Tuesday, January 19, 2016

The History of Economic Thought, Part II

Richard Ebeling emails:

Dear Bob,

I participated in the January 19, 2016 “Libertarian Angle,” webinar sponsored by the Future of Freedom Foundation, with the Foundation’s president, Jacob G. Hornberger, on the topic: “The History of Economic Thought, Part II.”

This week’s discussion continues the discussion of the development of economic ideas, focusing on the “marginalist revolution” of the 1870s, and how it radically changed the explanation of the origin of the economic value of goods and prices in the marketplace.

Especial emphasis is given to the early development of the “Austrian” School of Economics in the writings of Carl Menger, Friedrich von Wieser, and Eugen von Böhm-Bawerk; and how their contributions differed from the other early developers of the marginal utility concept. It is also explained how these early Austrian contributions fundamentally undermined the foundations of Marxian economics and its theory of capitalist exploitation of workers.

The webinar runs for about 30 minutes.


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