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Re: Classicals and Austrians

fakename — Mon, 26 Jan 2009 17:27:48 GMT

Jon Irenicus:
Classicals held to a labour theory of value

An interesting side-effect of this was that some classicals held that increasing nominal prices were good because these prices reflected a high amount of labor expended on a product. They also held that increasing nominal prices would lead to decreasing real prices. But I'm not an expert on classicalism but I did read Wealth of Nations and the above is basically an interesting monetary view that conflicts with austrianism.

But does anyone know if classicals held a theory of the business cycle? I can't find one.

Re: Classicals and Austrians

Jon Irenicus — Mon, 26 Jan 2009 14:28:53 GMT

Classicals held to a labour theory of value whereas Austrians hold to the marginal utility theory of value. Classicals treat economics as the science that studies the production of wealth, whereas Austrians treat it as part of the science of human action. Have a look at George Reisman's works on the Classical economists for a revised view though.

Re: Classicals and Austrians

scineram — Mon, 26 Jan 2009 08:39:55 GMT

What is economic ideology?

Classicals and Austrians

Schmitto2121 — Mon, 26 Jan 2009 04:48:41 GMT

What are the differences in their economic ideology?