Audible Man, Economy, and State By Murray N. Rothbard – Circuitwiringdiagram.co

A pillar of the Austrian School Library and the last full blown treatise on economics If Mises s Human Action was the culmination of the School from Menger s time, Rothbard s treatise takes Austrian thought even further in the areas of utility and welfare economics, antitrust, labor, taxation, public goods, and social insurance schemes Inconsistencies are ironed out and the system of thought, in all its logical rigor, is unbroken More than any book, Man, Economy, and State taught economics to the post Mises generation It refutes still common errors among the mainstream and grapples with the post war Keynesian literature point by point The impact of this work was also enhanced by its breathtaking logic and clarity, even in the most difficult subject areas Special insights along the way include a full critique of government statistics and the Fed s definitions of the money supply Nearly twenty five years after it first appeared in print, it remains the standard bearer for the Austrian School


10 thoughts on “Man, Economy, and State

  1. Clinton Clinton says:

    Man, Economy, and State epitomizes and depicts the true essence of the Austrian School of Economics Murray Rothbard successfully accumulates comprehensively through and through the key fundamentals in the methodological individualist approach to economics established by the study of praxeology Praxeology is the study of human action, so it symbolizes the act of purposeful behavior In physics, mathematics establishes critical components of unmotivated behavior of inanimate entities whereas in Man, Economy, and State epitomizes and depicts the true essence of the Austrian School of Economics Murray Rothbard successfully accumulates comprehensively through and through the key fundamentals in the methodological individualist approach to economics established by the study of praxeology Praxeology is the study of human action, so it symbolizes the act of purposeful behavior In physics, mathematics establishes critical components of unmotivated behavior of inanimate entities whereas in economics, mathematics is simply unable to illustrate motivated behavior of human beings All praxeological laws are qualitative and not quantitative Human action contains no quantitative constants, so it is impossible to formulate realistic and tangible quantitative data of human action Three essential concepts of the Austrian School are marginal utility, time preference and non neutrality of money Marginal utility is the subjective view that units of goods are ranked on individual value scales where each unit of a good is valued separately Goods are valued to an end by the amount of the good with equal serviceability As an actor acquiresunits of a good, he devotes less urgent ends and lowers the good on his scale of values As the supply of the good increases, the marginal utility of the good decreases and vice versa.Time preference is individuals rank prospective and currently held future goods to value scales Presumably, human action suggests that people want things sooner rather than later, for goods further into the future are less preferred, so future goods are always discounted Therefore, time preference is the extent to which people value current consumption over future consumption Moreover, if current consumption exceeds savings and investment, then future consumption will be reduced because of the lack in savings Consumption from the past must have restraint, so others can be sustained on current structure and create new structure in the future The Austrian Business Cycle Theory postulates that credit expansion distorts time preference The illusionary effect tricks businessmen into thinking thatmeans exist for current production, but new structure of production isn t a reflection of consumer time preferences, so capital savings is consumed and not invested properly, which is malinvestment.The existence of money is non neutral otherwise, money doesn t really exist We might as well presume that it just falls from trees or helicopters When the supply of money is inflated, it has real consequences on present and future production and consumption Economic calculation is distorted along with shifts in time preference When new money is injected into the economy not by means of free markets, it systematically benefits those whom spend the new money first at the expense who spend the new money last By the time those who receive the new money last, the new money is already creating new demand on current goods and services therefore, prices are rising Since money is a commodity akin to all other goods and services, the only difference is that money is merely represented as a medium of exchange The price of money is subject to the interaction of supply and demand and marginal utility Thus, as the stock of money increases, the marginal utility decreases and vice versa Purchasing Power of Money is the subject to marginal utility of money, which means people voluntarily trade real goods and services in exchange for units of money because they value moneythan the good Therefore, the purchasing power of money is the price of money based on exchange ratios.Aside from Ludwig von Mises s Human Action, this book ranks among the greatest nonfiction literature concerning economics Rothbard translates complex economic jargon into understandable concepts If economics and the Austrian School even remotely spark interest, then this book must be read because it will literally change your views of economics Literally, it changed mine


  2. John Boettcher John Boettcher says:

    The only book that tops this one is Human Action by Mises himself The book is not for the faint of heart or the faint of mind and determination because you will need all three to get through this book However, if you do, you will have increased your knowledge of the world beyond belief Not just in economics, but in almost every avenue of life Like I said, the only thing that beats this book from Rothbard is Human Action.


  3. Adrián Sánchez Adrián Sánchez says:

    Se puede decir que este libro contiene una revisi n de lo desarrollado por Mises en La Acci n Humana llev ndolo a sus consecuencias m s l gicas adem s de contener de todo un poco aunque bien desarrollado temas que trata en futuros libros y otros autores, es defenitivamente un compendio de todo el desarrollo de la escuela austr aca de econom a, abarcando temas de funcionamiento de los procesos de producci n en el mercado, la utilidad marginal, la oferta y la demanda, la funci n del dinero y lue Se puede decir que este libro contiene una revisi n de lo desarrollado por Mises en La Acci n Humana llev ndolo a sus consecuencias m s l gicas adem s de contener de todo un poco aunque bien desarrollado temas que trata en futuros libros y otros autores, es defenitivamente un compendio de todo el desarrollo de la escuela austr aca de econom a, abarcando temas de funcionamiento de los procesos de producci n en el mercado, la utilidad marginal, la oferta y la demanda, la funci n del dinero y luego una secci n extensa dedicada al estudio de la intervenci n de agentes coercitivos en el mercado.Varios de los temas ya los conoc a por haberlo le do en otros libros de distintos economistas y otros los hab a deducido por cuenta propia pero es bueno leer este libro para organizar las ideas que en muchos casos pueden prestarse para confusi n o mala difusi n de las mismas


  4. Jason Keisling Jason Keisling says:

    This is by far the best book on economic principles that I ve read I cannot recommend this enough.


  5. Lucas Yamone Lucas Yamone says:

    Excellent book The chapter dedicated to the analysis of the Monopoly it s amazing This book changed my mind on different subjects Please read this book Please read it More people read it, a better world we are going to have.


  6. James James says:

    Extremely intuitive and logical deductive treatment of economics It s so intuitive it could possibly be shorter.The only thing I think might need some work is his theory on monopoly.


  7. Gary Sonnenberg Gary Sonnenberg says:

    Didn t really finish Switched to The Mises Reader instead.


  8. Patrick S. Patrick S. says:

    Having been readingand learningAustrian economics in the last two years, Murray Rothbard s name has been impossible to avoid This book is his magnum opus on the subject A word of warning, this is an advanced book on the subject and is not an easy read by far The way I view it this book explains better and to a different degreethan Human Action by Ludwig von Mises Then you have different authors such as Tom Woods and Robert Murphy and Walter Block that do the same for Roth Having been readingand learningAustrian economics in the last two years, Murray Rothbard s name has been impossible to avoid This book is his magnum opus on the subject A word of warning, this is an advanced book on the subject and is not an easy read by far The way I view it this book explains better and to a different degreethan Human Action by Ludwig von Mises Then you have different authors such as Tom Woods and Robert Murphy and Walter Block that do the same for Rothbard After two years and understanding the concepts of Austrian Economics fairly well, I still was not ready for the writing of this book.It should be noted that this review should be read in light that this author freely admits that his understanding is limited, flawed, and weak on the subject of this book.I was not completely lost on this book and there were some ideas I had to sit and chew on for quite a few days I would even dream about them, literally, to work them out Sometimes I succeeded and other times I did not With Rothbard being such a pillar it s hard not to want to read and like this book The other good thing about that fact is so many other people have written about his ideas form other perspectives that are written for all sorts of variety degrees of understanding I did pick up Robert Murphy s study guide on this book and found a few articles online of people boiling down the points by chapter Another helpful resource was the Mises Institute website and Youtube page.Again, any critique I give is flawed and is probably not as informed as it should be I would have like Rothbard to go intocomparison contrast with Keynesian and would have loved to see wayexamples of some of the pure concepts.I did not hate reading this book and I did learn a lot There might be a day where I pick it back up again but as I wrote above, so many good people within the community look up to Rothbard and can distill down these large concepts for people like me It shows you how well Rothbard really was Final Grade B


  9. Jayesh Jayesh says:

    This book is truly a revelation A complete and cohesive account of how the economy works, derived analytically through first principles However this book is not an easy read A lot of re reads of individuals chapters may be required to clearly understand what Rothbard is saying Took me three months of reading to complete this book However every read was enjoyable Shatters all conventional economic understanding from your economics education Definitely should be read by everyone interested This book is truly a revelation A complete and cohesive account of how the economy works, derived analytically through first principles However this book is not an easy read A lot of re reads of individuals chapters may be required to clearly understand what Rothbard is saying Took me three months of reading to complete this book However every read was enjoyable Shatters all conventional economic understanding from your economics education Definitely should be read by everyone interested in Economics Specially recommended for Thomas Picketty fans You will be rid of Picketty nonsense forever


  10. Nedland P. Nedland P. says:

    Another of the Austrian greats, outlines his ideas on the economy.