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

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Chapter 7: Conclusion: Economics and Public Property 245 Technical Matters 1. Wertfrei was the German term Mises often used to describe economic science. It means “value-free.” This doesn’t mean that the study of economics commits one to nihilism, but rather that economics itself is a positive (versus normative) enterprise that discovers true causal relations in the world. In the same way, medicine is value-free; one must study bacteria or cancer in a neutral way to understand them. Of course the application of economic or medical science necessarily involves value judgments. 2. Rothbard, unlike Mises, did not endorse Hume’s famous fact/value dichotomy, often summarized by, “You can’t derive an ought from an is.” Rothbard thought that an objective ethics was indeed possible, and that one could legitimately argue with another’s chosen values. Even so, Rothbard agrees with Mises that economics cannot do this.
246 Study Guide to Man, Economy, and State with Power and Market Study Questions 1. Give an example of a praxeological law with a conclusion that is always true, and one with a conclusion that might not be true in a particular situation (p. 1357). 2. Give some examples of “implicit moralizing” in mainstream economics (pp. 1360–61). 3. If the economist who advises an interventionist government is endorsing their goals (p. 1362), then would an economist who explains the effects of socialism (p. 1363) still be Wertfrei? (p. 1363) 4. What are the three possible responses of the hypothetical director of the Office of Price Administration? Which of these is consistent with praxeology? (pp. 1364–65) 5. If the world is a complex place, where each society has a mixture of the market and hegemonic principles, isn’t Rothbard’s table a bit simplistic? (pp. 1365–66) 6. Why does the “mixed” society move toward one of the polar opposites of pure market or pure hegemony? (p. 1366) 7. Is a socialist community impossible? (pp. 1366–67)
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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 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 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 Outline 1. Types of Interve
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Chapter 2: Fundamentals of Interven
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