Available Now! (click cover)

America's Counter-Revolution
The Constitution Revisited

From the back cover:

This book challenges the assumption that the Constitution was a landmark in the struggle for liberty. Instead, Sheldon Richman argues, it was the product of a counter-revolution, a setback for the radicalism represented by America’s break with the British empire. Drawing on careful, credible historical scholarship and contemporary political analysis, Richman suggests that this counter-revolution was the work of conservatives who sought a nation of “power, consequence, and grandeur.” America’s Counter-Revolution makes a persuasive case that the Constitution was a victory not for liberty but for the agendas and interests of a militaristic, aristocratic, privilege-seeking ruling class.

Tuesday, January 18, 2011

TGIF: Value, Cost, Marginal Utility, and Bohm-Bawerk

Does cost of production determine price or does price determine cost of production? In the world of economic caricatures, the classical economists (Smith, Ricardo, et al.) took the former position, the Austrians the latter. Specifically, the Austrian view supposedly is that that demand driven by marginal utility determines the price of consumer goods, which is then imputed backward to the factors of production.

But like all caricatures, the picture is an imperfect reflection of reality.
The rest of TGIF is here.

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