Austrian Economics Overview

Presented by Rothbard at New York Polytechnic University in 1972.

Presented by Rothbard at New York Polytechnic University in 1972.

Presented by Rothbard at New York Polytechnic University in 1972.

Presented by Rothbard at New York Polytechnic University in 1972.

Price controls — triangular interventions — occur when an intervener (generally government) either compels a pair of people to make an exchange or prohibits them from making an exchange.

In this lecture in 1972, supply and demand concepts included: preferences of consumers, prices, quantity, quality, elasticity, equilibrium, marginal utility, present goods, and production processes.

Advertising has always had bad press with economists, but consumers discover that a product either works and works well, or it doesn't. Consumer wants are not artificially created by business itself.

Recorded on 31 January 1981 at the University of Colorado, Boulder.

As factors of production, supply and demand of labor, land and capital will determine how much the producer will get out of this process. This process occurs in different stages.

The time market determines the pure rate of interest. Price per unit of time may be wages or rent. The interest income will be earned by the capitalist who has assumed the task of advancing present money.