The error of Smith, Ricardo, and the Mills is inexcusable, Rothbard maintains, because the correct approach lay ready at hand for all of them in many of the writings of the Scholastics and in a vigorous French tradition running through Cantillon, Turgot, Condillac, Say, and Bastiat. Rothbard lays irreverent hands on the sacred figure of Adam Smith himself.
The economics of Frank H. Knight: An Austrian interpretation | SpringerLink
In another departure from the pattern of the standard texts, he devotes more than pages to the important controversies over money and the banking system that took place in Britain between roughly and He also provides a surprisingly full account of Marxism, from which it emerges after almost pages as a tissue of fallacies with enormous destructive potential. There is no contradictory wavering in these two volumes. Rothbard scrutinizes almost every thinker he discusses for evidence of pre-Austrian insights or un-Austrian error.
In Pythagoras of Samos, who wrote in the sixth century b.
An Austrian Perspective on the History of Economic Thought
Such comments will certainly irritate non-Austrian readers of the book and can eventually tire even the sympathetic reader. But no one finishes a chapter wondering where the author stands. In this tradition, the true and correct approach to understanding economic phenomena is through theory, and definitely not through the accumulation of data of doubtful meaning and significance.
The theory must be based on fundamental premises about individual human nature that are necessarily true apodictically certain , and it should be expressed in ordinary language, not in mathematics, which leads the economist to distort reality by losing sight of human action.
Employment of these premises yields the insight that all value is the product of subjective, individual evaluations that interact with resource availabilities to generate relative prices. Classical Economics.
Murray N. Conceived in Liberty, Volume I. Conceived in Liberty, Volume II. The Case Against the Fed.
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