Austrian Economics: An Introduction

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1. Scarcity and Choice

  • Austrian Economics Introduction
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Tags Austrian Economics OverviewCapital and Interest TheoryValue and Exchange

02/12/2010Murray N. Rothbard

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.

Lecture 1 of 4 from Austrian Economics: An Introduction, presented at New York Polytechnic University in 1972.

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