Austrian Economics Overview

Rothbard's approach to money prices is not as a barter exchange system. Instead, he made money prices the common denominator for all exchange ratios. You can now engage in economic calculation.

The mental constructs of the evenly rotating economy and of specific factors of production are discussed. Distinguishing between interest and profits and a construct of slow change are revealed through the ERE as Rothbard considers the final state of rest.The ERE construct is simply a useful, unrealizable, mental tool.

This middle chapter on production theory goes into detail on factor pricing and discounted marginal value product. The way Rothbard developed every aspect of production theory is unique. As the economy becomes more specialized and complex, the importance of this market process becomes greater.

Recorded at Mises University 2008.

Leading Austrian Economists discuss Henry Hazlitt's classic book Economics in One Lesson. Interview 1 of 12.

Exchange is the foundation of the division of labor. Each party to an exchange must expect greater psychic benefit than what he is giving up. Thus, trades are not equal, they are win-win activities. Property and ownership are value-free and a pre-condition of a free market.

Recorded at Mises University 2008.

Human action is defined simply as purposeful behavior. Men act by virtue of their being human. Action can be undertaken only by individual actors. Leisure is a good. Mises derives economic law from this axiom that the study of man is the concept of action.

Recorded at Mises University 2008.

Recorded at Mises University 2008.