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

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Chapter 12: The Economics of Violent Intervention in the Market 167 have spillover effects on third parties. On moral grounds, what is the problem if someone benefits from the voluntary actions of other people? From an economic standpoint, this approach too is flawed because it would include all sorts of things not normally considered a “market failure.” For example, every time someone invests and increases the capital stock, this provides a positive externality on all workers. Should they therefore have some of their wages diverted to the investor?
168 Study Guide to Man, Economy, and State with Power and Market Notable Contributions • Rothbard’s typology of intervention is original. • Rothbard’s analysis of the welfare effects of markets versus intervention (pp. 879–85) is based on his impressive work, “Toward a Reconstruction of Utility and Welfare Economics.” • Unlike many other free market economists, Rothbard (pp. 918–19 and pp. 962–73) does not exhibit an arbitrary “pro-growth” bias.
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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 Summary In the evenly rotat
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Chapter 6: Production: The Rate of
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Chapter Summary This chapter explai
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Chapter 7: Production: General Pric
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Chapter Summary Entrepreneurial pro
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Chapter 8: Production: Entrepreneur
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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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