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Production TheoryValue and Exchange
Private entrepreneurs have solved many environmental problems by finding ways to turn garbage into something people were willing to pay for.
There is no truly equal way to distribute goods. But capitalism offers a way for more people to benefit from the process of bidding for those goods and services.
The EntrepreneurEntrepreneurshipProduction Theory
Calculation and KnowledgeCapital and Interest TheoryOther Schools of ThoughtProduction Theory
Free MarketsProduction Theory
Capital and Interest TheoryProduction Theory
The GDP framework and the output gap is an abstraction that does little more than provide justification for the interventions of government officials.
Economic growth is about transforming capital in useful ways. It is not about just making more stuff.
Calculation and KnowledgeProduction TheoryValue and Exchange
The paradox of "planning" is that it cannot plan, because of the absence of economic calculation.
In his recent Mises Daily, Dave Albin admirably elucidates the tangle of unseen, long-run consequences that has resulted from uncoordinated government subsidies to the sugar, corn and ethanol industries.