Study Guide to Man, Economy, and State with Power and Market

More documents

Recommendations

Info

Chapter 7: Production: General Pricing of the Factors 89 Notable Contributions • Rothbard (pp. 454–56) clarifies the importance of specificity, rather than fixed vs. variable proportions, in the determination of factor prices. • Rothbard’s treatment of the definition of land (pp. 483–84) is an important clarification. Earlier definitions relied on backward-looking measures and could not handle odd cases (such as lightning striking a tree limb and creating a perfect spear).
90 Study Guide to Man, Economy, and State with Power and Market Technical Matters 1. The mainstream worry over “fixed proportions” (pp. 454–55) is due to the apparent difficulty of using a marginal productivity approach in these cases. As an analogy, how can we determine the relative importance of members of The Beatles? If you take away Paul McCartney, the quality of the music suffers tremendously, but if you take away Ringo, the same is true; without a drummer, even the other three members wouldn’t sound very good. Yet this would lead us to conclude that the entire value of The Beatles’s music is due to Ringo. (This apparent problem doesn’t arise with variable proportions of inputs. For example, if 10 tractors and 5 workers yield $1,000 of crops, while 10 tractors and 4 workers yield $900 of crops, then the marginal value product of the fifth worker is obviously $100.) 2. Going along with the above note, Rothbard deals with such an example on pp. 459–60. The mainstream economist would probably object to Rothbard’s conclusion that the MVP of one unit of X is 25 gold ounces. For by the same reasoning, Rothbard would have to conclude that the MVP of 2.5 Y, as well as the MVP of .5 Z, were also both equal to 25 gold ounces. There is thus a suspicion that the application of the marginal productivity approach leads to “double (or triple) counting.” However, notice that Rothbard is not saying that the firm, initially starting in a position of owning 3X, 7.5Y, and 1.5Z, would pay up to 25 gold ounces to acquire an additional unit of X. Rather, Rothbard is saying that the firm starting out with 4X, 10Y, and 2Z would be willing to pay up
Page 2 and 3:
STUDY GUIDE TO MAN, ECONOMY, AND ST
Page 4 and 5:
STUDY GUIDE TO MAN, ECONOMY, AND ST
Page 6 and 7:
CONTENTS INTRODUCTION . . . . . . .
Page 8 and 9:
In June of 2004, I became convinced
Page 10:
Introduction ix appropriate, I have
Page 13 and 14:
2 Study Guide to Man, Economy, and
Page 15 and 16:
Page 17 and 18:
Page 19 and 20:
Page 21 and 22:
Page 23 and 24:
Page 25 and 26:
Page 27 and 28:
Page 29 and 30:
Page 31 and 32:
Page 33 and 34:
Page 35 and 36:
Page 37 and 38:
Page 39 and 40:
Page 41 and 42:
Page 43 and 44:
Page 45 and 46:
Page 47 and 48:
Page 50 and 51: Chapter Summary In a money economy,
Page 52 and 53: Chapter 4: Prices and Consumption 4
Page 64: Chapter 4: Prices and Consumption 5
Page 67 and 68: 56 Study Guide to Man, Economy, and
Page 80 and 81: Chapter Summary In the evenly rotat
Page 82 and 83: Chapter 6: Production: The Rate of
Page 92 and 93: Chapter Summary This chapter explai
Page 94 and 95: Chapter 7: Production: General Pric
Page 104 and 105: Chapter Summary Entrepreneurial pro
Page 106 and 107: Chapter 8: Production: Entrepreneur
Page 116: Chapter 8: Production: Entrepreneur
Page 119 and 120: 108 Study Guide to Man, Economy, an
Page 132 and 133: Chapter Summary Consumer preference
Page 134 and 135: Chapter 10: Monopoly and Competitio
Page 146 and 147: Chapter Summary Like all goods, the
Page 148 and 149: Chapter 11: Money and Its Purchasin
Page 150 and 151:
Chapter 11: Money and Its Purchasin
Page 152 and 153:
Page 154 and 155:
Page 156 and 157:
Page 158 and 159:
Page 160 and 161:
Page 162 and 163:
Page 164:
Page 167 and 168:
156 Study Guide to Man, Economy, an
Page 169 and 170:
Page 171 and 172:
Page 173 and 174:
Page 175 and 176:
Page 177 and 178:
Page 179 and 180:
Page 181 and 182:
Page 183 and 184:
Page 186 and 187:
Chapter Summary Economists often ta
Page 188 and 189:
Chapter 1: Defense Services on the
Page 190 and 191:
Chapter 1: Defense Services on the
Page 192 and 193:
Chapter Outline 1. Types of Interve
Page 194 and 195:
Chapter 2: Fundamentals of Interven
Page 196 and 197:
Page 198:
Page 201 and 202:
Page 203 and 204:
Page 205 and 206:
Page 207 and 208:
Page 209 and 210:
Page 211 and 212:
Page 214 and 215:
Chapter Summary Society is composed
Page 216 and 217:
Chapter 4: Binary Intervention: Tax
Page 218 and 219:
Page 220 and 221:
Page 222 and 223:
Page 224 and 225:
Page 226 and 227:
Page 228 and 229:
Page 230 and 231:
Chapter Summary There has been litt
Page 232 and 233:
Chapter 5: Binary Intervention: Gov
Page 234 and 235:
Page 236 and 237:
Page 238:
Page 241 and 242:
Page 243 and 244:
Page 245 and 246:
Page 247 and 248:
Page 249 and 250:
Page 251 and 252:
Page 253 and 254:
Page 255 and 256:
Page 257 and 258:
Page 260 and 261:
Apriorism, 1, 9 Ability-to-pay prin
Page 262 and 263:
Index 251 Equilibrium, 47, 104 macr
Page 264 and 265:
Index 253 Medium of exchange, 27, 3
Page 266 and 267:
Index 255 See also Economy, Evenly
show all

Study Guide to Man, Economy, and State with Power and Market

Create successful ePaper yourself

Delete template?

Save as template?