Study Guide to Man, Economy, and State with Power and Market
Study Guide to Man, Economy, and State with Power and Market Study Guide to Man, Economy, and State with Power and Market
Chapter 1: Fundamentals of Human Action 13 Study Questions 1. If an infant cries immediately after birth, is this action in the praxeological sense? What if the infant, several months later, has learned that crying will often lead to attention from parents? (pp. 1–2) 2. When doctors in the 1800s used leeches in an attempt to help patients, was this an example of human action? (p. 7) 3. Suppose a man is strumming his guitar while sitting on the sidewalk in a large city, and that his only purpose is to listen to the enjoyable music. How should the guitar be classified? What if passersby begin giving the man loose change, so that he now views the guitar as a means to earning money? (pp. 8–9) 4. Suppose that a boy, on June 4, is offered the choice of seeing a fireworks show that day, or in exactly one month. If the boy chooses the show in the future, has he violated the law of time preference? (pp. 15–16) 5. Suppose someone says, “I like steak more than burgers, and I like burgers more than hot dogs, but my preference for steak over burgers is definitely stronger than my preference for burgers over hot dogs.” What do you think Rothbard would say about this statement? (pp. 18–19)
14 Study Guide to Man, Economy, and State with Power and Market 6. Imagine that a chemist measures two bottles of water, and finds that the first contains 8.002 ounces of water, while the second bottle contains 8.001 ounces of water. The chemist concludes that the bottles of water are definitely different objects. How should the economist treat them? (p. 23) 7. What are the two ways that capital increases productivity? (p. 48) 8. What are the definitions of consumption, saving, and investment? (pp. 48, 53) 9. If capital goods increase the productivity of labor, why don’t people create as many capital goods as possible? (pp. 48–49) 10. Suppose that a farmer normally sets aside 10 percent of his harvest as seed corn. His son says, “That’s silly! We should sell all of our harvest and make as much money as possible.” What would this policy lead to? (p. 55)
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Chapter 1: Fundamentals of Human Action 13<br />
<strong>Study</strong> Questions<br />
1. If an infant cries immediately after birth, is this<br />
action in the praxeological sense? What if the<br />
infant, several months later, has learned that crying<br />
will often lead <strong>to</strong> attention from parents?<br />
(pp. 1–2)<br />
2. When doc<strong>to</strong>rs in the 1800s used leeches in an<br />
attempt <strong>to</strong> help patients, was this an example of<br />
human action? (p. 7)<br />
3. Suppose a man is strumming his guitar while sitting<br />
on the sidewalk in a large city, <strong>and</strong> that his<br />
only purpose is <strong>to</strong> listen <strong>to</strong> the enjoyable music.<br />
How should the guitar be classified? What if<br />
passersby begin giving the man loose change, so<br />
that he now views the guitar as a means <strong>to</strong> earning<br />
money? (pp. 8–9)<br />
4. Suppose that a boy, on June 4, is offered the<br />
choice of seeing a fireworks show that day, or in<br />
exactly one month. If the boy chooses the show<br />
in the future, has he violated the law of time<br />
preference? (pp. 15–16)<br />
5. Suppose someone says, “I like steak more than<br />
burgers, <strong>and</strong> I like burgers more than hot dogs,<br />
but my preference for steak over burgers is definitely<br />
stronger than my preference for burgers<br />
over hot dogs.” What do you think Rothbard<br />
would say about this statement? (pp. 18–19)
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