SAMUELSON, PAUL

Paul Samuelson has written of the joy of being under 30 when The General Theory was published in 1936, exulting, with Wordsworth, “Bliss was it in that dawn to be alive, but to be young was very heaven.”

Keynes, the Man, p. 39

… the high panjandrum of Orthodox Keynesian economics …

Libertarian Forum v. 1, p. 211

SAVINGS

Savings results in capital accumulation …

Classical Economics, p. 51

TARIFFS

Tariffs and various forms of import quotas prohibit, partially or totally, geographical competition for various products. Domestic firms are granted a quasi monopoly and, generally, a monopoly price. Tariffs injure the consumers within the “protected” area, who are prevented from purchasing from more efficient competitors at a lower price. They also injure the more efficient foreign firms and the consumers of all areas, who are deprived of the advantages of geographic specialization.

UNCERTAINTY

… action implies that we live in a world of an uncertain, or not fully certain, future.

Economic Controversies, p. 61

Knowledge of the present, much less of the future, is never perfect … the world in general, and the market in particular, are eternally marked by uncertainty. …

VALUE

… value rests on acts of valuation by the consumers. In addition to being subjective, these degrees of valuation are relative, since the value of one good or service is always being compared against another. These values, or utilities, depend on all manner of wants, desires and knowledge on the part of individuals …

Classical Economics, pp. 18–19

… the value of factors is determined by the value of their products, which in turn is conferred by consumer valuation and demands.

Classical Economics, p. 22

WAGE RATES

… wages are determined by the supply and demand for labor …

Classical Economics, p. 133

Action implies that the individual’s behavior is purposive, in short, that it is directed toward goals. Furthermore, the fact of his action implies that he has consciously chosen certain means to reach his goals. Since he wishes to attain these goals, they must be valuable to him; accordingly he must have values that govern his choices.

Economic Controversies, p. 60

Bibliography

A History of Money and Banking in the United States: The Colonial Era to World War II (Auburn, Ala.: Mises Institute, 2002).

https://mises.org/library/history-money-and-banking-united-states-colonial-era-world-war-ii

America’s Great Depression, 5th ed. (Auburn, Ala.: Mises Institute, [1963] 2000).

https://mises.org/library/americas-great-depression

WALL STREET, BANKS, AND
AMERICAN FOREIGN POLICY

SECOND EDITION

BY

MURRAY N. ROTHBARD

WITH INTRODUCTIONS BY
ANTHONY GREGORY AND JUSTIN RAIMONDO

First appeared in World Market Perspective (1984) and later
under the same title as a monograph produced by the
Center for Libertarian Studies (1995)

Copyright © 2011 by the Ludwig von Mises Institute

Published under the Creative Commons Attribution License 3.0.
http://creativecommons.org/licenses/by/3.0/

Ludwig von Mises Institute
518 West Magnolia Avenue
Auburn, Alabama 36832

mises.org

ISBN: 978-1-61016-192-3