History of Economic Thought – 4 of 6 – Menger and Bohm-Bawerk – Murray N Rothbard

Murray Rothbard died before he could write the third volume of his famous History of Economic Thought, which would cover the birth and development of the Austrian School, through the Keynesian Revolution and Chicago School. With this six-lecture course, however, the History of Economic Thought is complete.

4. Menger and Böhm-Bawerk

Carl Menger, 1840-1921, founded Austrian economics. Eugen von Bohm-Bawerk was the most important student. Weiser was his brother-in-law, but was fairly pre-Keynesian. Mises was the great successor to Bohn-Bawerk.

With Adam Smith, and with especially Riccardo, we shift toward the theory which still plagues us to the present day – namely that the real determinant of value, of prices, is not consumer subjective utility, but objective labor pain – labor toil.

Menger in Austria, Jevons in England, and Walras in Switzerland created the Austrian discussion of marginalism. Menger brought back the scholastic tradition, the praxeological method of focus on individual action, entrepreneurship, time, structure of production, and the fact that the expected values of the consumers determine the value of the factors of production that entrepreneurs are willing to invest in.

Menger and Bohm-Bawerk were steeped in natural law and natural rights and Aristotelian epistemology in general. That’s a very different tradition than either the Germans or the British.

Marx essentially gave up the labor theory of value. He had to admit that profits tend to be equalized on the market. Marxists would shift the debate whenever faced with defeat. There is no one to tell us what Marx thought he meant by value. The entire Marxian canon is essentially a prophetic religious movement of a weird kind.

The fourth in a series of six lectures on the History of Economic Thought

This lecture as a Podcast: http://enemyofthestate.podomatic.com/

Sourced from: https://mises.org/library/history-economic-thought-marx-hayek

Source: History of Economic Thought – 4 of 6 – Menger and Bohm-Bawerk – Murray N Rothbard – YouTube

http://www.readrothbard.com/history-of-economic-thought-4-of-6-menger-and-bohm-bawerk-murray-n-rothbard

TRANSCRIPT

00:00
got the Austrian family tree up there
00:02
and the founder of Austrian economics is
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a conman year 1840 to 1921 the yearly
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generally accepted position on the
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Austrian school was the Chris mega was
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the founder all you getting from
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America’s most important student
00:23
friedrich von wieser and putting him to
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the side of the father-in-law of them
00:27
vivec contribute a little bit not a
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great deal and then Mises chronic
00:32
concern of course is a great successor
00:33
of on Bombur Dori has been sort of
00:36
changed and revised in recent years and
00:38
provision ISM can either be good or bad
00:40
it’s never indifferent
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you need the correcting the historical
00:43
errors of the past or else you’re adding
00:44
errors to previously accepted truth
00:48
what’s been happening wasting I got back
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to this in a minute what’s been
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happening last ten years or so with her
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explosion and Menger study which is all
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good at great stuff from one thing
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Menger didn’t like very much he wrote
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it’s great principles of economics in
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1871 it was supposed to be volume one
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where a mighty treatise which is the
01:05
rest of it never got published this by
01:07
the way just as an aside that scholars
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either don’t write books contango part
01:12
in one of volume one because also in the
01:14
other parts never again written this is
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what I have I’m angry never completed
01:18
this I was supposed to be an
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introductory volume then he got off on
01:22
methodologies famous methodological
01:24
struggle with smaller and this famous
01:27
article in origin of money that’s just a
01:29
bad itch there were a couple of other
01:30
things basically didn’t write too much
01:31
more than that but the exposure Menger
01:34
studies the whole series of essays on
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Menger and there will be more of that
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coming out fortunately because what
01:41
happened with his all this papers works
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for lectures and papers and all Advan
01:45
paneling on the custody of son calm
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anger junior distinguished mathematician
01:49
university of chicago who refused to
01:52
allow anybody has seen them this is a
01:53
mystery in itself widely refused to do
01:55
this tied up by the way with a mystery
01:58
of why manga retired early age and
01:59
linking out three from his chair and it
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didn’t do anything so that after that
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sort of retired and had a famous library
02:06
and that’s about it and they write the
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story as I’m not sure this might be
02:10
apocryphal this is
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I realized reporting we were here it’s
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interested in any way the story is the
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calm angular jr. was wanted for his life
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by the faculty was apparently
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illegitimate son of lee karl menger oh
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my gosh in yer my housekeeper those days
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of course in Victorian vienna nor if i
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use that statement this was a bit real
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shock
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whatever was swept under the rug and
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probably one of the reasons why perhaps
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might remember retired for his chair
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early in his life for early early and he
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had to and serve the prisoners potential
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disgrace anyway calming her junior there
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but therefore refused a lot of papers he
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stole the agent 90 whatever he died
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still felt this telecine genesee
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apparently was impossible to tell them
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that these days things are different so
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he died a couple of years ago now the
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papers are a duke university and
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processing being cataloged and openness
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scholars so we’ll know more about
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menger’s ideas and where he had waged
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sterling various things as time goes on
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so whatever I say about mangers can be
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fairly sensitive but one of the problems
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with a with exposure main interest in
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mayor’s is also an ideological I know
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Angela restive connected with missus
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hidden agenda in the accolade he’s given
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the Menger namely depreciation and
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deprecation from bog America so as mayor
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has been lauded as it was the great
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founder of the Austrian school which he
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was indeed achievements Bambara having
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been denigrated or forgotten and sort of
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stuffed away and this is part of what I
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call a nihilist trend in modern Austrian
03:40
movement and it’s also a sort of attempt
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to claim the mayor and Barbara are
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totally different disagree to almost
03:47
everything and so forth so I don’t think
03:48
that’s true I’m not prepare to state one
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way or the other they say for one thing
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then your papers an up and a cork yet or
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studied I think this is artificial our
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official the romantic story it is truth
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to move antics stories of winger rodas
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publishes work in 1871 as it does a
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dramatic militia a friendly and the
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Germans seen german-speaking scene and
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in general and two young economists in
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their twenties v2 and Bom Bom back who
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are brothers-in-law
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I’m not sure place
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fairly early in the game became mayor’s
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break the cycles and eventually both
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eventually toward the university at the
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end after many years of teaching other
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places and he just became to disagree
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fairly shortly I think it’s the Reiser
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or was certainly a proxy ologist he
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wrote on methodology it’s not something
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more than her mother did but his basic
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view and he also contributed margin
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utility theory and certainly opportunity
04:46
cost theory but basically his whole
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whole rest of his approach I think much
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more premium neoclassical pre Keynesian
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did not believe for example a time
04:55
structure of capitalism bargain Langer
04:57
did Haley Wright the two of them and
05:00
this Mises told me one time the seminar
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two of them were brothers of all rate
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close friends and they never discussed
05:05
economics once they got to the point
05:07
where they disagree now stuff she’s
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never talked about I talk about but
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whether what’s going on in Vienna but
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the offer on something like that and
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they can find their arguments as a
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written page or they blacklash out of
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each other in a polite the devastating
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manner
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nothing is kind of a charming solution
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with family question certainly both of
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them thought of themselves men garyun
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disciples was fulfilling us standing on
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the shoulders of mayor they sort of
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drifted off of the methodology and not
05:31
doing much one of the interesting things
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about Menger which I’d rather watch I
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just find out fairly recently he was the
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Tudor Crown Prince Rudolf leave the
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succession with the austro-hungarian
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throne and sort of did with him and
05:42
parently what he did but the archbishop
05:44
Fenian wanted with Duke of Burgundy back
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in their early 18th century France late
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17th century early 18th century France
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now one of the problems here I’m not
05:55
sure what measures political economic
05:56
news works it means unclear
05:59
according to the Barry Smith book is the
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horrible and lingers local economy and
06:04
Mary Smith excellent compendium
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quote old-school Austrian economics a
06:08
series of essays really an Austrian
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philosophy underlying Austrian economics
06:13
anyways as an essay there on majors
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political philosophy which sounds pretty
06:17
grim it’s sort of very conservatives
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somebody statist Austrian whatever
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quoting Eric’s trysil in the other hand
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I just met up with I met with half of
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our couple weeks ago in Austria he
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claims with many earns lecturers it’s
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clear from any lectures
06:31
published four things really have more
06:33
coral is a fair person I leave that up
06:35
no way to resolve this yet anyway those
06:38
are two views about manga and when the
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myelin approach was apparently measurer
06:42
tutored crown prince will open lays a
06:45
fair doctrine people since the crown
06:48
prince rule over the successor they want
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to be enthroned the idea with you then
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take over and propose classical
06:52
liberalism always a fairly bulls are
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from above so to speak I mentioned I
06:56
Fisher fennel that was his plan of how
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to bring lazy affair economics and
07:00
politics of France here they were living
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only absolutes isn’t a Louie the
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fourteenth some of the epitome and
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Apogee absolutism and look it wasn’t
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molested but here’s Archbishop fellows
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but lays a sphere anti-war address I
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mean the whole rest of it and how do you
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but do you do about how do you convert a
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king the idea of building a mass
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movement was kind of considered kind of
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bizarre I don’t think it’s consider
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thinkable late 17th century France
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previous mass movement been wiped out by
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the French monarchy when Archbishop
07:30
fennel on decided to do is convert get a
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hold of a Crown Prince they look at the
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ground those fans gonna be the Randolph
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no fact when the grandson of louis xiv
07:38
was supposed to take over the throne of
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France converted he was a Duke of
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Burgundy and Archbishop of fennel got
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off McCain wouldn’t be confessor and
07:46
unlike a tutor of the do Berber getting
07:49
in a form was called a burgundy circle a
07:51
whole group of people the court or lays
07:52
it the top plays a affairs scholars
07:54
historians political philosophers and
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economists and you’re in France and
07:58
worked on the kind of Duke and converter
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so that by the time he grew up he was
08:01
totally dedicated and Italy’s affair
08:04
eliminating all the state of
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illuminating the taxes the controls and
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all rest of the code structure of quasi
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totalitarian state doesn’t believe xiv
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and impose well unfortunately what
08:13
happened was about a year before he
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would have taken over the throne he ends
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at time finally what were wiped down in
08:17
the measles epidemic the whole plan a
08:20
25-year plan converting the french
08:23
monarchy without dust poor fan was
08:26
causing despair at this blame him well
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that’s one of the problems of this kind
08:30
of strategy you’re lying
08:31
when you’re converting one prince or
08:33
something what do you do if a prince
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courts off
08:34
that’s so essentially the same thing
08:37
happened probably the mayor and
08:39
Prince Rudolph there’s also some Eiling
08:41
revisionism those of you interested I
08:43
stall the revision of this whole arias
08:44
is again I don’t really know German is a
08:46
very little bit on this in English but
08:49
apparently as a whole the whole wing of
08:51
course the ocelots of you as you all
08:52
know from the shows boy a picture
08:53
whatever or later movies with the P
08:56
Archduke Rudolf committed suicide then
08:59
killed his lover and whatever in Kenny’s
09:02
1889 there’s other wings other much more
09:05
interesting revisionist views one of
09:07
which that he was committed suicide
09:08
because he was lazy I fail with losing
09:10
out or whatever or coming in war in
09:13
Europe the other one much more
09:15
interesting one was whistling like a
09:16
girl I was convinced that he was
09:18
murdered by the state s in the Austrian
09:20
Court and wanted to take over that means
09:23
that whether you further research the
09:24
revisit consuming Milan revisionism II
09:26
so and probably one of the reasons why a
09:29
Menger some lost a person scholarship
09:32
didn’t do much later last twenty thirty
09:34
years was life is because of the death
09:35
of a specified Prince Rudolf the end of
09:37
the law experiment so to speak it’s ugly
09:41
the stage of all the revolution very
09:44
affected in the American bomber austrian
09:46
revolution is that he was reacting
09:49
against of course the starkel’s school
09:50
which predominated in german-speaking
09:52
countries headed by Gustav Mahler
09:54
I believe that were no economic loss
09:56
partly because he was interested in
09:58
building out the state state power and
10:01
Prussia and rest of Germany and that it
10:03
was so inconvenient have anything any
10:05
economic laws out there which might
10:06
contradict or confound
10:08
government decrees and actions as
10:11
modified the famous phrase of smaller
10:13
which means it’s like the mentioned from
10:15
time to time ISM the function of the
10:17
University of Berlin which was Christie
10:19
the creation of the Prussian state the
10:21
function of the professor the University
10:23
of Berlin is the form the intellectual
10:24
bodyguard of the House of Hohenzollern
10:25
Lee was the dynastic Prussian our
10:29
marquee and when mangers principal
10:32
economics was published was greeted with
10:34
hatred and for some bitter derision and
10:36
hatred by the Shmuel rights in the end
10:38
or guys a cadre campaign against it and
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then they got caught up at the st. it’s
10:42
methodological conflict explaining why
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there is such a thing economic law and
10:46
why that’s not just a star homebound or
10:48
rest of it what mayor did
10:51
principles really revived the
10:53
Continental tradition scholastic
10:55
economic tradition tradition Catalan –
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raw 18 cent 19th century France the
11:00
tradition of course of subjective value
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Theory individual action really practice
11:05
present ideological work focus of
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individual individual actions and
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individual expectations and acting
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through time and the fact of course the
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consumer is valuing their good determine
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of the price of the good also determine
11:19
the value of Li the factors of
11:20
production so the whole Austrian told
11:22
basic outlines of Austrian doctrine or
11:25
any interest principles it weren’t fully
11:26
worth that but they’re sort of in there
11:28
and you’re essentially revival in the
11:30
development of the of the Scholastic
11:32
medieval weights and lead Spanish Schoen
11:35
state an 18th century French tradition
11:37
well that was I say there’s a fight in
11:39
Germany of german-speaking country the
11:41
fight with a Shamala rights in any one
11:44
of forces classical economics nicely
11:46
gonna make which the Austrians never
11:48
really grappled with too much wheeler
11:49
they’re much more concerned with
11:51
grappling with smaller Scylla have a
11:55
sweet thing and happen to lean the
11:56
seminar means the seminars the one time
11:58
we really had an argument it was a very
11:59
friendly argument argued by my deviation
12:02
where my major deviation for me this was
12:04
on monopoly theory and I was claiming no
12:07
such thing as monopoly in a free market
12:09
anyone totally the discussion ended when
12:11
he accused me being a smaller Reich the
12:13
interesting thing is that nobody else in
12:16
the room I think understood what he was
12:17
talking about understood this was the
12:18
ultimate insult
12:19
the Austrian the level and a critic
12:23
so the Austrian never really came to
12:25
grapple in the cuddle English classical
12:27
tradition notice that what you know
12:28
where they stood in relation to attract
12:29
rolling almost far away they were
12:30
fighting with a German German situation
12:33
the English classical school when my
12:35
vision is shrimp Federico my vision of
12:37
history of economic thought is that the
12:39
English classical school is the great
12:41
beat or the great diversion from the
12:43
main line scholastic French tradition
12:46
the skies take French tradition was a
12:48
classic – French tradition continental
12:51
position wasn’t much of a subjective
12:52
values theory I was basically trying to
12:55
court pre Austrian I realize as a
12:56
necronus tick to say that that’s really
12:57
what it was with Adam Smith and when we
13:00
respect on a corner we have
13:02
the middle teams and stones Stewart we
13:04
have tremendous shift toward a new kind
13:06
of theory theory they’re still plagues
13:09
us of course the present day namely that
13:11
the the real real that determine of the
13:15
value of prices values and prices of
13:17
goods does not consumer lead subjective
13:19
utility but objective labor pain labor
13:22
toil we’re gonna call it and this was
13:24
established basically Smith and Ricardo
13:26
and it was then and then fell out of
13:29
favor anyone and was restored by John
13:31
Stuart Mill tremendous act of filial
13:34
piety ISM paying his great debt to his
13:36
father and why should I buy Shearer
13:39
intellectual burger on the faculty of
13:41
tremendous stature and in at that time
13:43
won the day again restoring accordion
13:46
ISM – it’s unfortunate place of a
13:47
history of thought so
13:50
when Mayor created printed one string
13:53
theory standard one st. in our
13:55
discussion since that of marginalism
13:57
until very very recently for sustain the
13:59
discussion histories public books was
14:00
well marginalism popped up at three
14:02
independent in three countries menu in
14:04
austria Jevons in england and wrong
14:06
wrong in switzerland and well basically
14:08
the same so the basic European history
14:11
of thought and the central very recently
14:14
was well all about the same old memory
14:16
from barber I mean lingered Jevons of
14:19
Allah accepted linear didn’t know mass
14:21
when he was out was been furious he
14:23
didn’t understand mathematics live we
14:26
should constrain the Germans involve all
14:27
football as Lee taken over the micro for
14:30
Michael we get modern microeconomics you
14:32
read for example one of the most the
14:33
repellent when odious works written on
14:35
on Bob record by Stiegler diversity was
14:38
his PhD dissertation core product
14:40
productivity with the production
14:41
distribution of fairies we have a
14:43
chapter on mango chapter boom-boom vomer
14:45
he really did five I didn’t like my
14:47
buddy he didn’t bump alright all bad
14:48
people hate bohm-bawerk he and what he
14:52
says I’m Bob Wiley said he didn’t
14:53
understand mathematics okay so that’s it
14:56
unfortunately I mean he’s not good under
14:58
smoke manga rambling ball rack or
15:00
training mathematics he understood it
15:01
all too well which is why they rejected
15:02
it this of course the idea of knowing
15:05
mathematics in rejecting its application
15:07
economics is month but not even occurred
15:09
cameras are just outside there can the
15:11
unthinkable thought well then what
15:15
happens well most mini-comics even
15:16
though this was the official view so to
15:18
speak okay economically extremely
15:19
influential in the United States but
15:21
Federer is federal grant Orton Austrian
15:24
Davenport green these were important
15:27
Austrians who ignore the British
15:29
classical tradition or attacted
15:30
unfortunate what happened in the United
15:31
States was a more war one something
15:33
snapped and I couldn’t market academic
15:36
economics in theory drops out
15:38
institutionalist take over except for a
15:40
few people here and Fisher and night
15:42
were unfortunate for prima Duras types
15:44
pre chicago light Feder lost interest in
15:47
economic theory moral lesson got hung up
15:50
a monopoly facing point monopoly she
15:52
spent the rest of his life on so
15:54
unfortunately it’s not the vacuum an
15:55
institutional important so the American
15:58
that dumb dumb variant of a smaller
15:59
historical school means isn’t historical
16:02
school people with no knowledge of
16:03
history or social science or anything so
16:06
these are the guys who sort of took over
16:07
economic economics and left a
16:09
theoretical vacuum we cannot make an
16:11
American economics well this meant that
16:14
in any one which of course was sort of
16:15
Revere whom that we cannot like
16:17
supposedly what happened in England was
16:19
that the Austrian contribution in this
16:22
case German vena Yoshi a contribution
16:24
was very cleverly and cunningly
16:25
trivialized by Alfred Marshall my key
16:28
word principles of economics and dispose
16:31
of it that way by trivializing it and
16:33
from then on Austrian school but not
16:35
considered I didn’t mention thought of
16:37
my English economist by Cambridge
16:39
economist or by anybody else anymore
16:40
tradition when I grew up I cut my auntie
16:43
Jean Marshall we have an interesting
16:44
college seminar senior seminar I spent
16:47
the entire year on Marshall coming
16:49
through every chapter and great interest
16:51
a so I recommend it if they’re NFS if
16:53
you’re there nothing else to read
16:54
certainly better than Keynes but uh I
16:57
was very interesting because the that
16:59
was considered economics when he did
17:01
with marginal utility Theory the
17:02
trivializes awhile uh appliance
17:04
interesting it fills a gap and Ricardian
17:06
program because we’re Carlin really
17:08
really didn’t consider consumers and
17:09
sort of explains consumer in a manner
17:11
that’s and finishing off because courses
17:14
you know the famous marshallian scissors
17:16
every price and determine partly by the
17:19
man
17:19
the man’s blade and the supplied blade
17:22
of a cosplay of course the really
17:24
important thing of a cosplay dress the
17:26
long run the real gutsy sign
17:27
equilibrated thing
17:28
where’s consumers are sort of yes
17:31
waiting the creature the Caprice and
17:34
women change that mindful with all of
17:36
them and so the really important thing
17:38
about economics is the cost the real
17:40
important thing about cost versus labour
17:41
pain right back to Ricardo and Marx and
17:43
all the rest of it it was rate clever
17:45
device’ to use you can’t say ignored
17:48
marching utility just trivialize it got
17:50
capsulated a couple of appendices or
17:52
whatever and i was it remember I was
17:55
taking history is for Columbia those
17:57
days Columbia Graduate School in ring
17:58
high hot top Department a question
18:01
matter and not formed was present sorry
18:04
state ranked among the top three
18:06
graduate school and my my professor J M
18:08
Clark of the revered figure I asked in
18:11
my civil world I didn’t know any of our
18:12
Wall Street nice my Jevons didn’t Jemma
18:14
know something 49 on for me Jeff and he
18:15
said so incorporated the Marshall
18:17
I’m sure if I’d known about Austrians
18:19
you have said the same thing about that
18:20
so that takes there’s some shudders
18:21
everything aside Marshall land takes
18:23
care of everything else and this is
18:26
before the Keynesian takeover this was
18:27
the this is the marshallian take over
18:29
but the kinky taper was really part of
18:31
that the largest census came for this
18:32
Marshall student so our beacon to sum up
18:36
mango very quickly I what then we
18:37
contribute again essentially brought
18:39
back or develop a Scholastic tradition
18:41
the praxeological method the focus on
18:44
individual action entrepreneurship all
18:46
this comes in force time times structure
18:49
production yeah focus on individually
18:52
the fact that individual values by
18:54
consumer determinedly our expected
18:56
values of consumers determine the value
18:58
of the factors of production are
18:59
different hers only you invest then the
19:01
whole the whole strain framework you’re
19:03
reading you know you’re really know
19:04
straightening book that means
19:06
differently I’ll straighten books read
19:07
differently look differently smell their
19:08
front heel classical books one thing is
19:10
no Massimo
19:12
but it says also they’re clear that
19:13
logical they proceed step by step
19:15
there’s no some sort of sudden flights
19:17
of abstract fancy not grounded an actual
19:19
an individual action what about the
19:22
McGurk welcome Barbara did he develops
19:25
outline which major contributed and
19:27
particularly developed a value theory
19:29
about the valuing price theory very
19:30
important this famous marginal pairs the
19:33
horses you know about the horses the
19:35
first horse in the second horse and I
19:37
developed the diminishing macho of a
19:38
brilliantly and of course the vault the
19:40
entire capital interest theory he was
19:42
going to rescue capital interest there a
19:43
funny like elect and as I say it always
19:46
was considered that Baba Breck was the
19:48
mainline man Giri and his only last ten
19:52
years of selling bombings was deprecated
19:54
by him I lost many as other people said
19:56
none of my barbarous or evil record II
19:58
and many are doing true
19:59
my name is doing true Austrian III I
20:03
think this is a current fantasy which
20:05
has been developed I don’t think anybody
20:07
for that ever thought that including men
20:08
year old Ron Barber now their attempts
20:11
Eric Streisand example in the temple to
20:13
say no no the tremendous differences
20:15
between finger of Mubarak remember for
20:17
example when he retired his chair and
20:19
Vienna conferred the chair upon the only
20:21
one chair pushing a holy chair at one
20:23
time he can’t read it upon visa um zoomy
20:25
like these were better I still doesn’t
20:27
really establish much you said various
20:31
things like hidden like from Mars
20:32
capital theory terrible mistake ok
20:34
thermo-snacks like what does that mean
20:36
the Schreyer view is that he’s written
20:39
several articles on this is that no well
20:41
he said that it means that he didn’t
20:42
believe there was such a thing isn’t
20:43
even time tough we know that remember
20:46
the time preference is important but son
20:48
I didn’t believe the time Carver’s was
20:49
reflected in the end rate of interest
20:51
there was no rate of interest there’s
20:52
too much we call breathing they call
20:53
over anything only going 2000 rates of
20:56
interest around it no one rate of
20:57
interest is no tendency toward well
20:59
that’s possible I don’t believe it I was
21:01
frankly frankly I believe I think many I
21:02
don’t think I’m you’re rejected equal
21:03
equal of Bryce Kerzner and the great
21:05
resting article and the Atlanta economic
21:08
journal but eight years ago it’s like
21:10
the head of a whole issue on Menger I
21:12
had very subtle are typical occurs
21:15
nearing on a very subtle means he under
21:17
understated economist I’ve ever read you
21:20
have to read him a great care and it’s
21:21
not pretty obvious that he’s refused
21:23
refuting this idea there’s a big split
21:25
with a man but longer and that they’re
21:27
really fairly similar
21:29
now if you look at that bomb Barbara
21:32
himself what is he saying about men
21:34
doesn’t say that manga doesn’t believe
21:35
in right adventures he says migrant
21:37
believes in a rate of interest was
21:38
incorrect God lived on barbarac so by
21:41
the way I recommend Baba my highlights
21:42
of mine wait
21:43
I love reading Bambara great one rate
21:45
probably grateful emesis that is really
21:47
garlic thought system with different
21:50
econ lesson very patiently paragraph by
21:52
paragraph page by page demolishes them
21:54
very polite manner so unless those
21:56
rumble wait he doesn’t language is very
21:58
respect a little anger anger the great
22:00
guys have a separate in size however
22:01
unfortunately he’s got a little
22:03
incorrect theory of interest
22:04
the steering rehearse with a simple use
22:05
theory somehow and explains a very very
22:08
usual lucid brain it lucid manner of
22:12
many are somehow believe I’m even buying
22:14
you by our capital good me my factors of
22:16
production you also there’s also a text
22:19
we pay your price for the movies Roger
22:21
to Saturday we do also doing something
22:23
else you’re also paying an extra surplus
22:24
for the use of the faculty driver
22:26
disposing of a package of production and
22:28
from are very carefully page application
22:30
let them know is no difference being use
22:32
for something and the other thing it’s
22:33
something you buy something you buy the
22:34
uses of it that’s the whole point
22:36
divine machine you buy all the uses of
22:38
the machine no extra use payment in
22:40
addition of the payment machine great
22:43
your beautifully and lucidly and
22:44
carefully we demolishes may not
22:46
obviously murder doesn’t like to be
22:47
Tamala every few people history of
22:49
social total of being demolished it
22:51
might be one or two here there now no of
22:52
them yeah and I think that’s it I don’t
22:55
think the argument is over equilibration
22:57
even with overuse theory and by Baalbek
23:00
was rings in the time preference theory
23:01
of interest and somebody asked the Roger
23:04
why did my mother mean to do so I really
23:07
don’t know that since it’s a famous
23:09
puzzle industry of thought long embarks
23:11
vol.1 capital interest is a total
23:13
demolition with productivity theory my
23:15
only call when Marvin Mulan fair is not
23:18
fair to tour got one question about bags
23:19
on but he does as his strategy was here
23:22
he’s running the interest in the field
23:24
of interest theory careful in the first
23:25
Theory installed by smashing every life
23:27
before you well it’s kind of lovable the
23:29
other hand what’s know why you’re unfair
23:31
to people because toward or really had
23:34
the whole was treating the theory
23:36
encapsulated and and know that but
23:40
Margaret much as I revere mom Barbara I
23:42
love them unfortunately we know that he
23:43
lied about toriel because we know there
23:45
doesn’t
23:46
unpublished manuscript of Anwar works
23:48
written about eight years before his
23:50
book came out
23:51
seminar colonies on torgo’s theory of
23:54
interest and he said they only hails two
23:56
rows here it was a great a wonderful to
23:57
learn so on when he gets eight years
23:59
later to publish the booking dismisses
24:00
just physiocratic nonsense about land
24:03
fortification so something happened
24:05
there something the egg issues I said I
24:08
think it just didn’t fit his strategy
24:10
sort of speak today right this this this
24:12
unpublished work but I love to see
24:13
translated and published someday isn’t
24:15
like possession FA Hyack Bob Morris
24:17
Widow gave at the Hayek young Hayek a
24:20
1919 or something is fluent somewhere in
24:22
hynek’s repository that’s some things
24:23
another research project for you so bomb
24:26
alright then establishes the time
24:27
preference theory of beautifully the
24:29
demolishes there’s no there’s no extra
24:31
surplus there’s a difference between
24:32
capitalist productivity of capital into
24:35
the reason why was the price of capital
24:36
goods interest payment of time discount
24:38
for some strange crazy reason with
24:40
volume two he brings it back not only to
24:42
bring back productivity he makes is the
24:44
most important element so it’s a total
24:46
kind of addiction between his Volume one
24:48
binds two and three
24:50
Frank fetters contributions the
24:51
demolished Obama can turn saying this is
24:53
doesn’t work to establish the support
24:55
pure time for reason why we call it pure
24:57
because has been all these add mixtures
25:00
impure add mixtures of productivity
25:02
theory all that other stuff I try to
25:04
distill the purity pure causal factor a
25:07
couple of famous problems of involve
25:10
rock alleged problems again I think the
25:13
reason why bomb alright has been
25:14
particularly attacked by the Nile US
25:15
forces and modern Russian economic
25:17
circus Lee clear Islam be the
25:19
equilibrating it’s obviously part of a
25:21
Grady gun like tradition and so also my
25:23
Jesus Jesus built his theory on
25:25
obviously means this is a elaboration of
25:27
aa Greg an application to money theory
25:31
money
25:31
if you eliminate bomb Bob are you also
25:33
implicitly eliminating means to cut the
25:34
ground out from underneath it’s a
25:36
strategic play out a part of Annihilus
25:38
forces I mean the thing is about the
25:41
nihilus if they don’t like meeting they
25:42
don’t like Bambara who they gonna like
25:43
if they call them sound or scream only
25:45
men are the only one left that is far
25:47
enough in the past that sort of beasts a
25:48
fight with others when one alleged
25:51
problem when Bobby always comes up
25:53
someone will talk about that because why
25:55
is it that an increase saving and
25:57
investment always license the structure
25:59
of production why is it always a more
26:00
roundabout process production process
26:02
why can’t it be in a short production
26:03
process when answer is very simple I
26:05
like the quality of have a little grid
26:07
here 2×2 grid this of course is
26:09
simplifying the picture let me go see
26:12
the story here you have production
26:14
processes less productive and more
26:17
productive I mean in reality of course
26:20
is a whole spectrum of productivity I’m
26:22
making a 2×2 grid here and here we have
26:25
shorter in other words coming early and
26:29
longer well if a process is very short
26:32
it takes about five minutes and very
26:34
productive it’s gonna be used already
26:36
it’s not a problem is like mana dropping
26:38
from heaven if you have mana dropping
26:39
Pharaoh the shmoo if you remember the
26:40
early early I’ll cap shmoo is infinitely
26:44
productive can be used for anything
26:45
obviously gonna snap it up and it’s
26:47
already buddy can be used there’s no
26:48
longer a part of human action
26:50
whoever is there have always been used
26:51
up okay the other hand if a process is
26:54
very long and produces almost nothing’s
26:56
not gonna be used at all only morons
26:58
would use it in other words if they
26:59
pictured 50 years to produce one widget
27:02
you’re not going to do it if you know if
27:04
you have any brains at all so this is
27:06
out of the picture to see leave out you
27:08
toss to have the long unproductive
27:10
processes in the short very productive
27:12
part you’re left with two things you’re
27:13
left with short less productive
27:14
processes versus longer and more
27:16
productive and so when you save and
27:18
invest you decide we’re going to give up
27:20
early consumption unquote young and up
27:23
for longer but more productive process
27:26
so that’s why more saving investment is
27:27
always a normal process production is
27:29
very simple if you look at this grid
27:30
work and of course he’s got the time
27:33
structure of production wonderful
27:34
analysis of capital and an interest
27:37
another thing I should say about when
27:39
you’re on boom Bob Reich and me you’re
27:41
they were involved in that’s not an
27:43
accident I think it’s a little angle
27:45
counter I think the first one to analyze
27:47
this and point this out are and I think
27:49
it’s actually on the ball
27:51
is the business L accident that the
27:55
venue climate the epistemological value
27:59
and value of climate in Austria is
28:00
completely different
28:01
it wasn’t Germany writ namely ensure
28:04
that Austria was Catholic
28:05
and always had been Catholic was Europe
28:07
northern Germany was Protestant and
28:09
England
28:09
Protestant and what this meant in has
28:13
some logical value terms is that the
28:15
Austria they still contained to read our
28:17
stock on the high schools took very late
28:19
shortly the time manner involve are
28:21
going up there steep and natural law
28:24
natural rights and recency in cosmology
28:25
in general more than Germany and England
28:30
Britain were influenced by Calvinism and
28:32
Thomas evangelical as in which tossed
28:34
out the supposed scholastic method and
28:36
an addition addition of that and of
28:38
course our thought was not read Hegel of
28:40
course was it was Protestant or
28:42
something for Mollison so we have the
28:44
Austrians speak on a very different
28:45
tradition religious and falafels
28:47
perdition you know the Germans orally
28:49
British and the new book by very
28:52
steadily by various very interesting
28:54
thing about that he points out his best
28:56
article there was one by Smith himself
28:57
on the philosophical climate of Austrian
29:00
economics he points out not just an in
29:02
reading Aristotle but the lead the big
29:04
philosopher of Austria was fundament on
29:07
over those Harrison T nian Rio us – we
29:10
got read all the time all over the place
29:11
in Austria and also points out the
29:13
mayor’s principle he has paragraphs from
29:15
Langerak paragraphs in Brentano showing
29:17
almost identical than their basic
29:19
epistemology a view of natural law of
29:21
essences as I think so call exactly or
29:25
the essences of action the connected
29:26
cause and effect only seem very close –
29:28
Brent and I knew each other by the way
29:30
they interacted a lot their value
29:31
theories are quite similar to the
29:33
subject of an inferior Brentano
29:34
was quite similar Langer so though
29:36
tremendous interaction between menger
29:38
and Bob are very people on one hand
29:40
Brentano people on the other in brittany
29:42
yeah the more situation from my point of
29:45
you never you had Calvinism rampant
29:46
which was the phenomenon Adam Smith I
29:49
don’t think it’s an accident I’m Smith
29:50
tossed out short-run consumer value
29:54
about subjective utility because it’s
29:56
human subjective an inferior third
29:57
always a new Toria all the friend of
29:59
Jose read this stuff but Athenian
30:01
Calvinists could not believe in you can
30:03
rely on to consumers connection have
30:04
anything any dominance at all it was a
30:06
thick a lot of work they spent a lot
30:08
lately and
30:09
they believe in luxury expenditures are
30:11
obviously sinful anyway but weíll
30:13
determine real core determine
30:15
overstressed an industry hard work and
30:16
thrift and so we haven’t Smith a bias
30:19
toward Suresh designer tax consumption
30:21
heavily for example an end to stimulates
30:24
have usually Louis the channel saving
30:26
inter football productive investment and
30:28
also the emphasis course on late
30:30
believer pain is the real as a real
30:32
basis of value truly Ricardo is not
30:34
callous but James mill was Ricardo’s
30:36
control that’s a strong term I think
30:38
more and more believe James knows the
30:40
real heart of accordion ISM James Newell
30:42
was a Scottish Calvinist and and bide
30:44
the whole doctrines with Scotland came
30:46
to England and then tin unit John Stuart
30:49
Mill courses his father’s a great the qe
30:52
relationship with his father and the
30:54
only place for Friday to them might have
30:55
some kind of some kind of truth value I
30:57
think the mill no father-son
30:59
relationship great weird situation
31:01
anyway Johnstone mode we establishing
31:03
this whole doctrine and with Marshall
31:05
interesting enough II read Marshall as
31:07
countless moralism custody so lap
31:10
Marian’s allegedly value-free signed us
31:12
talking about the man personal Lac big
31:14
only because they’d shove a and stuff
31:15
about the importance of thrift than what
31:17
sort of stuff is the summer neo
31:20
Calvinism red one throughout the book
31:21
and I don’t think it’s an accident then
31:24
but people who are neo Calvinists types
31:26
don’t like to talk about consumers she
31:28
was a fickle on they spending on their
31:29
luxurious nests sinful anyway where’s
31:32
pain and hard work a threat that really
31:34
good stuff I don’t I don’t know of any
31:37
labor theory of value a person who’s not
31:39
brought in British tradition more
31:41
supports with economically with record
31:43
Ian let’s say I think Ron Barber despite
31:46
his peccadilloes and bringing back
31:47
productivity key personal development
31:50
theory cap on Chris I I recommend
31:52
reading my name is great I’m a slow
31:54
patient demolition of the enemy
31:56
magnificent those promise the reference
31:59
the marks in this thing uh maybe I
32:02
should recommend some more of these
32:03
reading like Barry Smith and sever I
32:05
just gotta finish dealing with marks in
32:07
my my work so uh so yeah he’s gonna flip
32:10
of paint other people interesting about
32:13
mom Barbara its reputation remarks which
32:15
you first a famous refutation which he
32:17
is review sort of speak of after Lee
32:19
Theory event a sort of had
32:21
basis of this theory temple entrance but
32:23
after Marxist volume three of capital
32:25
came out let’s put out by angles when
32:26
Barbara doesn’t ultimate demolition of
32:28
it he was generally accepted my
32:30
economist of the day Nathan you’re right
32:32
really until this day there were mark
32:34
says economist every weekend Lima theory
32:36
right they’re not labor values theorists
32:38
even Joan Robinson people like that mom
32:40
of course we don’t leave a theory that
32:41
they kill us but somehow the
32:42
exploitation anyway but that’s really
32:44
across the guts of economic aspect of
32:46
Marxism that’s was essentially
32:47
demolished don’t bother firstly the the
32:51
by the way the famous story here is a
32:53
true story that volume two of capital ed
32:55
assigned Marx have died Danglars was
32:57
engaged in his great work of coming out
33:00
with getting getting marks in old notes
33:02
together getting with a book form and
33:04
volume two of capital on the preface
33:06
angles teasingly sort of chimed in
33:09
childish like yeah organize the game
33:11
let’s see how the Marx is gonna solve a
33:13
problem the rate found reports was list
33:14
of Volume one of capital if if problems
33:18
come from exploitation of workers and
33:20
profit rates reduces then of course
33:22
Minerva’s capital there’s capital
33:23
investment how is it the profit rates
33:25
are really about the same of the market
33:26
so what’s this what’s the story here why
33:28
isn’t it true that the the profit rate
33:30
and say ugh heavy camp friendly camp
33:33
Eliza industries much lower but a profit
33:35
rates and ditch-digging
33:36
it should be very high he said well this
33:38
and the volume three Marshall saw this
33:41
great problem so he offered angles over
33:43
the contest what’s everybody get to it
33:45
and see how more solved it see if I can
33:47
predict I’m more solvent a lot of people
33:49
engage in this cut that’s of course
33:51
there’s no prize at the end a right they
33:55
came out also this hockety pockety
33:56
songless insoluble problem the movie
33:59
they have a labor theory of value want
34:00
you to give any give that up we give up
34:02
the idea of profit rates or equalize on
34:04
the market different only to the Marxist
34:06
thinking about be either one you know
34:08
anyway nobody saw that supposed to lanes
34:12
I think it comes out with a salute the
34:13
alleged solution which from Barbara gun
34:15
little loose patiently point five point
34:17
and shows and Marxist essentially gave
34:19
up and plis Lee gave up the labor theory
34:21
of value person obviously had to admit
34:23
the profits tend to be equalized on the
34:24
market and therefore they move here a
34:26
value is shocked and of course it marks
34:29
us admitted but he points out he has to
34:30
admit cetera cetera the interesting
34:33
thing is the reaction I think many
34:35
marshals
34:35
gave up the thing together I kill a
34:37
Lauria kind of a sweet it’s kind of a
34:39
sweet reaction Wallace Maria was an
34:41
Italian Marxist we didn’t have to wait
34:44
for bomb average we take you realize
34:45
immediately when he brought a Red Vine
34:46
into three the whole thing was shot I
34:48
mean very bitter but seeing previously
34:50
so the Capitals greatest book of all
34:51
time
34:51
it’s the fulcrum of worldwide for
34:53
whatever when volume three came Mallory
34:56
has said that Dom that this is the
34:58
Russian campaign of Marxism analogy
35:01
pushing the pony and rushing camión is
35:03
suicide
35:03
he’s had it Marxism is finished the
35:07
other Marxist were trying to remain
35:08
Marxist to this day when they did it
35:09
essentially changed me Art League terms
35:11
of the bait they said well Marx didn’t
35:13
mean mark didn’t mean it meant meant
35:14
back when he talked about value he
35:15
didn’t mean prices he didn’t mean
35:17
influence in the relative price they
35:18
meant something else you had some kind
35:19
of mystical embodiment of value does
35:21
nothing to do with a price system course
35:23
marks audience and redoing the prices
35:25
the mark this is typical for Marxist we
35:27
actually new criticism when predictions
35:30
are valent MUX makes a prediction of
35:31
example of workers are gonna get worse
35:33
and worse off until they finally revolt
35:35
and obviously not getting worse and
35:36
worse all often Marx’s reaction well
35:38
Marx didn’t mean more soil he meant
35:39
relatively were softer wealthier people
35:41
he will you shift the terms of the bay
35:43
can never be wrong with a non force a
35:44
fireable proposition so the Marxist
35:48
reaction law as those who continue to be
35:50
Marcus’s what Moore’s didn’t mean they
35:51
meant values in some sort of mystical
35:52
sense the values were body my labor and
35:54
nothing they were prices but Marx I
35:57
don’t think meant that but this is the
35:58
full-back position as the position poker
36:01
game we’ve got a local reputation
36:03
Bamberger
36:05
Mises tells the story about Otto Bauer
36:07
was the leading Austrian Marxist for
36:10
many years a friend of these at least
36:12
for a while and Bauer enrolled in Bob
36:14
Roberts seminars couple years in order
36:16
to refute it know the refute from
36:17
barbarous reputation marks because
36:19
fender actually never did it and
36:20
admitted the Mises one-time wall in the
36:22
office is it there’s no reputation a
36:25
labor theory value is shot and what
36:29
interesting thing is sort of footnote of
36:31
this is a saga is that most the most
36:36
highly praised recent book on Marxism
36:38
which is by Thomas soul Marxism also
36:41
takes the Marxist line of Bambara didn’t
36:43
understand Marx
36:44
something else and the strange but for
36:47
the marks they sold was essentially a
36:48
pro marks this book which has been
36:49
billed by propagandists is the
36:51
definitive critique in Marxism I leave
36:53
that here that’s kind of interesting
36:55
saga uh the is also a charming couple of
37:03
trauma caused by Alexander gray my
37:04
favorite humorous economic writer so
37:07
have atomic thought he’s going to Louis
37:10
tough is a marvelous book called
37:11
socialist tradition where he sees he
37:13
went almost socialists he talks about
37:15
the attempts of various Marxist are
37:17
explain why Marx didn’t really mean
37:18
value what did he really mean when he
37:20
talked about value he takes off on GD H
37:23
Cole’s book or what Marx really meant
37:25
and tries to explain this at cetera so
37:28
here’s a he’s a charming quote from
37:30
Martin gray see this critique Ercole the
37:34
identity of valuing embody labor was
37:36
surely something more authority approved
37:38
which therefore required proof and
37:40
opening pages of capital if the identity
37:42
of valuing Labor’s matter of definition
37:43
as them what’s the neo-marxist an
37:46
assumption at least we know the meaning
37:47
Marx attaches the value in that case
37:49
pretended proof in the opening chapters
37:51
mere I wash since one state to another
37:54
but we’ve not proved definition so for
37:56
whole things simply a definitional value
37:57
because I say it is but one thing go
37:59
through the whole book also in that
38:01
Casey Anthony’s to me fear in the whole
38:03
of capital resting on arbitrary
38:04
definition which implies the conclusion
38:06
to be reached an example of monitoring
38:08
mainly in a circle even more than the
38:10
most critical critics are thought
38:11
possible
38:12
if on the other hand man identity
38:13
Evangeline Libra is a matter of
38:14
provement not a definition we still left
38:16
the group the meaning Marx attachment
38:18
for word value uh to conclude with with
38:22
Ray Marx’s value theory to witness bond
38:27
barbaric or mr. Joseph H WB Jones or
38:29
book on labor theory value remarks to
38:32
witness pong ball Gregor Joseph carving
38:34
out Marxism but a pedestrian pleasure
38:36
these are about pedestrian writers who
38:39
were so pedestrians the clutch of the
38:40
plain meaning in words not realizing
38:42
that what Marx really meant Kohl and no
38:45
necessary connection when what Marx
38:46
undeniably said
38:49
the witness marks surrounded by his
38:52
friends isn’t war a joy of an entirely
38:53
different order but it’s fairly clear
38:56
that none of them really knows about
38:57
marks million men or even a considerable
38:59
doubt as to why he was talking about
39:01
there are hints of Marx himself does not
39:03
know what he was doing in particular
39:06
there’s no one to tell us what Marx
39:08
thought he meant by value I think that’s
39:10
a sense the last word on Marx because I
39:12
think that I’m the entire that’s a whole
39:14
other saga
39:16
by the time marching in Canada see a
39:18
religious prophetic religious movement a
39:20
weird kind what I’m advocating here is
39:23
essentially back in bohm-bawerk and put
39:24
that a sloganeering term milonga has
39:27
been denigrated is essentially for foley
39:29
a Maggie readmission applied by gearing
39:32
austrian economics to or capital and
39:34
interest and and successfully so I think
39:36
an in Feder of course will add him to
39:39
the arrow here and I have been Mises so
39:44
I think that’s why I think that’s
39:45
basically we want to say in the lecture
39:48
and come here few minutes but I wrap it
39:50
up over question I guess Marie my
40:01
question is is that Baba Brook was a
40:06
[Music]
40:09
different approaches feeling
40:11
governmental bureaucracy do I have a
40:16
daddy just essentially this uh-huh
40:20
you’re powering office more tolerant
40:23
your honestly know how different
40:25
pretty-pretty someone me Baba Bert I
40:27
just say about valve army we’re not
40:28
called a pure academic matter to is a
40:30
civil service member of parliament
40:33
bombardment Ministry of Finance I think
40:35
Minister of Commerce for a few years
40:38
Barbara’s Minister for has several time
40:40
you serve ultimatum of our my
40:42
professorship and Minister of Finance
40:43
he was the one responsible for going
40:45
through the gold standard and gently
40:47
free-market
40:47
– I’m thinking he didn’t engage in a
40:49
political economic analysis as much of
40:52
these instead basically I think in the
40:53
same area and one of the mother might
40:58
one another bump American mystery is
41:00
there’s no licensed personal biography
41:01
of minger
41:02
biography my barber other research
41:05
projects nothing
41:06
one of the bottom of our die failing I
41:09
died immediately after the wall one
41:11
broke out stories you might’ve committed
41:13
suicide thinking very depressed there’s
41:16
a whore’s and at the end of the Western
41:18
civilization he was concerned that
41:19
there’s also story might a committed
41:21
suicide was all of that so that’s the
41:24
whole whole question about their own
41:26
world’s falling apart the West Point
41:28
Farkle classical liberalism peaceful
41:30
world peace what you’re so blind so long
41:33
I don’t think their views would feel
41:34
like some of us and I think they mean
41:35
I’m all right dynamic muara and have
41:37
much time for any much except this he’s
41:39
three-volume work and different editions
41:41
I’ve got a different art Marius journal
41:43
articles but basically he too is was
41:45
wrapped up in statesmanship I’m not sure
41:48
what his theory of your are concealed
41:49
again this is here the home planet I
41:51
don’t know if they’re bomb bomb back
41:52
taking must be football right paper
41:53
somewhere I’m not sure where they are
41:55
something the explore yeah if they’re
41:57
free a couple of things about mayor high
42:00
entrance it as a reduction of the
42:01
principles that I was an activist in the
42:03
Liberal Party maybe that will help give
42:07
us indication of policy why sure could
42:10
be could be none I guess liberalism with
42:11
many things could be like a feral in
42:13
Belgium it could be some sort of
42:14
mothering moderate I’m not sure you’re
42:16
sure as they try slow climb to use a
42:18
hardcore lead if you’re a liberal bring
42:26
that angers position on a ghost and not
42:31
acknowledge favorite for my first give
42:37
it limited that national stage you know
42:39
I thought was probably true but he only
42:42
hangs up status in rocks in his book on
42:45
money so who is he up Bush the following
42:54
the Mary Smith I’m anger is not a
42:56
political theory their political views
42:57
keeps talking about tree and political
43:00
tyranny he ot vos with our theme lots
43:03
I’m not sure how you pronounce it but he
43:06
sounded pretty pretty status to me I’m
43:08
not know baby Marriott Bush
43:12
the servation that the Austrian Empire
43:15
should maintain traditional custom have
43:18
local control over things over time
43:26
actually he was serving whoever shoulder
43:30
but he didn’t have any suggesting that
43:36
the desirable to maintain customs of the
43:40
old regime are definitely like the
43:43
auction didn’t want to have a democratic
43:49
very much again hmm
43:54
literature that remember that pointless
43:56
Slavic remain in Vienna the maker and
43:59
Rudolf of co-authored anonymous
44:02
political pamphlets trying is not very
44:04
hard core and they just love affair
44:07
that’s trying it Rudolf got the Exile do
44:09
and I’m gonna passed for its rider I got
44:12
yeah yeah there ain’t what an anonymous
44:16
like I don’t pseudonymous like learn the
44:19
hidden linger that’s right you might say
44:24
a few words about these are and how it
44:28
is that he got the somewhat odd use this
44:30
for an Austrian that he did uh while I
44:34
was a Fabian socialist Rick Stevens also
44:36
a figure I would certainly doesn’t white
44:37
like one alright like hardcore market
44:40
person and you also use these I think
44:44
the patch the first one to use the idea
44:45
the pig louver the idea that says if you
44:48
have a diminishing marginal utility of
44:49
money it somehow this means that you
44:51
should have a progressive income tax
44:52
they’re equalized to maximize general
44:54
social utility I think of the origin of
44:58
that I’m not sure how you know why you
45:00
deviate or whatever then the personal
45:01
biography hit me I don’t know I know me
45:05
so soon as no sir my collections very
45:06
bitter about about visa didn’t kisser is
45:11
more valuable man fact when Hayek was
45:14
first introduced himself to me as he’s
45:15
been at a letter of recommendation from
45:17
Deezer which almost killed Hayek’s
45:18
chances the thesis
45:21
not quite fit then I’m not gonna set a
45:23
positive recommendation so I’m not sure
45:26
about getting in it’s another I don’t
45:27
mean I read Mises Reiser social-economic
45:29
didn’t thank my job but and I didn’t see
45:31
much in their value um there’s a section
45:36
in volume 2 of my bothers from a section
45:39
called the law of costs in which he
45:43
elaborates on the cost reduction view of
45:45
price determination and he says that
45:48
it’s possible to reconcile this with the
45:51
demand utility approach yeah so you
45:53
reconcile the backward looking toward
45:57
the past price determination with the
46:00
looking toward the future here well the
46:02
closer the course of looking in the
46:03
future over the course of expected
46:05
productivity is a of the factor to the
46:08
consumers so the canova the costs are
46:11
what’s a subjective concept well it was
46:16
given people paid with factory the
46:17
production they think will bring certain
46:19
value to the end for nerve based on what
46:21
consumers will pay for how much will be
46:22
produced what consumers will pay for it
46:24
I didn’t think he was using that class I
46:27
think version of causes monetary that
46:32
way and I I’m not quite sure how I was
46:36
how he’s able to tie them together well
46:40
I think gun I’m basically taking recipes
46:42
this version of course like yeah it’s I
46:44
realized that was developed moral at
46:46
overtime but thinking this stuff
46:48
basically a opportunity course Austria
46:53
that’s our only Japanese looks nothing
46:55
what a battle was yeah Larry White says
47:01
that bomb bobert was distinctly not the
47:03
proxy ologist and that Mises work the
47:05
methodology was to some extent
47:07
repudiation of his mentor do you think
47:10
that’s what you talk about nothing
47:11
well why didn’t these never say it was
47:13
none Mises was not reluctant to talk
47:14
about what the views were there’s
47:16
nothing that means it was thinking
47:18
repudiated from Barbara quite the
47:19
opposite he was hailed him as his
47:21
predecessor style now bar X presentation
47:25
is really quite logical it is kind of
47:28
logical deep
47:30
reading his book it’s like he starts
47:32
from scratch and then built on our sinks
47:34
it’s just great status me the ridiculous
47:37
to think that there is any kind of
47:39
principle difference between the two
47:41
even though the mother could not write
47:43
much on the one methodology a summary
47:46
marks various places but there is no
47:49
leakage yeah this beautiful people book
47:51
I’m Barbara actually one of the problem
47:53
Obama is I realize before the smart
47:55
translation of the first edition and so
47:57
the Zen holds translation is a third
47:59
edition but I think I think I don’t know
48:03
German that well I was smart was a much
48:04
better English writer in English so they
48:06
bomb Barbara I got a smart addition it’s
48:09
a great writer and this flows
48:10
beautifully so I don’t know whether it’s
48:12
a smart himself it wasn’t self with a
48:13
writer or whatever but I would recommend
48:15
mean that if they get the flow of Umbara
48:17
step-by-step like me or evident pissed
48:19
together that was traditional
48:21
translations kind of Chompy wooden and
48:24
matter of fact my told a memo quatre
48:26
about this of course both translation
48:29
already know he said he thought the
48:31
smart kind lies with a better period so
48:33
let’s yeah you really explain the
48:38
difference between maker blowers and
48:41
meeseeks and lachman’s notion of capital
48:44
and how lachman’s notion of capital and
48:47
structure production needs to Annihilus
48:50
you month months Loveland book Kaplan
48:54
with structure is basically from Barbara
48:56
at me vestian book it’s the earlier lot
48:58
like mine weeks one okay and that was
49:01
the odds of got some fine book on hold
49:03
for it so it talks about this how the
49:05
stock market fits into all this other
49:06
titles to share I’m a share of shares of
49:09
title as the Campo fit into the whole
49:11
structure of allocating resources the
49:13
Heartland best manner etc that’s a great
49:15
book as an essentially bond Barbara Mays
49:17
Sen book what happened was a long line
49:18
after somewhere sometime after that
49:20
discovered shackle on nihilism and then
49:21
came to shock healing so that’s you know
49:24
it’s not come on – there’s not much you
49:27
can say about that it’s institutionalist
49:29
the nihilist institution there are no
49:31
economic laws you can’t predict the
49:33
future you know what’s going on it’s all
49:34
sort of chaotic collided kids mock my
49:38
lysis put it and
49:40
that’s about it I mean it’s kind of a
49:41
boring cleanness I mean even for a true
49:44
would be boring its course full spencey
49:45
it’s really about what you can say is
49:47
everything is colliding and period and
49:49
you sort of white battle of economics I
49:53
think I don’t see much design I think
49:54
that bomb bomber a definitely he’s more
49:56
than means Sen praxeological tradition
49:58
and manga a sense of step-by-step
50:00
analysis everything flowing logically
50:04
axioms yeah quadrant very earlier he
50:07
said that he thought there was a mama
50:10
bear was unfair to forego would you say
50:13
something similar to that about the
50:15
treatment Cassell no I’m really use
50:23
focus on okay so is our aggregate of
50:25
this type of a Fisher type but uh and
50:31
also didn’t have the sort of the act IRA
50:33
view of price index video etc he might
50:36
have been a bliss ago you can’t doesn’t
50:38
say you have this or he had this idea
50:39
everybody before endless has to be
50:41
demolished and once in a while on
50:43
something else unfairly and I might be
50:46
with the only one he didn’t did he
50:48
didn’t do that with John ready
50:49
but of course drawn writing he
50:50
discovered after it was discovered after
50:51
he wrote of this first edition and 1903
50:54
or whatever he came out with us the
50:55
dishes many hailed John razor great
50:57
predecessor so about that time he sort
50:59
of established a strategy for first
51:02
Vanya so it might be and I might be a
51:04
friend you can’t you know it sort of rub
51:06
never go back and then check it yeah if
51:11
the paper favorable to Georgia is still
51:17
in Hayek spaceman well how is it known
51:20
that Mubarak was so favorable in the
51:24
beginning Kamiya disposes what he said
51:27
nope I reported this many here was to go
51:30
the Christie reason predecessor his own
51:32
work so wrong that’s only happens in
51:36
certainly is only a totalization
51:39
the marvelous he got a translation in
51:41
English translation Wolfe true girls
51:42
economics works by growing Reagan
51:44
he’s got the end there reporting this
51:46
high so I could see hike disgorge
51:49
elasaur as a state or whatever and get
51:51
the
51:51
get this get a translator or whatever
51:53
should be fascinating yeah my name’s be
51:59
nothing else home dangling I think
52:02
you’re being a little unfair Tom sold
52:03
blue book about Marxism I think that the
52:07
sole point about Marx and labour
52:11
definition of Agrifac I think Tom states
52:14
specifically in this book that Marx did
52:16
not give a Labour theory of value he
52:18
gave a labour definition of value and
52:20
just this is a bit of controversy and
52:22
given that Marx is in many cases not
52:25
sufficiently coherent to be termed right
52:27
or wrong I think that you are being a
52:30
little bit unfair nothing I mean month
52:32
now fair enough
52:33
because he’s not God I yeah he says it
52:37
but Marx he says that these other guys
52:39
ever mentioned never sight marks
52:41
directly Samuelson’s I’m sorry he said
52:43
Marx never has a labor theory it doesn’t
52:45
mention the word labor theory of value
52:46
and I present did and then as a reviewer
52:49
fights they were Randy steel our
52:50
international photo of quarterly points
52:52
that app this knee on the sole of the
52:54
wall on this point Babbitt right in
52:56
their quotes it and so I think that’s he
52:59
does other things like that to a great
53:00
arrogant I mean so it’s bad enough to be
53:03
arrogantly your justify this is very
53:04
good saying very bad at me arrogant
53:06
what’s not justified at all nothing at
53:07
stake generation with soul I think the
53:10
Khan might look definitely better as a
53:12
reduction of marks and so all is I think
53:15
what happened so if you read the soul
53:17
book carefully you’ll finality citations
53:19
almost a little about early before 1963
53:22
so it’s pretty clear you wrote this is
53:24
the question of his notes written when
53:25
he was a Marxist so and just simply
53:28
simply put together and had you a non
53:31
anti-stalinist chapter that’s about it I
53:33
think that’s the really the inception of
53:36
a book was an annual book is
53:39
contribution last year yeah ginger
53:42
modern Marxist then attended defenders
53:47
line with there a value or rejected it
53:49
seemed like there’s a big problem either
53:51
one if amended then predictably
53:54
very silly things but if they rejected
53:56
there’s that sing without running Marik
53:59
everything collapses basically they tend
54:01
to reject it it’s named the Omaha social
54:06
for lost I struggle illusion of mankind
54:09
stages of funeral and period in our
54:12
socialism and all the rest of death that
54:14
they try to rescue but there my
54:17
knowledge is Marty any any Marxist who
54:20
will defend labor scenario even though
54:23
they all recognize that that is the
54:24
coral party
54:26
[Music]
54:27
it was wanted in why do I not becquer be
54:36
few and far between I can’t remember
54:38
what he said yeah basically they
54:42
fullback in saying I’m so general
54:43
sociology or whatever alienation of
54:47
course is a big one and the way materia
54:50
vana gets shunted aside somewhere but
54:52
it’s interesting is we cuz Marxism pens
54:54
too far is not in economics but another
54:56
softer discipline richer sociology only
54:59
be knighted areas where the flourishes
55:03
but any comics is really clean fairly
55:04
free of it even but even in the
55:13
communist cut-rate the leading forces
55:15
giving up more so than the economists
55:17
Yugoslavian hunger et cetera who is in
55:20
the forefront of abandoned whole damn
55:21
thing going on some sort of market among
55:27
economists adults right Marxist
55:30
I mean not Marxist in the sense that
55:33
they think that that is that they also
55:34
fee that they use their satellite
55:36
guideline or whatever you find it among
55:39
sociologists political science German
55:43
English literature
55:46
you name it you got it but the economic
55:48
alright Marxist this way okay
55:53
there Tuffy defendant has something
55:58
about that listen to me comics I think
56:00
that’s work that’s a conservative
56:01
influence than general you know the fact
56:04
you can’t can’t eat your cake and have
56:05
at the same time a service that’s some
56:07
but this is self discipline yeah yeah
56:15
really on the topic a little bit about
56:19
work on Mars
56:20
oh yeah is uh crazy yeah okay thank you
56:25
i hi
56:27
my happen to me is i stuff i set out to
56:29
write a short book a history of economic
56:30
thought that’s got longer hold on longer
56:32
because i can’t leave that good guys i
56:33
can’t leave out bad guys find more more
56:36
good guys bad guys all over the place a
56:38
case of marks I thought why I believe I
56:40
was about more slavery theory value me
56:41
know I found out of course is a lot more
56:43
to it and have apply my way through
56:45
Hegel well average something I’m not
56:47
wish on my worst foes any right the what
56:52
I think the essence Marx is worse than
56:55
we might think
56:56
in other words the whole things really
56:57
religious doctrine it’s uh comes from it
57:01
starts off with with the Christian
57:04
heresy when actual Neoplatonic movement
57:07
Christian heresy and I early Christian
57:09
period teams on it sometime underground
57:12
movement the basis of which onto the two
57:16
aspects are one is creatology the
57:18
science of how how the universe was
57:19
created or why did God create the
57:22
universe this might seem money here here
57:24
there’s otehr ectopic but they’re just
57:26
saying it up is right something like
57:27
pricey ology theology I find the Rangers
57:29
things something like pricey ology one
57:31
slip and you’re mad at one slope you had
57:33
the inductive chain you make one slip
57:35
somewhere in the early premises you’re
57:37
sort of finished your whenever bizarre
57:38
deviations so it happens the the
57:41
Orthodox Christian view which is the
57:43
safety of outline in all these areas
57:45
right I can see the Orthodox Christian
57:47
view of God created the universe I love
57:49
first creatures and there’s no political
57:50
implications of social entrepreneur this
57:53
the heretical view as the God created
57:55
the universe because God was
57:56
satisfied this was unknown Lee or
57:58
whatever whatever lady imperfect so he
58:03
sawed off with the but the the you knew
58:06
point which starts with us I would put I
58:07
know some of the old plating this goes
58:08
down is that you start with the world we
58:13
got a man are unified how man and God
58:15
could be created could be unified before
58:17
creation I don’t know don’t ask me to
58:19
explain this I can only report it okay
58:21
so goddam an assorted together one
58:23
cosmic blob but I’m but unfulfilled and
58:26
perfect then God creates the universe is
58:28
an act of desperation a transfer film
58:30
God’s functions or soul whatever and
58:33
then you have creation the creation
58:35
becomes them because heretical Christian
58:37
heresy view a an active evil because
58:40
what you have is you split the your
58:41
original immunity of man and God before
58:44
that man got a nature before creation
58:46
were unified it was a great thing about
58:48
it then with the creation of the
58:50
universe everything gets split into AB
58:52
atom atoms individuals species all rest
58:54
of it
58:55
so man the collective camp a lamb of
58:57
course the species is now cut off from
58:59
nature and cut off from God and what was
59:01
individual meant a call from each other
59:03
because they’re really a part of
59:04
collective blob so at this point the
59:07
good thing I’m asking about is this
59:09
alien this is where the constant very
59:11
nation comes alienation does not mean
59:13
psychological you know disturbance but
59:15
you don’t like what’s going on my on
59:17
alienation is a fundamental an act of
59:18
creation involve in creation itself mana
59:21
gautham nature alienated from each other
59:22
okay so then what happens as as values
59:25
determined determined process by which
59:27
God fulfills himself and some white man
59:30
will throw himself and a species
59:32
development and finally as a as an
59:34
ultimate act the final end of the
59:36
universe eschatology the yet the last
59:38
days where man of God we joined John the
59:41
great blob again at this time the higher
59:43
level you know the return now this ever
59:46
we want to say about this
59:48
it’s very collectivist okay because the
59:50
individual means nothing an image a
59:52
person there’s nothing just a cell on
59:54
this great collective organism and so
59:57
when you say mass progressing and means
59:58
the species is pressing toward us this
60:00
higher level and an ultimate reunion
60:02
with God what happens though then later
60:06
as things develop okay I was
60:09
after Christian here a little ages etc
60:12
this gets pansy eyes with Hegel the
60:14
entire Romantic period has a pantheon of
60:17
this God rock sound as a supernatural
60:19
person that are being whatever and you
60:21
have them what you’re left with is
60:22
collect the man species then fulfilling
60:26
finding out the man and water really the
60:28
same thing and that’s the ultimate the
60:30
ultimate consciousness every and why not
60:32
by the cosmic blob this time God has
60:34
dropped that man and gotta the same
60:35
thing have a sort of pantheistic they’re
60:37
always one okay this is the end of the
60:39
end of history and of the universe and
60:42
the entire Romantic period my ways
60:43
saturated as crap this is this is a
60:46
wonderful book by MH Abrams which I
60:48
recommend everybody Kohler natural
60:49
supernaturalism which is and analyze the
60:53
world Romantic literature and philosophy
60:54
basically Wordsworth and Coleridge and
60:57
Hegel Ashley eimacher and Schlegel and
60:59
Schiller all these people mostly German
61:01
and English they all have this midpoint
61:03
more or less now the D H Lawrence Bell
61:05
Wright idea that they have a species
61:07
development winding up of the end of
61:10
alienation everything is great perfect
61:12
as the end of history is the man is
61:14
reintegrated with nature and God on rest
61:15
of it so what you have with Marx is an
61:19
atheist version of this pamphlet Hangul
61:21
is a panther as tangled horse believe in
61:23
him some of the final culmination even
61:25
the ultimate God person he went to the
61:26
theory this makes him totally he’s the
61:30
world historical figure and Marx ate the
61:33
eyes that see instead of having sever
61:35
talking about God at all you just have a
61:37
collective species blob man capital and
61:40
so at your handedly the final
61:42
eschatology of course is look there’s a
61:43
communist system where everything is not
61:46
integrated well individuals are doing
61:48
together a collective language across
61:50
the end of history this is sort of a
61:52
Theon’s version of a pan theorized
61:53
version of christian original Christian
61:55
heresy or of neo platonic heresy and
61:58
have the apocalyptic you know final
62:00
conflict where they all these things of
62:01
course there’s a final conflict of good
62:03
and evil or good triumphs over evil we
62:05
have a puts it into the history all this
62:08
thing it makes I would say it makes
62:10
sense out of March we understand what
62:11
maybe he’s talking back he was involved
62:13
in this kind of a prophet of this
62:15
doctrine you look at it early possible
62:18
early poems even more interesting early
62:20
poems that means
62:21
kid of 12 okay it’s a graduate student I
62:23
figure if a graduate student responsible
62:24
of their own product
62:25
I didn’t he wrote these very interesting
62:28
poems which have been translated to
62:30
Muslim and play he’s was really
62:31
hair-raising because we such these sets
62:33
forth his program is before he knew
62:35
about Allegra theory back
62:36
it makes me this is my name is an
62:38
ultimate some vision in the world a
62:40
vision of the world wasn’t he said was
62:41
explicitly was he hates the universe
62:43
because God created it means a God’s
62:44
greater person that he is therefore his
62:47
goal is to destroy the universe which
62:49
fits in with Russell’s program it’s so
62:52
ey it’s a fascinating study you know how
62:54
could I leave this stuff out right as
62:56
the book keep growing rubbing a mess is
63:00
somewhat capsulated the version of the
63:01
Marvel of Marxian when you the Marxian
63:03
vision and of course first event and
63:05
this is course except it becomes a
63:06
communist and then he looks around for
63:08
other words he’s got the comes of
63:10
communist communism the final goal is
63:12
how you bring in a bat if you have
63:13
religion we have the second coming of
63:15
Messiah comes you have the mechanism of
63:17
course Marx couldn’t talk about a
63:19
messiah so what’s going to be anti have
63:20
some another the law of history that
63:22
determines the final outcome the rest of
63:24
his life he’s searching to the economic
63:26
forces how does this work – capitalism
63:28
inevitably lead to communist final or
63:31
apocalyptic moment worker working class
63:32
takes over trying to find the mechanism
63:35
so the last 30 years of her life of what
63:36
every trying to figure out how it must
63:38
work but the goal of communism is
63:40
establish from very early 1844 whatever
63:42
the rest of us kind of spin out how the
63:45
messy how the messianic age is gonna
63:47
take place without the Messiah
63:49
difficult to do it I guess he tried
63:51
humbly or whatever you might call and
63:53
flopped
63:55
anyways so a capsule feel of it yeah
64:03
most of the Marxist merged Marx’s view
64:05
yeah and by the way some good books on
64:08
this the Tucker bugging the best bug was
64:10
extremely difficult reading
64:11
it’s Robert C Tucker at school
64:13
philosophy and myths and Karl Marx and
64:15
it’s almost the difficult reading of
64:17
Marx himself or Hegel but that’s very
64:18
science worth it and I really got
64:21
mostess looseness in there all the books
64:23
boost massless book is a paperback all
64:26
meaning of meaning of poem arkla right I
64:29
was quite good I was surprised but man’s
64:31
eyes are usually a Freudian historian
64:33
this time
64:33
is really yours purchase played it
64:35
straight talk about the religious
64:36
prophetic we have now more young stuff
64:39
which is a pretty good on all of us
64:40
analyzing and we’ve more less
64:42
transcended the idea of the early
64:43
marksmen on the late marks one marks one
64:46
bad guy okay it’s starting out with this
64:49
communism a destruction eschatology and
64:51
trying to figure out how it kind of work
64:52
it and interesting enough the idea there
64:55
were two Marx’s Lee are the humanist
64:58
type said yes the early Marx is great
65:00
because the early Marx talks about
65:01
freedom and alienation then he gets
65:03
badly talks about labor theory of value
65:04
economics to rational so this is the new
65:08
left Marxist and then you have the
65:10
Stalinist like how to say so no no the
65:12
early Marx is crazy the late Marcus
65:14
great determine economics and of course
65:17
there is only one Marx so different
65:20
aspects the same galoot yeah yeah yeah
65:27
doesn’t soul in his book I hold this
65:30
young I think something didn’t talk
65:35
about fold mapping s back much at all I
65:37
think he does yeah
65:38
right yeah I missed many go work for
65:41
this so go wrong or part of the cranes a
65:43
total matrix well he thinks it bombard
65:46
could not refute more seen more didn’t
65:49
understand Marx and that more students
65:51
wouldn’t talk about prices and I’d like
65:53
that and it doesn’t going to deal with
65:56
much of any of this that’s the week but
65:59
Conway Leon has quite good me is not
66:01
perfect that’s I think deals most of
66:03
these once the problems not so much of a
66:06
religion aspect but uh ready where David
66:11
Rabe’s deal oh it’s a short reveal in
66:15
steel he has the quote running the
66:18
business the inner international falafel
66:24
portal II see what the issue was
66:27
it’s uh June 1986 international falafel
66:30
quarterly and say it could be longer
66:32
it’s a nice short it’s a short be really
66:34
really Spears but solo said wasn’t marks
66:37
nowhere refers to a theory of value
66:39
despite numerous and undocumented
66:41
interpretive literature to the contrary
66:43
what’s steel point I was there it is
66:45
sigh
66:46
the exact exact quotes so that was just
66:49
one feature of it I’m sure so I’ve steel
66:52
if necessary I got a whole thing they
66:54
ought to say about solar book does that
66:57
Mars
66:57
so I David was yeah sure sure yeah mark
67:05
a couple of questions before mark
67:07
speaking to be damaging look what was he
67:10
doing happy
67:14
he was interesting economics and first
67:17
the first wrote poems about destroying
67:20
the universe that was a first step and I
67:22
became migaila okay and economics comes
67:26
in much later he’s trying to figure out
67:27
to say what the path is towards totally
67:30
another allegedly inevitable communist
67:33
[Music]
67:39
Marx just put in my name is going man
67:46
angle yeah I don’t know about that
67:48
madness well I don’t know I’ve been you
67:51
know it’s interesting I’m Gary North was
67:53
written the second edition of his book
67:54
on Marxism Marx and religion and
67:57
revolution all right and look Gary all
68:00
kinds of angles really did most of the
68:01
work even the theorist I think he really
68:04
marched his march out a PhD and angles
68:07
didn’t the early case the PhD itis I’m
68:10
not sure about that I’m I’m at the I did
68:12
since interesting speculation nerve
68:14
there’s um various views of angles
68:17
really real theorists as other musing
68:19
was the bad guys the view fifties or so
68:22
angles with a Stalinist quote-unquote
68:24
I’m not really sure man needs more
68:26
investigation for one of the more
68:28
interested investigating because they’re
68:29
two were very close they kept them while
68:31
my mom Marx was alive he read everything
68:33
angles wrote and you know whatever so
68:35
sort of like I think so like a joint
68:37
product also there’s a tendency of
68:39
whitewash marks mice angles of a bad guy
68:41
for example it dialectical materialism
68:42
question hidden as a part of Marxism
68:46
Marxist don’t like to talk about because
68:47
the idea that dialectical materialism
68:49
applies all of life you know the cell
68:51
negates to sell a lot sort of stuff
68:53
doesn’t this doesn’t sit well the most
68:55
people so theories well angles are the
68:57
guys lives the door when in biology and
68:59
things like that Marx was it turns out
69:00
Marx was just as interested so I don’t
69:02
know it yeah that’s interesting my area
69:04
speculation
69:07
since his work he asked Darwin if he
69:10
would be alone on Medicaid much but
69:14
Darwin never replied 1/4 family I got
69:18
what she wanted but at least he gets a
69:20
greener and full marks for that might
69:24
like an Amex from his father
69:27
[Music]
69:35
all very very close relationship and
69:43
that was explanation why in spite of
69:47
effectiveness the fam of the marks that
69:51
the family of Marxist life was actual
69:54
toast to the marriage the only one of
69:57
our family who was in favor of the
69:59
marriage of Marx when miss Todd was his
70:03
father-in-law all the rest of them he
70:07
does affect that they were nobility
70:11
family and all the rest of it and Marx
70:13
was and Marx up till the end of his life
70:17
was very proud there is Turner green
70:21
Anna’s wife and whom green calling card
70:24
Baroness on the spot that’s that’s why
70:26
he also made tremendous efforts to hide
70:29
and he also had intimate kids because
70:31
Carol if your marital wife from nobility
70:34
that’s not the kind of see you mother
70:38
yeah I know it wasn’t ready to the
70:40
amount of contribution of the book the
70:41
only place I’ve seen your Sulak standard
70:43
of living index is a what Marshalls
70:45
living on how much our purchasing power
70:47
was it was it turns out Marx jelly
70:49
living a very high income level so Klein
70:51
to imbibe mostly my egg rolls of course
70:53
might as other benefactors but if we’re
70:55
always bitching about the shortage of
70:56
money going following never paying back
70:58
and so forth that you’ve gotta live a
71:00
parent quite high income level went
71:02
through it like work then accuse
71:03
everybody else are having money fetish
71:05
Yeah Yeah Yeah right there are two so
71:09
later on
71:10
anything quite so hard to bury in once
71:12
for all my thing I detect a it’s
71:15
religious some religious movement and
71:17
its true believer kind of thing this is
71:20
the problem and you know penetrate some
71:23
rational argument that’s basically it I
71:26
mean that does happen afford people get
71:27
converted out of Marxism quite
71:29
frequently is a good spot that in the
71:32
Christmas special
71:35
[Applause]

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