America's Exceptional Economy

One of the great joys of teaching economics at Grove City College is being part of a department that includes Jeffrey Herbener, the most underrated Austrian economist working today.  This past April, at the annual Center for Vision and Values conference, Herbener gave a brief lecture during a panel on the American economy and entrepreneurship.

In his lecture entitled, "America's Exceptional Economy." Herbener traces out the reasons America's economy was once truly exceptional and briefly explains its decline. The key to both is private property. It was adherence to the concept of private property as both a Christian ethical and practical good that explains why America's economy became the envy of the world. It is statist encroachments against property that explains her decline. During Herbener's lecture he draws upon the work of Francis Wayland, Ludwig von Mises, and J. Gresham Machen. You can watch the entire lecture by clicking here. Herbener's lecture follows introductions and begins at approximately 2:10 into the video.