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

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Chapter 3: Triangular Intervention 199 Technical Matters 1. In chapter 10 of Man, Economy, and State, Rothbard exploded the mainstream theory of monopoly price. In particular, Rothbard claimed that this theory rested upon an alleged dichotomy between the “competitive” price and the “monopoly” price. Yet on a free market, there is only the free market price; there is no basis upon which one could criticize the outcome of voluntary exchanges even when there are only one or a few sellers. In contrast, when the government establishes a cartel or monopoly, then we do have a sensible benchmark, namely the “free market” price and level of output. 2. A government license on a business always hampers the satisfaction of the consumers, but it may not necessarily confer a monopoly price; depending on the demand in the industry, the licensed producers may find it most profitable to expand production to offset the elimination of unlicensed producers. In contrast, licensing of labor always raises wage rates; the licensed workers (generally) cannot sell more labor hours to completely offset the elimination of the unlicensed workers (p. 1096).
200 Study Guide to Man, Economy, and State with Power and Market Study Questions 1. Why does Rothbard call the black market “the” market? (p. 1079) 2. What is Rothbard’s suggested restatement of Gresham’s Law? (pp. 1080–81) 3. What caused the “dollar shortage” in Europe after World War II? (p. 1082) 4. Why are legal tender laws classified as price controls? (p. 1083) 5. How do usury laws hurt their intended beneficiaries? (p. 1084) 6. Why does prohibition hurt both parties to an exchange, whereas price control arguably helps at least one party? (p. 1086) 7. If the owner of a building would be sent to jail for manslaughter, would auto producers (or owners) be jailed after every car accident in a free society? (p. 1099) 8. What is the fallacy of the infant industries justification for tariffs? (pp. 1105–07) 9. Why should the advocate of immigration controls also favor compulsory birth control? (p. 1111)
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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 Summary Consumer preference
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Chapter 10: Monopoly and Competitio
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Chapter Summary Like all goods, the
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Chapter 11: Money and Its Purchasin
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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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