Archive | Economic Theory

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Economics as Religion: The Paradox of Self-Interest

Over the next few weeks, I will be live-blogging Robert H. Nelson’s Economics as Religion. Though the book is somewhat dated (published 2001), its discussion is still relevant. This is the first post in this series. Hope you enjoy! Introduction: The Market Paradox The role of self-interest in economic growth is a paradox. Of course,…
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Waging War on Work

This piece was originally published by the Ludwig von Mises Institute on February 11, 2013. Employment law is a mainstay of state economic policy. Few question its efficacy as a means to correct “market failures”—like unlivable wages for meaningful work—that would leave society in shambles. In fact, no serious debate exists among American policymakers about…
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In Praise of Speculators

This article was originally published at Values and Capitalism. In recent years, the purported effect of oil speculators in raising the price of oil has sparked much debate and concern. Pundits of various political bents have sought an explanation for the rising price of oil among the activity of speculators, and legislation has recently been…
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Organizing the Firm

The last subject covered by Nicolai Foss and Peter Klein in Organizing Entrepreneurial Judgment is the internal organization of the firm. Foss and Klein argue that the organization of the firm is critical to how entrepreneurial judgment will be manifested at different levels of the firm. Ownership rights are foundational for this organization to occur.…
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What are Capital Goods?

In chapter 5 of Organizing Entrepreneurial Judgment, Nicolai Foss and Peter Klein articulate the real nature of capital goods. They explain how the treatment of capital goods has varied among different schools of economic thought as well as the implications for the firm and the entrepreneur resulting from differing conceptions of capital goods. Foss and…
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