Prices and Consumption
Rothbard's approach to money prices is not as a barter exchange system. Instead, he made money prices the common denominator for all exchange ratios. You can now engage in economic calculation.
Rothbard's approach to money prices is not as a barter exchange system. Instead, he made money prices the common denominator for all exchange ratios. You can now engage in economic calculation.
Building the world’s tallest building has been a matter of particularly bad timing by entrepreneurs.
The mental constructs of the evenly rotating economy and of specific factors of production are discussed. Distinguishing between interest and profits and a construct of slow change are revealed through the ERE as Rothbard considers the final state of rest.The ERE construct is simply a useful, unrealizable, mental tool.
Direct exchange was limited. The pattern of indirect exchange led to the common medium of exchange: money. Maximization of psychic income always leads the seller of a good to seek the highest money price for it, and the buyer of a good to seek the lowest money price.
Leading Austrian Economists discuss Henry Hazlitt's classic book Economics in One Lesson. Interview 1 of 12.
From The Case Against The Fed (pp. 70-79), as narrated by Floy Lilley.
From The Case Against The Fed (pp. 114-118), as narrated by Floy Lilley.
From The Case Against The Fed (pp. 18-20), as narrated by Floy Lilley.
From The Case Against The Fed (pp. 40-45), as narrated by Floy Lilley.
From The Case Against The Fed (pp. 62-64), as narrated by Floy Lilley.
From The Case Against The Fed (pp. 90-106), as narrated by Floy Lilley.
From The Case Against The Fed (pp. 3-12), as narrated by Floy Lilley.
From The Case Against The Fed (pp. 79-82), as narrated by Floy Lilley.
From The Case Against The Fed (pp. 118-129), as narrated by Floy Lilley.
From The Case Against The Fed (pp. 20-27), as narrated by Floy Lilley.