Production Theory

Recorded at Mises University 2021.

"The free market and the division of labor does not promote hyper-atomized individuals. It creates social harmony and community."

The Marxist concept of exploitation arises from a deep question Marx asked: Why do capitalists earn interest?

The goods created by automation—and the labor freed up by it—become inputs for industries downstream.

Without the labor theory of value's assumption of a natural price that explains what is “really” going on beneath the veil of supply and demand, there is no mystification involved in capitalist production.

Regardless of how knowledgeable we are and regardless of various technological ideas, without an expanding pool of real savings, expansion in economic growth is not going to emerge.

Rothbard: "At the outset of every step forward on the road to a more plentiful existence is saving….Without saving and capital accumulation there could not be any striving toward nonmaterial ends."

Rothbard: "At the outset of every step forward on the road to a more plentiful existence is saving….Without saving and capital accumulation there could not be any striving toward nonmaterial ends."

Just as markets can be described as price discovery procedures for existing goods, services, and resources, entrepreneurship can be usefully described as a price discovery procedure for future goods, services, and resources.

Rather than relying on the evenly rotating economy, this paper uses the imaginary construction of a specialization deadlock to define the entrepreneur-promoter, the pioneers of economic improvement, praxeologically.