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

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Chapter 7: Conclusion: Economics and Public Property 243 SOME CONSEQUENCES OF: THE MARKET PRINCIPLE THE HEGEMONIC PRINCIPLE individual freedom coercion general mutual benefit exploitation—benefit of one (maximized social utility) group at expense of another mutual harmony caste conflict: war of all against all peace war power of man over nature power of man over man most efficient satisfaction of consumer wants disruption of want-satisfaction economic calculation calculational chaos incentives for production destruction of incentives: and advance in living capital consumption and standards regression of living standards
244 Study Guide to Man, Economy, and State with Power and Market Notable Contributions • Rothbard’s view (p. 1362) that the economist in a mere advisory role is implicitly endorsing the goals of his or her superiors is actually fairly unorthodox. Most economists believe that, as technicians, they can inform politicians about the likely consequences of various policies, all the while maintaining their own neutrality. However, surely Rothbard’s view is correct if we change the scenario to physicists and chemists working on horrible weapons for a totalitarian government. • Rothbard even departs from Mises on the issue of ethical judgments. Mises generally assumed that, e.g., price controls only occurred because people falsely believed they would help the poor. Once economists had explained the true situation, Mises thought, the support for price controls would vanish. But as Rothbard points out (p. 1362), it is entirely possible that the rulers know the effects of their interventions and simply rank their own power higher on their scale of values than the welfare of their subjects.
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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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Chapter Summary Economists often ta
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Chapter 1: Defense Services on the
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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 2: Fundamentals of Interven
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