Episode 35 – History of Economic Thought – 1 of 6 – Ideology and Theories of History – Murray N Rothbard

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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.

1. Ideology and Theories of History

History is not an inevitable march upward, as concluded in the 1830s. That determinist view put the stamp of approval on everything past and present. It permeates economic history. It ignores the great moral choices. History is a race between state power and social power.

The Whig theory of history implied that you do not lose any knowledge. It always just builds. Yet that is not true for history, science, or economics. Economics collapsed with Adam Smith. Most economists denied the role of price in determining cost. Few understood time preference.

Rothbard thinks Hegel is a nut.

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

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

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