When Adam Smith and the English classicals promoted division of labor as the most important ingredient in economic development, it took Carl Menger and his Austrian successors to point out that error and promote the proper economic theory of production.

Original Article:&nbsp;<a href="https://mises.org/wire/how-carl-menger-and-austrians-helped-steer-economic-theory-right-direction" target="_blank">How Carl Menger and the Austrians Helped to Steer Economic Theory in the Right Direction</a>

When Adam Smith and the English classicals promoted division of labor as the most important ingredient in economic development, it took Carl Menger and his Austrian successors to point out that error and promote the proper economic theory of production.{ai:summary}<p>Adam Smith got it wrong with division of labor, but Carl Menger and the Austrians set economics straight. #economy</p>

How Carl Menger and the Austrians Helped to Steer Economic Theory in the Right Direction

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