Introduction to Microeconomics

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11. The Structure of Production

Introduction to Micro

Tags Austrian Economics OverviewProduction Theory

02/12/2010Murray N. Rothbard

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. In the earlier or higher stages, producers' goods must be produced that will later cooperate in producing other producers'  goods that will finally co-operate in producing the desired consumers' goods. The consumers' good is valued because it is consumed - directly satisfying man's ends.

Part 11 of 14. Presented in 1986 at New York Polytechnic University.


Murray N. Rothbard

Murray N. Rothbard made major contributions to economics, history, political philosophy, and legal theory. He combined Austrian economics with a fervent commitment to individual liberty.