Production Theory

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.

Presented by Rothbard at New York Polytechnic University in 1972.

Presented by Rothbard at New York Polytechnic University in 1972.

In order for anyone to make ethical judgments, he must know the consequences of his various actions. In questions of union actions displacement or unemployment for oneself or others will be considered unfortunate by most people.

Economists can say little about population and its size, despite the gloomy views of Malthus. More people are a good thing because of the division of labor. Living standards are higher when populations are higher.

As factors of production, supply and demand of labor, land and capital will determine how much the producer will get out of this process. This process occurs in different stages.

The objective of the corporate firm is to maximize profits and avoid losses - the same objective of the free market. But the costs are paid out before the income comes in. Stockholders will sell stock to shake up the managers.