Economics 101 – 3 of 8 – Capital, Interest, and Profit – Murray N Rothbard

3. Capital, Interest, and Profit

Profit is total revenue minus total costs. Ours is not just a profit system, it is a profit and loss system. Losses are a sign that you wasted land, labor, or capital, yet those who make profits are criticized.

Entrepreneurship is an art not a course you can learn.

Labor earns wages. Land earns rent. Capital earns interest. Confusingly, the word capital means both the machines used to produce goods and the funds available for investment. Bohm-Bawerk answered the question of where interest rates come from.

Time is the key element in the earning of interest. The capitalist who pays out while he waits for the product to be sold before being paid, performs a vital function of paying for land and labor now. The capitalist is rewarded by being paid a discount on labor and land, discounted by the rate of interest. There are all sorts of rates of time preferences.

The third of eight sessions from Murray Rothbard’s Economics 101 series.

A collection of eight speeches and lectures by Murray N. Rothbard, spanning from the 1970s to the early 1990s. He is speaking in a small classroom setting, explaining economics from the ground up, and systematically in the manner of a classic 101 course on the topic—but with a revolutionary approach.

This lecture as a Podcast: http://enemyofthestate.podomatic.com/

Sourced from: https://mises.org/library/economics-101

Source: Economics 101 – 3 of 8 – Capital, Interest, and Profit – Murray N Rothbard – YouTube

http://www.readrothbard.com/economics-101-3-of-8-capital-interest-and-profit-murray-n-rothbard

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Economics 101 – 4 of 8 – Labor – Murray N Rothbard

4. Labor

Minimum wage laws force unemployment up. All of those with few skills looking for an entry position will be denied because they cannot add enough value to the business-labor field to be paid minimum wage. Unemployment follows minimum wage hikes. Marginal workers are being denied the labor market.

There were workers in canning businesses making thirty cents an hour who were disemployed when a forty cents minimum wage was enacted. By changing definitions of employment government agencies manipulate figures.

Population growth issues have often been irrational. Overpopulation in one area could be underpopulation in another. Optimum (maximum) populations depend on market systems and capital investment. As levels of living rise, parents decide upon lower birthrates.

The fourth of eight sessions from Murray Rothbard’s Economics 101 series.

A collection of eight speeches and lectures by Murray N. Rothbard, spanning from the 1970s to the early 1990s. He is speaking in a small classroom setting, explaining economics from the ground up, and systematically in the manner of a classic 101 course on the topic—but with a revolutionary approach.

This lecture as a Podcast: http://enemyofthestate.podomatic.com/

Sourced from: https://mises.org/library/economics-101

Source: Economics 101 – 4 of 8 – Labor – Murray N Rothbard – YouTube

http://www.readrothbard.com/economics-101-4-of-8-labor-murray-n-rothbard

TRANSCRIPT Continue reading “Economics 101 – 4 of 8 – Labor – Murray N Rothbard”

Economics 101 – 5 of 8 – Labor and Unions – Murray N Rothbard

5. Labor and Unions

Rothbard covers the principles of demand and supply curves. Prices are at the seat of the whole system. Use the logic of reality. The most mobile labor force is teenagers. Over time, capital equipment per laborer increases. Real wage rates increase. Consumer prices decrease.

Unions cannot determine wage rates without putting companies out of business and causing unemployment. They attempt to control the labor market by restricting people. Unions have very little power when labor is ample. There were no labor unions from 1885 to 1935. Unions were first established in construction, coal mining, and entertainment fields, but they were a small percent of the workforce.

The National Labor Relations Board determined what a bargaining unit was. They preferred industrial unions to craft unions. Unions made employment government-regulated rather than free-market.

Union growth has been in government agency areas.

The fifth of eight sessions from Murray Rothbard’s Economics 101 series.

A collection of eight speeches and lectures by Murray N. Rothbard, spanning from the 1970s to the early 1990s. He is speaking in a small classroom setting, explaining economics from the ground up, and systematically in the manner of a classic 101 course on the topic—but with a revolutionary approach.

This lecture as a Podcast: http://enemyofthestate.podomatic.com/

Sourced from: https://mises.org/library/economics-101

Source: Economics 101 – 5 of 8 – Labor and Unions – Murray N Rothbard – YouTube

http://www.readrothbard.com/economics-101-5-of-8-labor-and-unions-murray-n-rothbard

TRANSCRIPT Continue reading “Economics 101 – 5 of 8 – Labor and Unions – Murray N Rothbard”

Economics 101 – 6 of 8 – Conservation and Property Rights – Murray N Rothbard

6. Conservation and Property Rights

Free markets shift resources from where they are less valued to where they are most valued, benefiting consumers. When private property and free markets are allowed to operate, a natural conservation of resources occurs. Nothing is a resource unless it is useful to man.

Governments do not own anything and are not interested in preservation or maintenance. The conservation movement since 1900 simply closed off land. Western railroads and Western real estate owners financed the conservationists in order to keep land off the market.

Oceans have yet to adopt private property rights, but it will be needed to end ocean communism which depletes fisheries.

The law of capture produced such over drilling and depletion in oil. Radio and TV channels have to find a technological unit like bandwidth or frequency to define private property. Hoover nationalized the radio channels. This totalitarian control over media by the FCC is fascist, but not protested. It has a chilling effect on speech.

Pollution beyond the optimum takes place because of government intervention of resources. Proper pricing systems and private property can eliminate pollution. Rothbard speaks about air and water pollution and the legal changes like tort law which systematically changed common law structure. Private property needs once again to be allowed to function.

The sixth of eight sessions from Murray Rothbard’s Economics 101 series.

A collection of eight speeches and lectures by Murray N. Rothbard, spanning from the 1970s to the early 1990s. He is speaking in a small classroom setting, explaining economics from the ground up, and systematically in the manner of a classic 101 course on the topic—but with a revolutionary approach.

This lecture as a Podcast: http://enemyofthestate.podomatic.com/

Sourced from: https://mises.org/library/economics-101

Source: Economics 101 – 6 of 8 – Conservation and Property Rights – Murray N Rothbard – YouTube

http://www.readrothbard.com/economics-101-6-of-8-conservation-and-property-rights-murray-n-rothbard

TRANSCRIPT Continue reading “Economics 101 – 6 of 8 – Conservation and Property Rights – Murray N Rothbard”