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

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Chapter 1: Fundamentals of Human Action 11 Technical Matters 1. One must distinguish between marginal product and the value of marginal product. Rothbard writes correctly that “the value assigned to a unit of a factor of production is equal to the value of its marginal product, or its marginal productivity” (p. 34). In formal economics you may often see, e.g., the marginal product of labor defined as the derivative of the production function with respect to labor, i.e., how much more physical product will accrue if the firm hires one more unit of labor. But this definition is a physical one, not one based on value. The value of the labor is the value placed on this increment in physical output. 2. Strictly speaking, it is imprecise to define capital goods as “produced factors of production.” In Austrian theory, the purpose for classifying goods as capital versus original is that, in the ERE, only the original factors earn net rents. Capital goods, in contrast, earn only a gross return; their rental payments exactly correspond to the payments for the factors used in their construction (due account being made for interest). Consequently, the better definition of a capital good would be a reproducible factor of production, in contrast with an original factor, which is nonreproducible. (See Rothbard’s Introduction to Frank A. Fetter’s Capital, Interest, and Rent.) 3. Although Rothbard’s discussion of the ham sandwich (pp. 8–9) is a useful introduction to
12 Study Guide to Man, Economy, and State with Power and Market the concept of stages of production, even here the classification of goods ultimately relies on the subjective plans of individuals. There is not an objective “fact of the matter” about the order (first-, second-, third-, etc.) in which a certain good should be placed. The classification depends upon the meansend framework as conceived by the relevant individual.
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Chapter Summary Entrepreneurial pro
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Chapter Summary Consumer preference
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Chapter 10: Monopoly and Competitio
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Chapter Summary Economists often ta
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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 Summary Society is composed
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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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