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.
Wise citizens would do well to stay tuned to the penny and observe what it reveals about monetary policy and the future of the dollar.
To the extent that human costs are attributable to price controls they are avoidable.
Congress and the others in political power in this country will not be satisfied until they have fully destroyed the US economy and replaced it with something we thought would disappear when the Iron Curtain finally fell so many years ago.
We define a bubble as the outcome of activities that have emerged on the back of the loose monetary policy of the central bank. In the absence of monetary pumping, these activities would not have emerged.
In sum, the real cause of continually rising food prices is the printing of money by world governments. And the real cause of actual food shortages is the prevention of profitable global trade in food by the ill-advised policies of the governments of the very people who are starving.
Such is not the stuff of shortages but of market prices coordinating the allocation of scarce resources exceptionally well — and in reality, not just theory.
No subject is so much discussed today — or so little understood — as inflation.
