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,...
From The Failure of the “New Economics”. Narrated by Josiah Schmidt.
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
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.
Rothbard continues the Crusoe analogy. He covers subjectivity of value, and the concept of marginal utility.
From The Failure of the “New Economics”. Narrated by Josiah Schmidt.
