I hereby found the American Franklin school of economics based on Ben Franklin's economic thinking. The Miseans think he is all wet, so by reverse logic he must be all good ( :>) , though we also learn from one of them in the essay below that "[Franklin's] essay has some remarkable similarities to the economic doctrine propounded by Keynes in the General Theory."
Charles "I suspect that many of you will ask: Does then, indeed, there exist such a vast or any difference whatever, between determining the values of commodities by wages, and determining them by the relative quantities of labour necessary for their production? You must, however, be aware that the reward for labour, and quantity of labour, are quite disparate things. Suppose, for example, equal quantities of labour to be fixed in one quarter of wheat and one ounce of gold. I resort to the example because it was used by Benjamin Franklin in his first Essay published in 1721, and entitled A Modest Enquiry into the Nature and Necessity of a Paper Currency, where he, one of the first, hit upon the true nature of value." >From _Value, Price and Profit_ http://www.marxists.org/archive/marx/works/1865/value-price-profit/ch02.htm Karl M also says this in _Capital_ Benjamin Franklin Was All Wet on Economics Mises Daily: Tuesday, August 01, 2006 by Alexander Villacampa http://mises.org/daily/2251 Benjamin Franklin is regarded by many to be one of the most influential of the founding fathers and a sort of "renaissance man"; an individual who delved into all aspects of knowledge and science. He is believed to have been the originator of such things as the lightning rod and wrote extensively on the moral arguments in favor of liberty. Franklin was also a diplomat and often represented that United States republic internationally. Though Benjamin Franklin may have contributed much to various fields of science and knowledge, one branch he did lack in was economics. Murray Rothbard left in one of his banking volumes an interesting footnote highlighting an essay written by Benjamin Franklin entitled A Modest Enquiry Into The Nature and Necessity of a Paper-Currency where Franklin offered interesting insights into the nature of money and interest rates. This essay has some remarkable similarities to the economic doctrine propounded by Keynes in the General Theory. Franklin held a firm belief that all economic output is valued according to the amount of labor funneled into the production of that good. He believed that "trade in general being nothing else but the exchange of labour for labour, the value of all things is, as I have said before, most justly measured by labour." Full at: http://mises.org/daily/2251 _______________________________________________ pen-l mailing list [email protected] https://lists.csuchico.edu/mailman/listinfo/pen-l
