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Classical Economics

By Murray N. Rothbard

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Description

The second volume contains an enlightening critique of Ricardian economics, showing the constraints on theory entailed by Ricardo’s static and pseudo-mathematical method. Ricardo’s successor John Stuart Mill is the object of a devastating intellectual portrait. Marxism is subjected to a merciless demolition, and Rothbard shows the roots of this system in metaphysical speculation. The French classical liberals such as Bastiat, on the other hand, contributed to the subjectivist school. A further highlight of this volume is a discussion of the bullionist controversy: the views of the Banking and Currency Schools receive extensive analysis.

Customer Reviews

Good, but not as good as the first volume

This second volume of a two volume set chronicles the development of economics in 18th and 19th century Europe. Like the first volume, the work is extremely thorough and presents a wealth of historical information; however, I feel that there is too much detail in this volume.

Unfortunately, this great work is marred by the author's attack on Adam Smith. Whether deserved or not, Rothbard does not present a thoughtful criticism of Smith, but instead characterizes him as a bumbling fool. It seems personal. The author asks, "Why is this man considered the founder of economics?", yet it is only a rhetorical question as he never attempts to answer it. His attack on Smith includes many criticisms that could likewise be made against his heroes J. B. Say and Turgot, yet for some reason they escape his wrath.

Furthermore, Rothbard does not hide his disdain for the attempts to create mathematical models of economics. Whether you agree with the Austrian view or not, his opinions are distracting. In this case, the title should be "An Austrian's View" rather than "An Austrian View", since (like his opinion of Adam Smith) it appears personal.

I would also like to note that the reader, Jeff Riggenbach, is very articulate and has a pleasant voice; however, he reads very slowly. I found that listening at 2X speed did not affect my comprehension.