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

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Chapter 7: Production: General Pricing of the Factors 91 to 25 gold ounces to retain the fourth unit of X. Also, if Rothbard had included the decrease in expenditures that would be possible from buying fewer units of Y and Z (when the firm loses one unit of X), then the loss of gold would be mitigated and there would be no question of “double counting.” So long as care is taken to correctly specify the actual circumstances facing the decision-maker, the marginal productivity approach gives the correct answer. 3. Although everything Rothbard says in appendix B is correct, the Austrian should remember that a typical employer might not view himself as paying a discounted MVP. If the structure of production is not vertically integrated, then each producer buys inputs and sells his output to the next producer in line. These lower order producers in effect are the “consumers,” and it doesn’t really matter to the seller of iron ore what eventually happens to it. But the fundamental point is that the prices of higher order goods are causally determined by the prices of lower order goods, not vice versa.
92 Study Guide to Man, Economy, and State with Power and Market Study Questions 1. What is a production process characterized by fixed proportions? (pp. 454–55) 2. Why must a factor’s MVP be discounted? 3. Give an example of a highly specific factor. (p. 456) 4. Why does DMVP diminish as the supply of a factor increases? (p. 461) 5. What is the difference between the “general” and “particular” DMVP schedules for a factor? (p. 464) 6. Why will a factor always be employed in a region of declining APP? (p. 474) 7. Why does the Knightian reject the distinction between land and capital goods? (p. 483) 8. Under what circumstances would a forest be classified as land, or as a capital good? 9. Is Rothbard saying that land earns no rents in the ERE? (p. 495) 10. If MVP is not actually equal to MPP times price, what is its precise definition? (pp. 501–03)
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CONTENTS INTRODUCTION . . . . . . .
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In June of 2004, I became convinced
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Introduction ix appropriate, I have
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Chapter Summary In a money economy,
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Chapter 1: Defense Services on the
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Chapter Summary Society is composed
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Chapter 4: Binary Intervention: Tax
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Apriorism, 1, 9 Ability-to-pay prin
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Index 251 Equilibrium, 47, 104 macr
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Index 253 Medium of exchange, 27, 3
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Index 255 See also Economy, Evenly
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