Prices

But if a little time is spent on this formula of the five costs of production, it is simple to establish that there is no such thing as "surplus value," and that the "labor theory of value" is an oversimplification.

Presented by Rothbard at New York Polytechnic University in 1972.

Presented by Rothbard at New York Polytechnic University in 1972.

The disappearance of oil has been forecast every decade. Prices were overlooked. When the price is high it is more profitable to look for oil. Total reserves on the ground are higher than they were in 1890.

Thou shalt not sell a certain product or service below a certain price, e.g. wheat, cotton, corn, cheese, sugar. This will result in an artificial unsold permanent surplus, as it does in the American farm situation.

After all, as motivated producers are necessary for providing marketable goods, so motivated sellers are necessary for delivering these goods to the willing buyers.

Price is determined by the equilibrium price and the equilibrium quantity. If your good is not selling, you lower the price. If your goods fly off the shelves you are selling too cheaply and you raise prices.

Ah, the greens. They’re not just treehuggers anymore.

"A lesson in basic economics should suffice to defend against the sustainists' attack."

It is clear to see that government-mandated treatment cannot possibly lead to a more cost-effective balance between preventive treatment and future treatment.