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

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Chapter 6: Production: The Rate of Interest and Its Determination 79 4. Although his discussion is cogent (pp. 440–41), Rothbard fails to explain why there would even be investment trusts in the ERE. If there is no uncertainty, why would anyone pay others a fee for investing his money? 5. Rothbard’s critique (pp. 446–49) of Lutz’s theory of the interest rate structure is perfectly valid in the ERE. However, many mainstream theorists would argue that outside of the ERE, it is perfectly reasonable that the annualized rate of return on, say, a tenyear bond would be more than the corresponding yields of one-year bonds rolled over ten times. This is because the ten-year bond “locks in” the investment, and hence has less liquidity than the successive investment in one-year bonds. (Of course, the ability to sell bonds before maturity mitigates this contrast.) 6. When Schumpeter’s disciples dismissed “time preference,” they were not merely assuming their conclusion as Rothbard suggests (p. 451). For these theorists, time preference is defined as the subjective discount on future utility, and it is neither necessary nor sufficient for a discount on future goods. For example, a person might have no time preference in Clemence and Doody’s sense, but might still prefer a present apple to a future apple (perhaps because his expected supply of future apples will be much higher than his current supply). This approach ultimately rests on a cardinal conception of utility (where time preference may be explicitly defined as the premium on a present util) and is, naturally, inconsistent with the Austrian view.
80 Study Guide to Man, Economy, and State with Power and Market Study Questions 1. How is the analysis in this chapter more general than in the preceding chapters? (pp. 367–68) 2. Why is there a tendency for a uniform rate of interest? (pp. 370–71) 3. What is the “classical trinity”? (p. 373) 4. In what sense do laborers sell future goods and buy present goods? (p. 373–74) 5. Is it a violation of subjectivism to compare time preference schedules between individuals? (p. 385) 6. What is Rothbard’s critique of “gross national product”? (p. 401) 7. What are the components of the time market? (pp. 417–18) 8. What is the par value of a stock? (p. 430) 9. Is there an important distinction between dividends and “retained earnings”? (p. 440) 10. If everyone’s time preference is subjective, how can we speak of “the” natural rate of interest? Won’t it be different for different people?
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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 Like all goods, the
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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 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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