Value and Exchange

Men are always forced to choose between satisfaction in nearer and remoter periods of the future.

Caplan's claim that the value-scale approach is inadequate for explaining these effects is simply an incorrect interpretation of Professor Rothbard's theoretical framework.

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

Copernicus became the first person to set forth clearly the “quantity theory of money,” the theory that prices vary directly with the s

The attempts to create a double standard of gold and silver failed lamentably.

With an inflationary or deflationary policy, a government does not promote the public welfare, the commonweal, or the interests of the whole nation

Presented by Rothbard at New York Polytechnic University in 1972.

Congress decreed that gold and silver dollars should be interchangeable and put upon the Treasury a mandate to keep them equal in value. How?

Economics begins with the concepts of scarcity and choice. If there was no scarcity it would all be free. Resources like time and materials need to be allocated to economically feasible uses. This will depend on the consumers' demand for the final product.

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.