The Many Errors of David Ricardo
This essay is adapted from Murray Rothbard’s Austrian Perspective on the History of Ecopnomic Thought, Volume II.
5. Destruction Resulting from Intervention
The history of the last decades can be understood only with a comprehension of the consequences of such intervention in the economic operations of the private property order. Since the demise of classical liberalism, interventionism has been the gist of politics in all countries in Europe and America.
4. Interference with Prices
Price intervention aims at setting goods prices that differ from those the unhampered market would set.
1. The Problem of Quantitative Definiteness
Laboratory experiments and observation of external phenomena enable the natural sciences to proceed with measurement and the quantification of knowledge. Referring to this fact, one used to style these sciences as the exact sciences and to belittle the lack of exactitude in the sciences of human action.
3. Restrictions of Production
Economics need not say much about the immediate effect of production restrictions. Government or any organization of coercion can at first achieve what it sets out to achieve through intervention. But whether it can achieve the remoter objectives sought indirectly by the intervention is a different question. And it must further be determined whether the result is worth the cost, that is, whether the intervening authority would embark upon the intervention if it were fully aware of the costs.
4. Free Will
Man is not, like the animals, an obsequious puppet of instincts and sensual impulses. Man has the power to suppress instinctive desires, he has a will of his own, he chooses between incompatible ends. In this sense he is a moral person; in this sense he is free.
5. Inevitability
All that happens was, under the prevailing conditions, bound to happen. It happened because the forces operating on its production were more powerful than the counteracting forces. Its happening was, in this sense, inevitable.
This essay is adapted from Murray Rothbard’s Austrian Perspective on the History of Ecopnomic Thought, Volume II.
1. The Infinite
Negation, the notion of the absence or nonexistence of something or of the denial of a proposition, is conceivable to the human mind. But the notion of an absolute negation of everything, the representation of an absolute nothing, is beyond man’s comprehension. So is the notion of the emergence of something out of nothing, the notion of an absolute beginning. The Lord, teaches the Bible, created the world out of nothing; but God himself was there from eternity and will be there in eternity, without a beginning and without an end.
2. The Ultimate Given
It follows that scientific research will never succeed in providing a full answer to what is called the riddles of the universe. It can never show how out of an inconceivable nothing emerged all that is and how one day all that exists may again disappear and the “nothing” alone will remain.
3. Statistics
Statistics is the description in numerical terms of experiences concerning phenomena not subject to regular uniformity. As far as there is discernible regularity in the succession of phenomena, no recourse to statistics is needed. The objective of vital statistics is not to establish the fact that all men are mortal, but to give information about the length of human life, a magnitude that is not uniform. Statistics is therefore a specific method of history.