Introduction to Economics: A Private Seminar with Murray N. Rothbard

Rothbard continues the Crusoe analogy. He covers subjectivity of value, and the concept of marginal utility.

Costs are always ex ante . There are no such things as social costs or social benefits . Costs are determined by how much entrepreneurs think consumers will pay. Costs are not determined by supply and demand. Nobody waits for costs to raise prices

What causes business cycles? Keynesians say the cycles happen because the free market economy does not spend enough. Thus, pump spending in. Additionally, Keynesians say that animal spirits cause these cycles. Government must fix things. Nobody could understand Keynes' General Theory. What was...