During the boom phase of the business cycle, the economy shifts to a more risky position as the result of entrepreneurs’ profit targeting. The duration can be used to quantify this risk and to determine the discount rate for calculating the project's present value.
It is through action that our subjective valuations become measurable in objective reality. This is why the action axiom is an irreplaceable launch pad for economic thinking.
George Reisman talks with Bob Murphy and shares anecdotes about his experiences with Mises and Rand.
Beyond being incompatible with natural rights and detrimental to the dissemination of innovations, the concept of intellectual property is a praxeological impossibility.
David Friedman discusses physics versus economics with Bob Murphy.
Jeff Deist and Dr. Jonathan Newman break down Chapters 2–4 of Man, Economy, and State. This is vintage Rothbard: precise definitions; hardcore explanations of property, prices, and exchange; the problems of "hegemonic" state violence; and a "beautiful" (per Dr. Newman) conception of social cooperation.
Jeff Deist tackles the first Chapter of Man, Economy, and State. So much of what economics texts get wrong is laid out brilliantly here by Rothbard, who gives readers the basics of action, means/ends, time, ranking, factors of production, and capital in this 77 page master class.
Providing the opening for Mises’s great methodological work gave Rothbard the opportunity to set down his perspective on the importance of the praxeological method.
Providing the opening for Mises’s great methodological work gave Rothbard the opportunity to set down his perspective on the importance of the praxeological method.
If time preference is genetically built into humans, are they double discounting future goods? Does this mean people should stop trying to weigh time in their calculations?
