Jeff Deist tackles the first Chapter of Man, Economy, and State. So much of what economics texts get wrong is laid out brilliantly here by Rothbard, who gives readers the basics of action, means/ends, time, ranking, factors of production, and capital in this 77 page master class.
The difference between modern economics and proper economic thinking lies in taking the step that comes after arriving at the "unseen," to the "unrealized."
Prices and purchasing power are determined by how individual consumers value goods and services. The "velocity of money" won't help us understand prices or the money supply.
Prices and purchasing power are determined by how individual consumers value goods and services. The "velocity of money" won't help us understand prices or the money supply.
Formal models of the economy, writes Murray Rothbard, tend to overlook a crucial instrument of change: entrepreneurship.
If you've wanted to read Human Action, this is your opportunity to hear it explained by great economists and scholars!
Some anticapitalists have tried to claim "good" entrepreneurs don't make profit the primary goal. Yet, without profit, an entrepreneur cannot serve the people who depend on him or her for goods and services.
If you've wanted to read Human Action, this is your opportunity to hear it explained by great economists and scholars!
Market entrepreneurship is what generates net value in society, whereas social entrepreneurship is primarily the use of that value.
If you've wanted to read Human Action, this is your opportunity to hear it explained by great economists and scholars!
