What is your view of the English classic school of economics?

0:00The English Classical School, and my vision, as Shrimp had to recall, my vision of the history of economic thought, is that the English Classical School was the great detour, the great diversion from the mainline scholastic French tradition. The scholastic French tradition was a classic Basque French tradition, continental tradition was a subject and value theory. It was basically what I call pre-Austrian. I realize it's anachronistic to say it, but that's really what it was. With Adam Smith and Smith and McCarter, we have a tremendous shift toward a new kind of theory. A theory that still plagues us, of course, to the present day, namely that the real determinant of the value of prices, values and prices of goods, is not consumer subjective utility, but objective labor pain, labor toil, whatever you want to call it, and of course the production, which of course would be down to labored toil, and this was established, basically Smith and Mercado, and it then fell out of favor in England, and was restored by John Stuart Mill, a tremendous act of filial pietism, paying his great debt to his father, and by sheer intellectual bravura, and the fact that he had tremendous stature in England at that time, won the day again.

1:21to its unfortunate place in the history of thought.