Production Theory

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Happy St. Patrick's Day

Production Theory


Many of you maybe celebrating St. Patrick's Day with a cool glass of Ireland's iconic beer: Guinness.

Guinness is different from other beers because it is dark and creamy. It also has less alcohol. I did not know until very recently that the darkness and flavor come from the ingredient...

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Production Theory and Man, Economy, and State

Production Theory


"One of Rothbard's greatest accomplishments in production theory was the development of a capital and interest theory that integrated the temporal production-structure analysis of Knut Wicksell and Hayek with the pure-time-preference theory expounded by Frank A. Fetter and Ludwig von Mises....

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A test of your economic intuition

Production Theory


You see a headline that reads "$1 billion Later, Elevators Still Fail."

The project in question is:

a) a private company that is managing a private facility...

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Newspaper is worthless

Production Theory


A report on the price of newspaper: zero

A paper mill in the central Canadian province of Manitoba is no longer accepting paper for recycling because the price of newsprint has dropped...

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Krugman is just too much

Taxes and SpendingProduction Theory


Here is a howler from Paul Krugman:

The fact is that war is, in general, expansionary for the economy, at least in the short run. World War II,...

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While Politicians yammer, enterprise does work

InterventionismPhilosophy and MethodologyProduction Theory


While the politicians run around the country telling us of their plans to make our lives better--what wizardry they command, merely to make speeches, pass laws, and print paper and thereby make us prosperous and secure!--free enterprise is...

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The Recycling Myth

Production Theory


The coercive recycling structure is set up in layers, where the consumer ("producer" of waste) gets to do most of the work of sorting, cleaning, and transporting the trash to collection centers. Government-appointed companies then empty the containers and transport the materials to regional...

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The Broken Window Fallacy Reapplied

Calculation and KnowledgeProduction Theory


It is not a good thing to destroy wealth. Bastiat puts it this way: "Society loses the value of things which are uselessly destroyed." It sounds like an unexceptional claim. But herein rests the core case against everything the government does. Perhaps, then, we can see why the allegory is not...

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Mozilla: Meet Sarbanes-Oxley (and Henry Blodget)

Financial MarketsProduction Theory


The insufferable Henry Blodget, the disgraced securities analyst who is barred from working in the securities industry (he met up with Eliot Spitzer), is back to his usual chatter....

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Christmas and Consumption

Production TheoryValue and Exchange


Christmas is a make-or-break time for many retailers, and the holiday season's importance to the American economy is so great that "Black Friday" sales at some retailers, particularly Wal-Mart, are reported as a macroeconomic indicator. The holiday season is indeed festive and inspiring even in...

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