Production Theory

Hutcheson brought to Scottish philosophy a solid belief in natural rights and in the beneficence of nature, writes Murray N.

Higher food prices set off the revolutions in Tunisia and Egypt and the mass protests in countries like Algeria, Jordan, Yemen, Bahrain, and Iran.

The famous physiocratic tenet that only land is productive must be considered bizarre and absurd.

The 17th-century Dutch Protestant Hugo Grotius, deeply influenced by the late Spanish Scholastics, developed a theory of natural laws that he boldl

It is certainly true that our age is full of conflicts which generate war.

Private ownership of the means of production is the fundamental institution of the market economy.

Charles, the third Viscount Townshend (1700–1764), has been shamefully neglected by virtually all historians of economic thought.

If the entrepreneur aims at the highest possible profit, he performs a service to society in managing an enterprise. Whoever hinders him from doing this acts against the interests of society and imperils the satisfaction of consumer needs.

It is the seeking of profits that is the key to increased living standards for everyone. But high profits do not necessarily correspond to real economic growth and can come about due to adverse circumstances.

Paul Krugman is despairing of late, because a growing number of mainstream economists are adopting (versions of) Austrian business-cycle theory. The most recent convert is Minneapolis Fed president Narayana Kocherlakota.