Rothbard Graduate Seminar

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Tags Austrian Economics OverviewFiscal TheoryPolitical Theory

08/28/2018Peter G. Klein

[Presented at the 2008 Rothbard Graduate Seminar. 28 minutes.]

Free societies would have few economists - mainly educators. But, when government - or any other agency using violence - intervenes in the market, the usefulness of the economist expands. The problems become what the consequences of governmental acts will be.

Bad policies - like Welfare Economics and Social Economics -were often supported simply because there was so little understanding of economics, at all. There are no mathematical constants in Austrian economics. They are qualitative not quantitative. A table sums up the differences between The Market Principle and The Hegemonic Principle.

An Alice J. Lillie Seminar. This lecture covers pp. 1357-1369 in the Scholar's Edition of Rothbard's Man, Economy, and State.

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Contact Peter G. Klein

Peter G. Klein is Carl Menger Research Fellow of the Mises Institute and W. W. Caruth Chair and Professor of Entrepreneurship at Baylor University's Hankamer School of Business.

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