The Austrian School fails to conceptualise the internal structure of the firm

A random socialist and believer in Karl Marx’s hilarious ‘Labour Theory of Value’, Baron Maurice Glasman, said on Radio 4, this morning:

“The problem with the Austrian School…is that it doesn’t conceptualise the internal structure of firms.”

Having picked myself up off the floor from laughing, I thought I would try to entertain the good baron with a few YouTubes, just to get him started on this invisible subject:

Yes, no-one can know everything, especially about a rival school of thought.

For instance, there is much about Keynesianism that I will never waste my life reading, but the lectures above should help the baron get started with the Austrian School’s otherwise unknowable conceptualisation of the internal structure of the firm.

If you want to travel further, Baron Glasman, you might want to read Mr Klein’s book, too. It’s free. I know you socialists like that:

If that fails to be enough, write to me, and I can point you at some more books and articles by Kirzner, Hayek, and Böhm-Bawerk. Obviously, you may never have read Böhm-Bawerk before, because if you had, you would realise just what a joke the ‘Labour Theory of Value’ is, and how silly people sound who try to defend it.

You therefore probably won’t want to read the following works, as they might destroy your entire intellectual core, and make your whole life irrelevant. But if you can face it, try these tasty morsels, by Böhm-Bawerk.

Be careful though, many former socialists turn into raving Austrian evangelists when they open these two monkeys up. And we wouldn’t want that now, would we?


About Andy Duncan

An Austrian Internet Vigilante trying to live Outside the Asylum
This entry was posted in Austrian Economics, Podcasting and tagged , , , . Bookmark the permalink.

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