Introduction to Economics: A Private Seminar with Murray N. Rothbard
By Mises Institute
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This informal seminar with Murray N. Rothbard was recorded in Toronto, Ontario, on 4 September 1983. Special thanks to Don Morrison for making these recordings available.Download the complete audio of this event (ZIP) here.
||CleanIntroduction to Economics: Part 2||Rothbard continues the Crusoe analogy. He covers subjectivity of value, and the concept of marginal utility.||1/8/2010||Free||View in iTunes|
||CleanIntroduction to Economics: Part 1||Starting with Crusoe economics, Rothbard builds the economic concepts which can be developed by this analogy.These concepts are the axiom of human action. Among them are: man acts, man acts by virtue of his existence, man acts with purposeful behavior,...||1/8/2010||Free||View in iTunes|
||CleanIntroduction to Economics: Part 4||Costs are always ex ante. There are no such things as social costs or social benefits. Costs are determined by how much entrepreneurs think consumers will pay. Costs are not determined by supply and demand. Nobody waits for costs to raise prices||1/8/2010||Free||View in iTunes|
||CleanIntroduction to Economics: Part 5||The entrepreneur is the major risk bearer. Business return on capital is long run profits or losses. Real rate of interest is determined by time preferences. Government contracts are cost plus. Medical costs are higher because supply is so restricted by government intervention.||1/8/2010||Free||View in iTunes|
||CleanIntroduction to Economics: Part 3||Rothbard considers how prices are determined by supply and demand on the free market. All long shortages are caused by government interventions. Forecasting is not possible. Economics is not an objective science.||1/8/2010||Free||View in iTunes|
||CleanIntroduction to Economics: Part 6||What causes business cycles? Keynesians say the cycles happen because the free market economy does not spend enough. Thus, pump spending in. Additionally, Keynesians say that animal spirits cause these cycles. Government must fix things. Nobody could understand Keynes' General Theory. What was simply obscure was wrongly considered deep.||1/8/2010||Free||View in iTunes|
||CleanIntroduction to Economics: Part 7||Deficits are equal to expenditures minus taxes. Reagan spoke of cutting government spending, but meant only cutting the rate of growth of government spending. Stagflation appeared in 1957-58. Inflation during a recession was not supposed to happen. It happened again in 1973-75.||1/8/2010||Free||View in iTunes|
Rothbard for President
This ultimate thinker and amazing orator is greatly undervalued in our current society. His logic and humor are beyond reproach. It’s a tragedy that more responsible adults don’t hear his message. Whether you agree or disagree, he presents his arguments with the most eloquent and understandable logic that he demands thoughtful introspection.
Listened to this about a decade ago while finishing my degree in the study of Neoclassical Economics.
This lecture and the lessons learned from Rothbard, Mises, & the other Austrian Economists have given me clearer view of how the world works.