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

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Chapter 2: Direct Exchange 25 exchange for people to specialize in particular stages of production, because (by definition) higher order goods are not suitable for immediate consumption. If everyone specializes in one stage, then Smith (who mines ore) can have at most one buyer, Jones (who smelts ore). But Smith can’t directly use the smelted ore that Jones has to offer, because Smith (by assumption) specializes in mining. 4. An individual always seeks to maximize his psychic revenue (p. 104), not his psychic profit. Remember that value rankings are always ordinal. It would make no sense to gauge the “difference” in utility between the first and second most highly ranked uses for a good (and hence to try to measure the psychic profit). 5. Figure 15 (p. 123) may confuse the reader because it apparently ranks additional horses higher on the actor’s value scale. However, as the text makes clear, these are successive horses that could be sold. Thus, if the actor initially possesses ten horses, then we could replace “A horse,” “A second horse,” and so on with, “Nine horses,” “Eight horses,” etc. 6. Although Rothbard disparages the practice in footnote 27 (p. 130), the “elasticity of supply” can be defined even without resort to calculus; it is simply the percentage change in quantity supplied divided by the percentage change in price. Many mainstream economists use this concept to study such things as the relative burden of excise taxes. They could also say that speculation causes the supply curve in figure 20 (p. 132) to become more elastic, just as Rothbard says that speculation causes the demand curve in figure 19 to become more elastic.
26 Study Guide to Man, Economy, and State with Power and Market Study Questions 1. Do different praxeological laws apply to situations of isolation versus society? (p. 79) 2. What is Rothbard’s definition of society? (p. 84) 3. Give an example of autistic exchange. (p. 84) 4. Suppose someone says, “In order for an exchange to be just, each person must give up an equal value for an equal value.” What do you think Rothbard would say about this? (p. 85) 5. What are three sources of ownership? (p. 93) 6. What is the law of association? How does it relate to Boulding’s example of the doctor and his gardener? (p. 98) 7. In figure 16, how many horses will Smith demand at a price of 85 berries? At that price, how many total berries will Smith offer in exchange? (p. 125) 8. What will happen to the price if the total demand to hold is higher than the stock? (pp. 137–40) 9. How can the principles of this chapter be applied to shares of ownership? (p. 166) 10. What is Rothbard’s response to Henry George? (pp. 171–72)
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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 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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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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