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

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Chapter 5: Production: The Structure 63 • The Austrian position on the utility-versus-real-costs controversy, and on Alfred Marshall’s famous eclecticism, is quintessentially subjectivist. Austrians since Carl Menger have viewed market phenomena as the expression of underlying human valuations. The objective facts of technological recipes, resource supplies, and so forth are merely the means through which these valuations are expressed.
64 Study Guide to Man, Economy, and State with Power and Market Technical Matters 1. In mainstream economics, a state of equilibrium means merely that there are no pure profit opportunities. Moreover, mainstream theorists will often use a construction involving perfect foresight and changing conditions. (For example, the seasons might vary, requiring the production of parkas in the winter but bathing suits in the summer. Yet so long as all of these fluctuations are perfectly anticipated, the prices of all factors will reflect their [discounted] marginal productivity.) Mises’s construction of the ERE does not readily handle this type of situation, and care must be taken in generalizing results that are true in the ERE but not necessarily so in a world of perfectly predictable change. In particular, the ERE is a special case of the general equilibrium construct along the lines of Arrow-Debreu. 2. Note that the ERE does not in fact require complete recurrence of all events. For example, Mises notes in Human Action that people can still die, and new babies can still be born, in the ERE, so long as the effects are offsetting and do not influence the quantities of goods and services demanded by consumers. 3. There are some subtle complications in Rothbard’s discussion of bargaining theory (section 9). In the first place, it makes a great difference if each of the completely specific factors is also indispensable for the production of its respective good. If this is not the case, then marginal principles can still be brought to bear in the pricing problem, even when each factor is completely specific. The factor owner would then be
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STUDY GUIDE TO MAN, ECONOMY, AND ST
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STUDY GUIDE TO MAN, ECONOMY, AND ST
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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 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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Chapter Summary Society is composed
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Chapter 4: Binary Intervention: Tax
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Chapter Summary There has been litt
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Chapter 5: Binary Intervention: Gov
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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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