Prices

The real threat to humanity comes from governments growing ever more powerful in the name of fighting climate change.

In a free market, no shortages would exist. In fact, it is very unlikely any of the earth's resources would be used up.

Nevertheless, economic law is relentless and Mises is still right: due price will be paid sooner or later.

Economics is not about goods and services; it is about the actions of living men.

Leading Austrian Economists discuss Henry Hazlitt's classic book Economics in One Lesson. Interview 8 of 12.

Our reflections thus yield the conclusion that an alleviation of cyclical fluctuations should be expected preeminently from a greater publicity among business enterprises, and particularly among the banks.

Price controls do cause shortages.

The pricing, supplies, and incomes of particular factor prices - labor and land -  and the effects of a changing economy upon them are discussed as Rothbard viewed them. The theory of rent is a highlight of this chapter. The Mengarian causal-realist tradition is integrated here.

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.

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.