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

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Chapter 2: Fundamentals of Intervention 183 particular, inept businesses soon go bankrupt while entrepreneurs who make good forecasts earn profits. In contrast, in the government sector there are no mechanisms to minimize error. When a government policy fails in its stated objectives, the politicians do not necessarily suffer and the voters may not be sophisticated enough to perceive the true causes of the failure. It is ironic that advocates of democracy do not trust citizens to make personal decisions but do trust them to vote for wise politicians.
184 Study Guide to Man, Economy, and State with Power and Market Notable Contributions • Rothbard’s typology of intervention is original. (Much of the analysis in Power and Market was summarized in Chapter 12 of Man, Economy, and State when Rothbard learned that he would have to split up the volumes.)
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STUDY GUIDE TO MAN, ECONOMY, AND ST
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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 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 Summary Consumer preference
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Chapter 10: Monopoly and Competitio
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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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