Production Theory

Ed Shanahan on the significance of the Austrian tradition. 

Let us just say we abolish all federal labor law. What happens then?

"Are the interests of the American wage earners in conflict with those of their employers, or are the two in agreement?" The affluence of the rich in a capitalistic economy is not at the expense of the poor. Profits are plowed back into enterprise, benefiting the common man.

The capitalists, the enterprisers, and the farmers are instrumental in the conduct of economic affairs, but the captain is the consumer.

It was a purposeful confusion on the part of the German metaphysicians of statolatry that they clothed all men in the government service with the gloriole of altruistic self-sacrifice.

Common sense is needed to prevent man from falling prey to illusory fantasies and empty catchwords.

As soon as an undertaking is no longer operated under the profit motive, other principles must be adopted for the conduct of its affairs.

The virtue of the profit system is that it puts on improvements a premium high enough to act as an incentive to take high risks.