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6. The Inflationary Boom of the 1920s (continued) – Murray N Rothbard

20th Century American Economic History

6. The Inflationary Boom of the 1920s (continued)

Lecture by Murray N. Rothbard

Republican policy has always been high tariffs, keeping foreign goods out. But, then the US would lend those countries money to be able to pay for our higher-priced exports. This peculiar foreign-lending scheme included farm goods. Until 1928 there was an enormous foreign lending boom. The stock market collapsed in October 1929.

The Federal Reserve Act of 1913 was for inflationary purposes. The banks endorsed acceptance markets for awhile. Morgan men continued to push price stabilization, yet prices in free markets actually fall, benefiting consumers. In 1929 when prices were falling, corporate bigshots wanted prices pushed back up. The entire banking system was toppling by 1933. It should have been allowed to topple, says Rothbard. The European currencies waged war against each other when everybody was off the gold standard.

The League of Nations was to get the US off the gold standard. Morgan men viewed deflation (natural in free markets) with horror. Strangely enough most of the nation’s economists were in favor of the gold standard at this time.

6 of 8 from Murray Rothbard’s 20th Century American Economic History lecture series.

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7. The New Deal and the Post War International Monetary System – Murray N Rothbard

20th Century American Economic History

7. The New Deal and the Post War International Monetary System

Lecture by Murray N. Rothbard

The World Economic Conference of 1933 in London met to deal with America’s Great Depression, but, without consulting anyone, FDR declared that the U.S. would not agree to the proposal because he wanted to take the U.S. off the gold standard in order to inflate the dollar. The gold-supporting British and French were horrified; Nazi Germany was delighted.

Hitler loved FDR’s New Deal. Morgan men continued to hold power positions internationally, creating worldwide inflation. By 1945, Bretton Woods had established the rules for post-war international monetary management. On 15 August 1971, the U.S. brought this system to an end, rendering the dollar a fiat currency.

7 of 8 from Murray Rothbard’s 20th Century American Economic History lecture series.

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8. The Future of Libertarianism – Murray N Rothbard

20th Century American Economic History

8. The Future of Libertarianism

Lecture by Murray N. Rothbard

Rothbard explains why he is optimistic. The norm of civilization has been despotism and statism. The quantum quality change in history has been the Industrial Revolution from mid-18th Century to mid-19th. Only the free market, libertarian society can expand this viable and moral industrialism. A society without a ruling class results. Peace and a classless society are classical liberal goals.

Some individuals seize control of the state apparatus and use taxes to rob the producers. Class conflicts occur because one group in society are tax eaters and the other group are taxpayers.

Industrialism created so much wealth that cartels and Keynesianism have been able to eat away at the fat. Yet, the cause and effect chain is now much shorter. Shortages resulting from price controls now show up quickly. There is a general revulsion against the state.

8 of 8 from Murray Rothbard’s 20th Century American Economic History lecture series.

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Introduction to Microeconomics – 1 of 14 – Demand and Supply – Murray N Rothbard

INTRODUCTION TO MICROECONOMICS
Presented by Murray N. Rothbard in 1986 at New York Polytechnic University. Recorded by Hans-Hermann Hoppe.

1. Intro to Micro: Demand and Supply

Micro means dealing with the individual action. Macro deals with larger pictures of business cycles. Macro is screwed up. Micro is in pretty good shape. Study it first. Every individual has goals they wish to achieve.You use means to achieve goals. Economic theory is based on this deductive fact that the individual wants to arrive at goals – the means-ends objective.

Part 1 of 14. Presented in 1986 at New York Polytechnic University.

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Introduction to Microeconomics – 2 of 14 – Value – Murray N Rothbard

INTRODUCTION TO MICROECONOMICS
Presented by Murray N. Rothbard in 1986 at New York Polytechnic University. Recorded by Hans-Hermann Hoppe.

2. Intro to Micro: Value

Why is it that things like bread and water which have high use values are cheap while on the other hand luxury items like diamonds are very expensive? This paradox was not solved until it became understood that people choose only a marginal unit – this loaf or this diamond. Value can be attached to a good only by individuals’ desires to use it directly in the present or in the present expectation of selling to such individuals in the future. It is subjective only.

Part 2 of 14. Presented in 1986 at New York Polytechnic University.

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Introduction to Microeconomics – 3 of 14 – The Determination of Prices – Murray N Rothbard

INTRODUCTION TO MICROECONOMICS
Presented by Murray N. Rothbard in 1986 at New York Polytechnic University. Recorded by Hans-Hermann Hoppe.

3. The Determination of Prices

Price is determined by the equilibrium price and the equilibrium quantity. If your good is not selling, you lower the price. If your goods fly off the shelves you are selling too cheaply and you raise prices. Demand changes constantly, e.g. the shift to white wines away from dark hard liquor. Prices will fall when demand falls.

Part 3 of 14. Presented in 1986 at New York Polytechnic University.

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Introduction to Microeconomics – 4 of 14 – Price Controls in the Oil Industry – Murray N Rothbard

INTRODUCTION TO MICROECONOMICS
Presented by Murray N. Rothbard in 1986 at New York Polytechnic University. Recorded by Hans-Hermann Hoppe.

4. Intro to Micro: Price Controls in the Oil Industry

The disappearance of oil has been forecast every decade. Prices were overlooked. When the price is high it is more profitable to look for oil. Total reserves on the ground are higher than they were in 1890. Treating demand as a fixed quantity, the oil industry tried to control production and prices. Gas rationing was implemented. 55 MPH limit was legislated without economic or safety benefit. Safety belts increased fatalities of pedestrians. Natural gas experienced increasing shortages when it became artificially cheap. An insane price structure led to the shut down of older wells.

Part 4 of 14. Presented in 1986 at New York Polytechnic University.

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Introduction to Microeconomics – 5 of 14 – Minimum Price Controls – Murray N Rothbard

INTRODUCTION TO MICROECONOMICS
Presented by Murray N. Rothbard in 1986 at New York Polytechnic University. Recorded by Hans-Hermann Hoppe.

5. Intro to Micro: Minimum Price Controls

Thou shalt not sell a certain product or service below a certain price, e.g. wheat, cotton, corn, cheese, sugar. This will result in an artificial unsold permanent surplus, as it does in the American farm situation. Initially, resources are attracted into the field, but the artificially high price discourages buyer demand. This kind of interventionary tampering with market signals destroys the market tendency to adjustment and brings about losses and misallocation of resources in satisfying consumer wants. The principles of minimum price controls apply to minimum wage laws, which lead to involuntary mass unemployment.

Part 5 of 14. Presented in 1986 at New York Polytechnic University.

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Introduction to Microeconomics – 6 of 14 – Government Licensing and Minimum Wage – Murray N Rothbard

INTRODUCTION TO MICROECONOMICS
Presented by Murray N. Rothbard in 1986 at New York Polytechnic University. Recorded by Hans-Hermann Hoppe.

6. Intro to Micro: Government Licensing of Industry and Minimum Wage

The peanut butter crunch was in 1980. Crop acreage and production was cut down by 45% by government price support, import quotas, and cartelizing of the industry. The price of peanuts more than tripled. Farm price supports also keep cheese prices above market levels. The minimum wage law imposes a wage above the laborer’s discounted marginal value product. The supply of labor exceeds the demand, and the unsold surplus of labor services means involuntary mass unemployment. Low paid workers are screwed by minimum wage laws.

Part 6 of 14. Presented in 1986 at New York Polytechnic University.

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Introduction to Microeconomics – 7 of 14 – The Theory of the Firm – Murray N Rothbard

INTRODUCTION TO MICROECONOMICS
Presented by Murray N. Rothbard in 1986 at New York Polytechnic University. Recorded by Hans-Hermann Hoppe.

7. Intro to Micro: Mid-Term Review and The Theory of the Firm

The objective of the corporate firm is to maximize profits and avoid losses – the same objective of the free market. But the costs are paid out before the income comes in. Stockholders will sell stock to shake up the managers. Government firms – agencies – do not have shareholders and there are no shares to be sold.

Part 7 of 14. Presented in 1986 at New York Polytechnic University.

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