Herbener Contributes to New Book on the Theory of Costs

My friend and department Chairman Jeff Herbener has a chapter included in the new book The Economic Theory of Costs: Foundations and New Directions edited by Matt McCaffrey and published by Routledge. Herbener's chapter is entitled "Time and the Theory of Cost" The abstract reads as follows:

Production costs in Neoclassical models account for the physical conditions of production (MPP) and consumer demands (MR) but fail to incorporate time across the structure of production. Incorporation of real time in production necessitates the recognition that capitalist-entrepreneurs make production decisions. They discount the MRPs of factors when buying them in advance of selling their output and they must speculate about the DMRPs of factors in the face of uncertainty of the future when deciding what they will pay for them. This chapter develops a theory of cost in light of capitalist-entrepreneurs acting in real time.

It is a joy to work with colleagues who continue to add to our understanding of the laws of economics--laws that declare the glory of the Lord.

Herbener on The Tom Woods Show on The Standard of Living

My friend and Department Chairman, Jeffrey Herbener, was on the Tom Woods Show talking about the American standard of living. Is it falling, and will our children will be worse off than we are? Herbener and Woods talk about it.

Socialism: Dream and Reality

I was again asked to be a guest on the program A Plain Answer on the Redeemer Broadcasting network. Host Dan Elmendorf and I applied both economics and Christian ethics in considering the dream versus the reality of Socialism. There was even a bit of the Westminster Longer Catechism thrown in. A good time was had by all. You can listen to the half-hour program by clicking here.

Not Dead, but Deadening

Alas, the dream of socialism is not dead. A perusal of the on-going New York Times series "The Red Century" reveals that well enough. One contribution to the series calls for a revival of socialism--this time it really will be more democratic, kinder, and gentler. It has been reported that membership in the Democrat Socialists of America is at an all-time high.

Before we giddily embrace socialism as the cure for our economic ills, we should be very aware of what we would be in for if we did. Watch the presentation below and be instructed. Rafael Acevedo and Luis B. Cirocco told the sad tale of their own nation Venezuela at the most recent Mises University at the Ludwig von Mises Institute in Auburn, Alabama.


Please don't be fooled by the siren song of socialism. It leaves poverty, starvation, and death in its wake.

Ritenour on A Plain Answer

Dan Elmendorf and I discussed issues relating to personal finance that my wife and I learned relatively early in our marriage that helped us avoid some financial pitfalls on this week's episode of A Plain Answer. It is a program on the Redeemer Broadcasting Network. You can listen to the podcast of the program by clicking here.

Although most of the time we discuss personal finance issues, we do talk about the effects of the Federal Reserve holding interest rates down so low for so long (Hint: they are not good). We also talk briefly about President Trump's economic policy decisions thus far.

Ritenour on the Tom Woods Show!

Talking Mises Reader. On his show today Tom and I have a fun discussion about my new edited volumes of works and excerpts by Ludwig von Mises. Woods calls it a great intermediate level introduction to Mises and Austrian economics. We also get into Mises' economics proper. You can listen to the episode below: