Voice Recording of Ludwig von Mises

This is a recording of Ludwig von Mises (1881–1973) speaking on May 17, 1962. Mises discusses the history of capitalism and wages, and he was speaking at the height of the era of classical Keynesianism. Curiously, at the end, he proclaims that good profits and high wages “go hand-in-hand.” That was so in the Golden Age of Capitalism (1945-1973), but, with the advent of the new neoclassical economics in the 1970s and 1980s, real wages have stagnated or performed poorly in capitalist country after country.