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News - Carl Menger's Theory of Institutions and Market Processes

This year marks the 150
th anniversary of a radical change in the way economists came to understand the logic of human decision-making and the formation of prices in society. There occurred what is often referred to as the “marginalist revolution” in place of the classical economists’ notion of a “labor theory of value,” which was generally accepted from the time of Adam Smith.
In 1871, there appeared two books, Carl Menger’s (1840-1921)
Grundsätze der Volkswirtschaftsliche, (or,
Theory of Political Economy. This was followed shortly after by Leon Walras’ (1834-1910)
Elements of Pure Economics in 1874. Menger, Jevons, and Walras each made their contribution independent of even knowing about the others’ existence. Yet, the focus, very often, has been on the common elements to be found in their respective expositions. ....

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The Hidden Truth About Wealth Creation

The Hidden Truth About Wealth Creation
this post authored by Keith Calder
The monetary system is all about aggregates. This doesn’t fit in very well with an ideology based on individualism. The problem is solved by mainstream economists having no idea how the monetary system actually works.
Bankers make money by shifting their debt products. To maximise profit they need to shift as many as possible.
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On a
BBC documentary, comparing 1929 to 2008, it was said the last time US bankers made as much money as they did before 2008 was in the 1920s. ....

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