Capitalism: A Complete and Integrated Understanding of the Nature and Value of Human Economic Life. By George Reisman. Ottawa, Ill.: Jameson Books, 1996. Pp. i, 1046. $95.00. ISBN 0-915463-']3-3 ~=~IV = eorge Rcisman was a student of both Ludwig von Mises 1 ~and Ayn Rand. Yet, Reisman's Capitalism discusses few ~, ltypically Austrian or Objectivist themes. Amazingl)~ in ~a more than 1,000-page book, ostensibly influenced by both Human Action and Atlas Shrugged, there is no index entry for entrepreneurship. Nor will one find entries for the market process, subjective value, or evolution. Austrian business-cycle theory and welfare economics are unexpectedly under-represented. This list of lacuna is brought forward not as criticism, but to emphasize that, particularly in its most original aspects, Capitalism stands somewhat apart from any school or living tradition. Mises and Rand have influenced Capitalism, but surprisingl)~ Reisman's greatest influences are Adam Smith, David Ricardo, and John Stuart Mill. The Division of Labor Reisman begins Capimlum with a classical theme, the importance of the division of labor. In a wonderful section, he mixes standard Smithian themes with ideas from Mises, Hayek, and Rand to achieve important insights into a division of labor society: What a division-of-labor society
The Review of Austrian Economics – Springer Journals
Published: Nov 27, 2006
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