Production Theory

In a depression, all prices must be allowed to adjust downward. Wages are no different. First and foremost, the government's artificial wage floor should be removed.

"While it would be more comfortable to get money for nothing, this would not be the wisest long-run policy solution to unemployment."

"Without the capital accumulation of modern capitalism, people would not be living from paycheck to paycheck as workers, but from harvest to harvest as peasants."

In a few short hours, I was assaulted ten times with the demand that I display social consciousness.

"There is of course no point whatever in trying to formulate independent 'laws' for the behavior of two interdependent quantities.

Economics is about human choice and action. The praxeological concept of time is not the concept of physics or biology.

Salmasius pointed out that moneylending was a business like any other, and thereby entitled to charge a market price.

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.