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Alexander Tabarrok, “Review of George Reisman’s Capitalism: A Treatise on Economics,” Review of Austrian Economics 10, no. 2 (1997): 115–32.
I must say that considerations of space prevent my answering the other criticisms in the review’s opening paragraph, except to note that while I do not have an index heading of “subjective value,” I do have very extensive entries under the heading “marginal utility, law of diminishing,” including more than one major entry referring to pages that the reviewer appears not to have read, especially the pages containing a very lengthy quotation from Böhm-Bawerk that both acknowledges determination of price by cost of production and demonstrates how such determination represents the operation of the law of diminishing marginal utility. (The quotation spans pages 414–16 of Capitalism.) I also wish to note that my theory of the trade cycle is fundamentally the same as that of Mises, in that I attribute it to government-fostered credit expansion, not to the operations of the capitalist economic system. My treatment does not significantly follow along the lines of Hayek’s analysis, however.
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He is the author of Capitalism: A Treatise on Economics (Ottawa, Ill.: Jameson Books, 1996).
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Reisman, G. Reisman on Capitalism . Quart J Austrian Econ 1, 47–55 (1998). https://doi.org/10.1007/s12113-998-1017-0
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DOI: https://doi.org/10.1007/s12113-998-1017-0