order capital goods that leads to the boom-bust cycle.   Murray N. Rothbard Economic Controversies, p. 737 0:00 - Rothbard Quote 0:51 - What is economics? 2:14 - What makes the Austrian School of economics unique? 3:14 - What is an accurate way of measuring wealth in a given society? 4:37 - Why are some countries poor and others wealthy? 7:16 - How can we increase access to products and services to those in lower income brackets while increasing quality - healthcare and housing? 13:20 - Why do Austrians oppose regulation? 15:46 - Do Austrians assume perfect knowledge? 18:04 - What about monopolies & cartels?  23:45 - Subjective value 24:54 - Labor Theory of Value 26:45 - Centrally planning - difference between corporations and governments 29:19 - Competitive currencies - Spontaneous order 31:44 - Spontaneous order in law 33:18 - Do disastrous situations justify the existence of a state? 35:17 - A Priori reasoning vs. Empirical evidence 38:30 - Real world examples  40:50 - Wealth vs. Dignity 42:54 - Why wages rise 46:04 - The “free” mindset 49:55 - Competition - the Austrian approach as a process 52:59 - Eugen von Bohm-Bawerk contributions 53:32 - Is employment and profit exploitation? LBRY: https://lbry.tv/@KeithKnightDontTreadOnAnyone:b/Austrian-Economics---An-Introduction.-Steven-Horowitz-and-Keith-Knight:a BitChute: https://www.bitchute.com/video/5zwlCqaNanmP/ Minds: https://www.minds.com/newsfeed/1137892451260100608?referrer=KeithKnightDontTreadOnAnyone Archive: https://archive.org/details/austrian-economics-an-introduction.-steven-horowitz-and-keith-knight

Bob unveils a new recurring series, in which he gives the context of infamous quotations. In this episode, he covers two allegedly shocking quotes from John Lennon, John Maynard Keynes' "in the long run we're all dead," Trump on Nazis being very fine people, Dan Quayle misspelling potato, Obama's "you didn't build that," and Bohm-Bawerk on Karl Marx. Mentioned in the Episode and Other Links of Interest: https://en.wikipedia.org/wiki/More_popular_than_Jesus (Wikipedia entry) on John Lennon's "more popular than Jesus" comment. https://genius.com/The-beatles-revolution-lyrics (Lyrics to "Revolution.") Bob and the Music City Friends of Liberty https://www.youtube.com/watch?v=lGgu3Qq-DlE (cover "Come Together.") Video for https://consultingbyrpm.com/blog/2019/03/trumps-very-fine-people-redux.html (Trump's "very fine people") remark. Video of https://www.youtube.com/watch?v=9GjqdP6KSOE (Obama's "you didn't build that.") https://www.snopes.com/fact-check/pelosi-healthcare-pass-the-bill-to-see-what-is-in-it/ (Nancy Pelosi) on "We have to pass the bill to find out what's in it." Bohm-Bawerk's https://mises.org/library/karl-marx-and-close-his-system (Karl Marx and the Close of His System). http://bobmurphyshow.com/contribute (Help support) the Bob Murphy Show. The audio production for this episode was provided by http://podsworth.com/ (Podsworth Media).

Bob gives a guest lecture for Jonathan Newman's MA course for the Mises Institute, on the history of, and new developments in, the pure time preference theory of interest. After summarizing the work of Bohm-Bawerk, Fetter, and MIses, Bob explains his own perspective and then how Jeff Herbener partially agreed with Bob's critique. This episode sets the table for Bob's interview with Herbener in ep. 199. Mentioned in the Episode and Other Links of Interest: The YouTube version of this lecture (which has the PowerPoint slides)Information on the Mises Institute's online Master's ProgramBob's dissertation on Austrian capital theoryBob's interview with Jeff Herbener (BMS ep. 199) ​For more information, see BobMurphyShow.com. The Bob Murphy Show is also available on Apple Podcasts, Stitcher, Spotify, and via RSS.

Bob gives a guest lecture for Jonathan Newman's MA course for the Mises Institute, on the history of, and new developments in, the pure time preference theory of interest. After summarizing the work of Bohm-Bawerk, Fetter, and MIses, Bob explains his own perspective and then how Jeff Herbener partially agreed with Bob's critique. This episode sets the table for Bob's interview with Herbener in ep. 199. Mentioned in the Episode and Other Links of Interest: The YouTube version of this lecture (which has the PowerPoint slides)Information on the Mises Institute's online Master's ProgramBob's dissertation on Austrian capital theoryBob's interview with Jeff Herbener (BMS ep. 199) ​For more information, see BobMurphyShow.com. The Bob Murphy Show is also available on Apple Podcasts, Stitcher, Spotify, and via RSS.

Bob gives a guest lecture for Jonathan Newman's MA course for the Mises Institute, on the history of, and new developments in, the pure time preference theory of interest. After summarizing the work of Bohm-Bawerk, Fetter, and MIses, Bob explains his own perspective and then how Jeff Herbener partially agreed with Bob's critique. This episode sets the table for Bob's interview with Herbener in ep. 199. Mentioned in the Episode and Other Links of Interest: The https://youtu.be/NYd1VSYnwFU (YouTube version) of this lecture (which has the PPT slides). Information on the Mises Institute's online https://mises.org/wire/mises-institutes-master-arts-austrian-economics-commence-next-week (Master's Program). http://consultingbyrpm.com/uploads/Dissertation.pdf (Bob's dissertation) on Austrian capital theory. http://bobmurphyshow.com/199 (Bob's interview with Jeff Herbener) (BMS ep. 199). http://bobmurphyshow.com/contribute (Help support) the Bob Murphy Show. The audio production for this episode was provided by http://podsworth.com/ (Podsworth Media).

En este episodio conversaremos con Andrea Rondón de Cedice Libertad sobre la historia de la Escuela Austriaca de Economía, sus inicios, sus etapas, sus grandes aportes y sus principales pensadores como Menger, Bohm-Bawerk, Mises y Hayek. 

George Reisman is economics professor emeritus at Pepperdine University. He is one of the few people to get his PhD under Mises. After sharing anecdotes about Mises and Rand, he discusses his contributions to economic theory. In particular, Reisman argues that profits, not wages, are the original form of income. Mentioned in the Episode and Other Links of Interest: The YouTube version of this interviewGeorge Reisman's website and Capitalism.net, and his Twitter accountReisman's book Capitalism. #CommissionsEarned (As an Amazon Associate I earn from qualifying purchases.)Reisman's Notes on his translation of Bohm-Bawerk on value theoryReisman on James Mill and Say's LawIsrael Kirzner's review of Capitalism For more information, see BobMurphyShow.com. The Bob Murphy Show is also available on iTunes, Stitcher, Spotify, and via RSS.

George Reisman is economics professor emeritus at Pepperdine University. He is one of the few people to get his PhD under Mises. After sharing anecdotes about Mises and Rand, he discusses his contributions to economic theory. In particular, George argues that profits, not wages, are the original form of income. Mentioned in the Episode and Other Links of Interest: The YouTube version (https://youtu.be/agRiT2UEmFI) of this interview. George Reisman's Twitter account (https://twitter.com/GGReisman). Reisman's book Capitalism (https://www.amazon.com/gp/product/0915463733/ref=as_li_qf_asin_il_tl?ie=UTF8&tag=consultingbyr-20&creative=9325&linkCode=as2&creativeASIN=0915463733&linkId=49c29e6c33dfa84b33074dc31f420f48). #CommissionsEarned (As an Amazon Associate I earn from qualifying purchases.) Reisman's Notes on his translation (https://cdn.mises.org/qjae5_3_4.pdf) of Bohm-Bawerk on value theory. Reisman on James Mill (https://www.capitalism.net/Jamesmil.pdf) and Say's Law. Israel Kirzner's review (https://link.springer.com/article/10.1023%2FA%3A1007769511271) of Capitalism. Help support (http://bobmurphyshow.com/contribute) the Bob Murphy Show. The audio production for this episode was provided by Podsworth Media (http://podsworth.com/).

(https://www.bobmurphyshow.com/wp-content/uploads/2019/05/mises.jpg) Bob finishes his 3-part series by first reviewing the contributions of Bohm-Bawerk, Fetter, and Mises to the modern Austrian explanation of interest, namely the “pure time preference theory” (PTPT). Then Bob explains some of the problems for the PTPT, especially for Austrian economists. Instead Murphy offers a much more straightforward–and Austrian!–approach, which explains interest as the premium placed on present vs. future units of money. Mentioned in the Episode and Other Links of Interest: Part 2 (https://www.bobmurphyshow.com/ep-28-capital-and-interest-in-the-austrian-tradition-part-2-of-3/) in this series (BMS ep. 26 and 28). Bob’s doctoral dissertation (http://consultingbyrpm.com/uploads/Dissertation.pdf) , in which the second and third essays elaborate on the main elements of this episode. Eduard Braun’s article explaining how Carl Menger changed his view on capital (https://www.researchgate.net/publication/282955473_Carl_Menger'S_contribution_to_capital_theory) . (Thanks to Ryan Griggs.) Use Bob’s special link to subscribe to Liberty Classroom (http://www.libertyclassroom.com/dap/a/?a=351) , where (among other courses) you can get Bob’s two courses on the History of Economic Thought. Bob’s book (co-authored with Nelson Nash and Carlos Lara)  (https://TheCaseForIBC.com) , which explains the Infinite Banking Concept. Help support (http://bobmurphyshow.com/contribute) the Bob Murphy Show. The audio production for this episode was provided by Podsworth Media (http://podsworth.com) .

(https://www.bobmurphyshow.com/wp-content/uploads/2019/04/bawerk.jpg) Bob goes solo in his continuation of his series on Capital & Interest Theory. In this episode he explains Bohm-Bawerk’s solution to the problem of interest, namely that present goods are more valuable than future goods. Bob also explains Bohm-Bawerk’s three separate causes for the higher valuation of present over future goods, including the notorious third cause, which is the higher physical productivity of more roundabout processes. Finally, Bob addresses the criticism of Bohm-Bawerk’s theory coming from Keynes, Fisher, Frank Fetter, and Mises. Mentioned in the Episode and Other Links of Interest: Part 1 (https://www.bobmurphyshow.com/ep-26-capital-and-interest-in-the-austrian-tradition-part-1-of-3/) in this series (BMS ep. 26). Paul Samuelson’s (with identity disclosed) referee reports (https://consultingbyrpm.com/blog/2011/10/paul-samuelson-correspondence-regarding-my-papers-on-capital-interest-theory.html) on Bob’s journal articles on capital & interest theory. Bob’s doctoral dissertation (http://consultingbyrpm.com/uploads/Dissertation.pdf) , in which the final Appendix reconciles Bohm-Bawerk’s verbal critique with the standard result that r=MPK. Use Bob’s special link to subscribe to Liberty Classroom (http://www.libertyclassroom.com/dap/a/?a=351) , where (among other courses) you can get Bob’s two courses on the History of Economic Thought. Help support (http://bobmurphyshow.com/contribute) the Bob Murphy Show. The audio production for this episode was provided by Podsworth Media (http://podsworth.com) .

(https://www.bobmurphyshow.com/wp-content/uploads/2019/04/bohm-bawerk.jpg) Bob goes solo by beginning his 3-part series devoted to Capital & Interest Theory in the tradition of the Austrian School. (This is his area of expertise and the focus of his doctoral dissertation.) In this episode, Part 1, Bob explains Bohm-Bawerk’s critique of the “naive productivity theory” of interest, and also reconciles it with the standard approach in modern economics models of equating the real rate of interest to the “marginal product of capital.” Mentioned in the Episode and Other Links of Interest: Bob explains Bohm-Bawerk’s critique of: (1) the exploitation theory (https://mises.org/library/b%C3%B6hm-bawerk%E2%80%99s-critique-exploitation-theory-interest) , of interest. Paul Samuelson’s (with identity disclosed) referee reports (https://consultingbyrpm.com/blog/2011/10/paul-samuelson-correspondence-regarding-my-papers-on-capital-interest-theory.html) on Bob’s journal articles on capital & interest theory. Bob’s doctoral dissertation (http://consultingbyrpm.com/uploads/Dissertation.pdf) , in which the final Appendix reconciles Bohm-Bawerk’s verbal critique with the standard result that r=MPK. Use Bob’s special link to subscribe to Liberty Classroom (http://www.libertyclassroom.com/dap/a/?a=351) , where (among other courses) you can get Bob’s two courses on the History of Economic Thought. Help support (http://bobmurphyshow.com/contribute) the Bob Murphy Show. The audio production for this episode was provided by Podsworth Media (http://podsworth.com) .

There are plenty of arguments against Marxism, and we make several in this episode. But there's one, by Eugen von Bohm-Bawerk, that crushes Marx. That's because it stipulates, for the sake of argument, that Marx is correct about the labor theory of value and so much else in his system. And it shows that even then, his system comes up against a contradiction that cannot be resolved. I welcome G.P. Manish, associate professor of economics at the Sorrell College of Business at Troy University, back to the show.

Murray Rothbard died before he could write the third volume of his famous History of Economic Thought, which would cover the birth and development of the Austrian School, through the Keynesian Revolution and Chicago School. With this six-lecture course, however, the History of Economic Thought is complete. 4. Menger and Böhm-Bawerk Carl Menger, 1840-1921, founded Austrian economics. Eugen von Bohm-Bawerk was the most important student. Weiser was his brother-in-law, but was fairly pre-Keynesian. Mises was the great successor to Bohn-Bawerk. With Adam Smith, and with especially Riccardo, we shift toward the theory which still plagues us to the present day – namely that the real determinant of value, of prices, is not consumer subjective utility, but objective labor pain – labor toil. Menger in Austria, Jevons in England, and Walras in Switzerland created the Austrian discussion of marginalism. Menger brought back the scholastic tradition, the praxeological method of focus on individual action, entrepreneurship, time, structure of production, and the fact that the expected values of the consumers determine the value of the factors of production that entrepreneurs are willing to invest in. Menger and Bohm-Bawerk were steeped in natural law and natural rights and Aristotelian epistemology in general. That’s a very different tradition than either the Germans or the British. Marx essentially gave up the labor theory of value. He had to admit that profits tend to be equalized on the market. Marxists would shift the debate whenever faced with defeat. There is no one to tell us what Marx thought he meant by value. The entire Marxian canon is essentially a prophetic religious movement of a weird kind. The fourth in a series of six lectures on the History of Economic Thought This lecture on YouTube: https://youtu.be/8DjUcrYk_ss Sourced from: https://mises.org/library/history-economic-thought-marx-hayek We are not endorsed or affiliated with the above. https://creativecommons.org/licenses/by-nc-nd/3.0/legalcode Presented by: Read Rothbard is comprised of a small group of voluntaryists who are fans of Murray N. Rothbard. We curate content on the www.ReadRothbard.com site including books, lectures, articles, speeches, and we make a weekly podcast based on his free-market approach to economics. Our focus is on education and how advancement in technology improves the living standards of the average person. The Read Rothbard Podcast is all about Maximum Freedom. We look at movies and current events from a Rothbardian Anarchist perspective. If it's voluntary, we're cool with it. If it's not, then it violated the Non-Aggression Principle and Property Rights - the core tenants of Libertarian Theory - and hence - human freedom. Website: http://www.ReadRothbard.com iTunes: https://itunes.apple.com/us/podcast/the-read-rothbard-podcast/id1166745868 Google Play Music: https://play.google.com/music/m/Ii45fhytlsiwkw6cbgzbxi6ahmi?t=The_Read_Rothbard_Podcast Facebook: http://www.facebook.com/readrothbardclub Twitter: https://twitter.com/read_rothbard Flickr: https://www.flickr.com/gp/145447582@N05/xB4583 Patreon: https://www.patreon.com/ReadRothbard Murray Rothbard, Murray N Rothbard, Read Rothbard, Anarchy, Anarchism, Free-Market, Anarcho-Capitalism, News and Events, Podcast, Laissez-Faire, Voluntaryist, Voluntaryism, Non-Aggression Principle, NAP, Libertarian, Libertarianism, Economics, Austrian Economics,

ECONOMICS 101 Murray Rothbard's Economics 101 series 8. Mises in One Lesson Austrian economics has nothing to do with the economics of Austria. Austrian Economics (AE) began with Carl Menger in 1871. It is based on an analysis of individual action, not aggregates or groups. Economics predated Adam Smith. The British classical economics school could not solve the value paradox. It also embraced the labor theory of value. Another big fallacy was a focus on long-run equilibrium. Additionally, they separated micro and macroeconomics into two hermetically sealed spheres. Menger and Bohm-Bawerk focused systematically on individual action. The purpose of production is consumption. Value is inferred by the consumer in a subjective marginal unit value theory. This solved the value paradox. Economics is not really a quantitative subject. Value is subjective and cannot be measured. Preferences are ordinal, not cardinal. There is no separate process called distribution. Distribution comes right out of production. People prefer present goods immediately available. Production is a time structure. Capitalism is a network by which the free market responds to constant feedback. Equilibrium economics does not mention this. Austrians only talked about micro, but had not included macro until Mises’ The Theory of Money and Credit in 1912. Mises shows that more money (as opposed to more of other commodities) destroys economic calculation. Mises explains the origins of money through his regression theorem. Money must originate as a valued market commodity, not by government edict. His ideal system would be 100% reserve banking, or a true Free Banking system. Mises’ business cycle theory was a simple model. Increases in the money supply and credit go first to those close to the source and mess up the capital structure. Increases are not helicoptered out simultaneously to all. Commercial bank credit expansion, unbacked by private savings, leads to malinvestments. Recession is a necessary process by which bad investment is liquidated. Resources shift out of capital goods back into consumer goods. Mises taught his views at the University of Vienna in private seminars. He warned about the Great Depression. Socialism arose after WWI. Most recognized immediately that Socialism had an incentive problem, like “Who will take out the garbage?” Mises was one of the few who saw the real problem of Socialism was that it could not calculate. There was no price system. It couldn’t work. Neither does interventionism work. Only laissez-faire capitalism works. Mises’ crowning accomplishment was Human Action. However, Keynes’ General Theory in 1936 swept Mises aside. Hayek did not refute Keynes’ book, as he had a prior work. Mises could not find an academic post, yet he cheerfully established a teaching seminar at NYU. Mises died in 1973. Hayek got the Noble prize in 1974 based upon work that he did on Mises’ business cycle theory. The final of eight sessions of Murray Rothbard's Economics 101 series. This lecture may be the most concise overview of the core ideas of the Austrian School of Economics. A collection of eight speeches and lectures by Murray N. Rothbard, spanning from the 1970s to the early 1990s. He is speaking in a small classroom setting, explaining economics from the ground up, and systematically in the manner of a classic 101 course on the topic—but with a revolutionary approach. This lecture as on YouTube: https://youtu.be/fd87BpgTTzw Sourced from: https://mises.org/library/economics-101 We are not endorsed or affiliated with the above. https://creativecommons.org/licenses/by-nc-nd/3.0/legalcode Presented by Read Rothbard: Read Rothbard is comprised of a small group of voluntaryists who are fans of Murray N. Rothbard. We curate content on the www.ReadRothbard.com site including books, lectures, articles, speeches, and we make a weekly podcast based on his free-market approach to economics. Our focus is on education and how advancement in technology improves the living standards of the average person. The Read Rothbard Podcast is all about Maximum Freedom. We look at movies and current events from a Rothbardian Anarchist perspective. If it's voluntary, we're cool with it. If it's not, then it violated the Non-Aggression Principle and Property Rights - the core tenants of Libertarian Theory - and hence - human freedom. Website: http://www.ReadRothbard.com iTunes: https://itunes.apple.com/us/podcast/the-read-rothbard-podcast/id1166745868 Google Play Music: https://play.google.com/music/m/Ii45fhytlsiwkw6cbgzbxi6ahmi?t=The_Read_Rothbard_Podcast Facebook: http://www.facebook.com/readrothbardclub Flickr: https://www.flickr.com/gp/145447582@N05/xB4583 Patreon: https://www.patreon.com/ReadRothbard

ECONOMICS 101 Murray Rothbard's Economics 101 series 3. Capital, Interest, and Profit Profit is total revenue minus total costs. Ours is not just a profit system, it is a profit and loss system. Losses are a sign that you wasted land, labor, or capital, yet those who make profits are criticized. Entrepreneurship is an art not a course you can learn. Labor earns wages. Land earns rent. Capital earns interest. Confusingly, the word capital means both the machines used to produce goods and the funds available for investment. Bohm-Bawerk answered the question of where interest rates come from. Time is the key element in the earning of interest. The capitalist who pays out while he waits for the product to be sold before being paid, performs a vital function of paying for land and labor now. The capitalist is rewarded by being paid a discount on labor and land, discounted by the rate of interest. There are all sorts of rates of time preferences. The third of eight sessions from Murray Rothbard's Economics 101 series. A collection of eight speeches and lectures by Murray N. Rothbard, spanning from the 1970s to the early 1990s. He is speaking in a small classroom setting, explaining economics from the ground up, and systematically in the manner of a classic 101 course on the topic—but with a revolutionary approach. This lecture on YouTube: https://youtu.be/givU5UdY36Y Sourced from: https://mises.org/library/economics-101 We are not endorsed or affiliated with the above. https://creativecommons.org/licenses/by-nc-nd/3.0/legalcode Presented by Read Rothbard: Read Rothbard is comprised of a small group of voluntaryists who are fans of Murray N. Rothbard. We curate content on the www.ReadRothbard.com site including books, lectures, articles, speeches, and we make a weekly podcast based on his free-market approach to economics. Our focus is on education and how advancement in technology improves the living standards of the average person. The Read Rothbard Podcast is all about Maximum Freedom. We look at movies and current events from a Rothbardian Anarchist perspective. If it's voluntary, we're cool with it. If it's not, then it violated the Non-Aggression Principle and Property Rights - the core tenants of Libertarian Theory - and hence - human freedom. Website: http://www.ReadRothbard.com iTunes: https://itunes.apple.com/us/podcast/the-read-rothbard-podcast/id1166745868 Google Play Music: https://play.google.com/music/m/Ii45fhytlsiwkw6cbgzbxi6ahmi?t=The_Read_Rothbard_Podcast Facebook: http://www.facebook.com/readrothbardclub Flickr: https://www.flickr.com/gp/145447582@N05/xB4583 Patreon: https://www.patreon.com/ReadRothbard Murray Rothbard, Murray N Rothbard, Read Rothbard, Anarchy, Anarchism, Free-Market, Anarcho-Capitalism, News and Events, Podcast, Laissez-Faire, Voluntaryist, Voluntaryism, Non-Aggression Principle, NAP, Libertarian, Libertarianism, Economics, Austrian Economics, Austrian Economics Overview, Capital and Interest Theory, Prices, Value and Exchange, Economics 101, Microeconomics, Supply and Demand,

Carl Menger, 1840-1921, founded Austrian economics. Eugen von Bohm-Bawerk was the most important student. Weiser was his brother-in-law, but was fairly pre-Keynesian. Mises was the great successor to Bohn-Bawerk.With Adam Smith, and with especially Riccardo, we shift toward the theory which still plagues us to the present day – namely that the real determinant of value, of prices, is not consumer subjective utility, but objective labor pain – labor toil.Menger in Austria, Jevons in England, and Walras in Switzerland created the Austrian discussion of marginalism. Menger brought back the scholastic tradition, the praxeological method of focus on individual action, entrepreneurship, time, structure of production, and the fact that the expected values of the consumers determine the value of the factors of production that entrepreneurs are willing to invest in.Menger and Bohm-Bawerk were steeped in natural law and natural rights and Aristotelian epistemology in general. That’s a very different tradition than either the Germans or the British.Marx essentially gave up the labor theory of value. He had to admit that profits tend to be equalized on the market. Marxists would shift the debate whenever faced with defeat. There is no one to tell us what Marx thought he meant by value. The entire Marxian canon is essentially a prophetic religious movement of a weird kind.The fourth in a series of six lectures on the History of Economic Thought.

Profit is total revenue minus total costs. Ours is not just a profit system, it is a profit and loss system. Losses are a sign that you wasted land, labor, or capital, yet those who make profits are criticized.Entrepreneurship is an art not a course you can learn.Labor earns wages. Land earns rent. Capital earns interest. Confusingly, the word capital means both the machines used to produce goods and the funds available for investment. Bohm-Bawerk answered the question of where interest rates come from.Time is the key element in the earning of interest. The capitalist who pays out while he waits for the product to be sold before being paid, performs a vital function of paying for land and labor now. The capitalist is rewarded by being paid a discount on labor and land, discounted by the rate of interest. There are all sorts of rates of time preferences.The third of eight sessions from Murray Rothbard's Economics 101 series.

Austrian economics has nothing to do with the economics of Austria. Austrian Economics (AE) began with Carl Menger in 1871. It is based on an analysis of individual action, not aggregates or groups.Economics predated Adam Smith. The British classical economics school could not solve the value paradox. It also embraced the labor theory of value. Another big fallacy was a focus on long-run equilibrium. Additionally, they separated micro and macroeconomics into two hermetically sealed spheres.Menger and Bohm-Bawerk focused systematically on individual action. The purpose of production is consumption. Value is inferred by the consumer in a subjective marginal unit value theory. This solved the value paradox. Economics is not really a quantitative subject. Value is subjective and cannot be measured. Preferences are ordinal, not cardinal. There is no separate process called distribution. Distribution comes right out of production. People prefer present goods immediately available. Production is a time structure. Capitalism is a network by which the free market responds to constant feedback. Equilibrium economics does not mention this.Austrians only talked about micro, but had not included macro until Mises’ The Theory of Money and Credit in 1912. Mises shows that more money (as opposed to more of other commodities) destroys economic calculation. Mises explains the origins of money through his regression theorem. Money must originate as a valued market commodity, not by government edict. His ideal system would be 100% reserve banking, or a true Free Banking system.Mises’ business cycle theory was a simple model. Increases in the money supply and credit go first to those close to the source and mess up the capital structure. Increases are not helicoptered out simultaneously to all. Commercial bank credit expansion, unbacked by private savings, leads to malinvestments. Recession is a necessary process by which bad investment is liquidated. Resources shift out of capital goods back into consumer goods.Mises taught his views at the University of Vienna in private seminars. He warned about the Great Depression. Socialism arose after WWI. Most recognized immediately that Socialism had an incentive problem, like “Who will take out the garbage?” Mises was one of the few who saw the real problem of Socialism was that it could not calculate. There was no price system. It couldn’t work. Neither does interventionism work. Only laissez-faire capitalism works. Mises’ crowning accomplishment was Human Action. However, Keynes’ General Theory in 1936 swept Mises aside. Hayek did not refute Keynes’ book, as he had a prior work. Mises could not find an academic post, yet he cheerfully established a teaching seminar at NYU. Mises died in 1973. Hayek got the Noble prize in 1974 based upon work that he did on Mises’ business cycle theory.The final of eight sessions of Murray Rothbard's Economics 101 series. This lecture may be the most concise overview of the core ideas of the Austrian School of Economics.