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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Introduction to Microeconomics – 8 of 14 – 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.

8. Intro to Micro: The Firm

Business men must make sure they can cover their costs by incoming revenue. The production function will yield a certain quantity of a product. The firm considers marginal costs and average costs to weigh where along the demand curve production is. Average revenues less average costs multiplied by quantity will reflect profits (or losses) for the firm. Every firm (not industry) will always be where the demand curve is elastic. Perfect and pure competition is where the demand curve for the firm is infinitely elastic – horizontal. Real life has falling demand curves. Everybody becomes a monopolist. The anti-trust movement was meant to purify competition. Monopoly had always meant government grants of privilege to certain industries. But now means falling demand curve – that’s everybody.

Part 8 of 14. Presented in 1986 at New York Polytechnic University.

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Introduction to Microeconomics – 9 of 14 – Monopoly and Competition – Murray N Rothbard

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

9. Intro to Micro: Monopoly and Competition

The words monopoly and competition have been changed. Competition meant rivalry or competing, either active or potential. Businesses do not like this. Monopoly meant a grant of privilege by the government. It now means a falling demand curve. Government creates crazy regulations and the market works to get around them. Cheaper consumer products are better. It’s difficult to sustain quotas – cartel agreements; everybody cheats. Cartels break up in the free market unless government intervenes and props them up.

Part 9 of 14. Presented in 1986 at New York Polytechnic University.

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Introduction to Microeconomics – 10 of 14 – Government Cartels – Murray N Rothbard

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

10. Intro to Micro: Government Cartels

The only cartels that have lasted have been government cartels. There is no essential difference between a cartel and an ordinary corporation or partnership. Not even the De Beers cartel is all powerful. The South African government nationalizes all land upon which diamonds are discovered. The government only licenses De Beers to work the mines; they shoot others. New York cabs are cartels. Farm price supports are cartelized agriculture.

Part 10 of 14. Presented in 1986 at New York Polytechnic University.

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Introduction to Microeconomics – 11 of 14 – The Structure of Production – Murray N Rothbard

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

11. Intro to Micro: The Structure of Production

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. In the earlier or higher stages, producers’ goods must be produced that will later cooperate in producing other producers’ goods that will finally co-operate in producing the desired consumers’ goods. The consumers’ good is valued because it is consumed – directly satisfying man’s ends.

Part 11 of 14. Presented in 1986 at New York Polytechnic University.

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Introduction to Microeconomics – 12 of 14 – Labor and Unions – Murray N Rothbard

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

12. Intro to Micro: Labor and Unions

In order for anyone to make ethical judgments, he must know the consequences of his various actions. In questions of union actions displacement or unemployment for oneself or others will be considered unfortunate by most people. Once understood, far fewer people will be pro-union or hostile to nonunion competitors. Unions lower the marginal productivity of all union workers.

Part 12 of 14. Presented in 1986 at New York Polytechnic University.

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Introduction to Microeconomics – 13 of 14 – The Labor Market – Murray N Rothbard

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

13. Intro to Micro: The Labor Market

Economists can say little about population and its size, despite the gloomy views of Malthus. More people are a good thing because of the division of labor. Living standards are higher when populations are higher. Living standards are higher when populations are denser. When people voluntarily reduce births, average population age rises. Many of the poorest areas of the world are low density, e.g. Africa and interior Brazil.

Part 13 of 14. Presented in 1986 at New York Polytechnic University.

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Introduction to Microeconomics – 14 of 14 – Interest Rates and Course Review – Murray N Rothbard

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

14. Intro to Micro: Interest Rates and Course Review

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. The capitalist then waits for five years until the product matures before recouping his money.

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

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History of Economic Thought – 1 of 6 – Ideology and Theories of History – Murray N Rothbard

Murray Rothbard died before he could write the third volume of his famous History of Economic Thought, which would cover the birth and development of the Austrian School, through the Keynesian Revolution and Chicago School. With this six-lecture course, however, the History of Economic Thought is complete.

1. Ideology and Theories of History

History is not an inevitable march upward, as concluded in the 1830s. That determinist view put the stamp of approval on everything past and present. It permeates economic history. It ignores the great moral choices. History is a race between state power and social power.

The Whig theory of history implied that you do not lose any knowledge. It always just builds. Yet that is not true for history, science, or economics. Economics collapsed with Adam Smith. Most economists denied the role of price in determining cost. Few understood time preference.

Rothbard thinks Hegel is a nut.

The first in a series of six lectures on the History of Economic Thought.

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History of Economic Thought – 2 of 6 – The Emergence of Communism – Murray N Rothbard

Murray Rothbard died before he could write the third volume of his famous History of Economic Thought, which would cover the birth and development of the Austrian School, through the Keynesian Revolution and Chicago School. With this six-lecture course, however, the History of Economic Thought is complete.

2. The Emergence of Communism

The roots of Marxism were in messianic communism. Marx’s devotion to communism was his crucial point. Violent, worldwide revolution, in Marx’s version made by the oppressed proletariat, would be the instrument of the advent of his millennium, communism.

All visions of communism include certain features. Private property is eliminated, individualism goes by the board, individuality is flattened, all property is owned and controlled communally, and the individual units of the new collective organism are in some vague way equal to one another.

Marx’s portrayal of raw communism is very like the monstrous regimes imposed by the coercive Anabaptists of the sixteenth century. Marx never explains how a system of total greed becomes transformed into total greedlessness. Marx’s poems reflected militant atheism. A hatred of God as creator greater than himself apparently inspired Marx.

The second in a series of six lectures on the History of Economic Thought.

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