The paper deals with the continuities and discontinuities between some classical, Austrian and neo-Austrian authors with regard first to the theory of capital and then to the theory of entrepreneurship. Part I focuses on the elements of continuity between the classical and the Austrian theory of...

This paper explores the connections between the theories of the Stockhom School and the economic orthodoxy of the 1930's. First, we reconstitute the classical, Cambridge and Wicksell's conceptions on saving and its relations with investment. Next, we define the unifying principle behind the...

In 1936, Keynes published The General Theory of Employment, Interest and Money, one of the most influential books in economics of the twentieth century. With this publication, Keynes has confused and will continue to confuse generations of economists as to what classical economics means. This...

Many commentators claim Adam Smith failed to realize that no objective standard of value exists. Instead, he adhered to the labor theory of value. Like others, we argue that in the The Wealth of Nations Smith discussed the “early and rude state” in which the labor theory of value made some...

This paper explores the relationship of Max Weber's "social economics" to the work of the Austrian School of Economics, and in particular the writings of Ludwig von Mises and F. A. Hayek. We argue that the Austrian school scholars complement and extend the work of Weber. The sophisticated form...

What accounts for the differences in the “wealth of nations”; that is, the differing levels of opulence across countries? Adam Smith's argument is as relevant today as it was in his time. On the economic side, his answer is well-known: the division of labor, the role of capital accumulation,...

In 1936, Keynes published The General Theory of Employment, Interest and Money, one of the most influential books in economics of the twentieth century. With this publication, Keynes has confused and will continue to confuse generations of economists as to what classical economics means. This...

The paper draws on Siegel (1984) to argue that, while paving the way for constitutionalizing the free market in Lochner v. New York (1905), the reproduction cost method that the Supreme Court established in Smyth v. Ames (1898) as the preferred technique for assessing the “fair value” of a...

Neoclassical economists of the current era frequently pay lip service to Adam Smith's theories to certify the validity of natural-laws-based, laissez-faire policies. However, neoclassical theories are fundamentally disconnected from Adam Smith's notion of value, his understanding of the economic...

Chapter 2 is one of the most important chapters in the General Theory. Not only does it set out Keynes' disagreements with key elements of the classical model, it lays out his own model of the working of the labour market, which underlies the analysis in the remainder of the General Theory. The...