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

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Chapter 2: Direct Exchange 21 number of units that current owners refrain from selling (what is called the reservation demand). The equilibrium price equates the stock and the total demand to hold. One drawback of this approach is that it obscures the volume of exchange in a market; one cannot tell if the people ending up with units of the good are the same as the ones who started out with them. However, the approach is very useful in illustrating that ultimately supply and demand are both determined by utility considerations, rather than “real cost.” 9. Continuing Markets and Changes in Price In the real world, markets are continually upset by changes in the data. Production and consumption can be handled using the appropriate shifts in the supply of a good. 10. Specialization and Production of Stock With specialization, the use-value of goods to their original owners declines. In practice, a producer’s reservation demand is purely speculative, i.e., the producer will only refrain from selling at the current price if he or she believes a higher price will obtain in the future. 11. Types of Exchangeable Goods The principles of supply and demand explain price formation for any type of good, whether tangible commodities, services, or claims. (A partial outline of the possible exchanges is listed on page 163 and is completed on pages 168–69.) 12. Property: The Appropriation of Raw Land In an unhampered market, the origin of all property is traceable to voluntary exchanges and ultimately to the appropriation
22 Study Guide to Man, Economy, and State with Power and Market of unowned nature-given factors. An actor legitimately homesteads a piece of previously unowned land by “mixing his labor” with it. Note that a person does not need to continually “use” a piece of land, once he has established ownership. 13. Enforcement Against Invasion of Property This section analyzes the precise meaning of an “unhampered market” (the major subject of study in the book) by defining what is, and what is not, a violation of property rights.
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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 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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Chapter Summary Society is composed
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Chapter 4: Binary Intervention: Tax
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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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