Classical Economics
by Murray Rothbard

Volume 2 of An Austrian Perspective on the History of Economic Thought. The retrogressive period of economic thought, especially in England, brought about by Adam Smith and David Ricardo. Key errors are the labor theory of value, focus on equilibrium to the exclusion of reality, ignorance of entrepreneurs, ignorance of the structure of production, separation of production from distribution, ignorance of the cause of inflation and the business cycle. Other major figures on the retrogressive side are John Mill, but more importantly his son John Stewart Mill, Karl Marx, and Fredrick Engles. Some of the good guys are Say, Condorcet, Destut de Tracy, and Frederick Bastiat in France and Cobden in England.

Year Read: 2007

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