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

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Chapter 8: Production: Entrepreneurship and Change 101 9. Risk, Uncertainty, and Insurance Following the pioneering treatment by Frank Knight, the distinction between risk and uncertainty is that risk refers to unknown outcomes with quantifiable probabilities. Risks can be insured against, while uncertainty cannot. All entrepreneurship involves bearing uncertainty; it cannot be transferred away.
102 Study Guide to Man, Economy, and State with Power and Market Notable Contributions • To underscore the fallacy of referring to a general “rate of profit,” Rothbard invents the concept of a general “rate of loss” (p. 513). His point is that it is not normal or automatic to earn profits on the market. The standard excess of product prices over money expenditures on factors is due to interest, not entrepreneurship. • The “paradox of saving” is this: In order to accumulate capital goods and produce a greater volume of output goods, it is necessary to curtail present consumption. But if retailers see a drop in the demand for their products, why would they invest in greater production capabilities for the future? Only with a capital theory (such as the Austrian) that incorporates the role of time in production can one resolve this apparent paradox. As Böhm-Bawerk pointed out in response to a nineteenth-century proponent of this Keynesian view, when people save they are not “spending less on consumption,” but rather they are spending less on present consumption in the hopes of spending more on future consumption. • Rothbard defines the progressing and retrogressing economy in terms of total gross investment, while Mises defined these in terms of per capita total investment. (See footnote 16, p. 532.)
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STUDY GUIDE TO MAN, ECONOMY, AND ST
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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 4: Prices and Consumption 4
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Chapter 11: Money and Its Purchasin
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Chapter 11: Money and Its Purchasin
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Chapter Summary Economists often ta
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Chapter 1: Defense Services on the
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Chapter 1: Defense Services on the
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Chapter Outline 1. Types of Interve
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Chapter 2: Fundamentals of Interven
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Chapter Summary Society is composed
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Chapter 4: Binary Intervention: Tax
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Chapter Summary There has been litt
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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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