Man, economy, and state: a treatise on economic principles ; with Power and market: government and the economy

1506 Pages·2009·5.23 MB·English

by  Rothbard, Murray Newton

M , E , S
AN CONOMY AND TATE
A TREATISE ON ECONOMIC PRINCIPLES
WITH
POWER AND MARKET
GOVERNMENT AND THE ECONOMY
MURRAY N. ROTHBARD
M , E , S
AN CONOMY AND TATE
A TREATISE ON ECONOMIC PRINCIPLES
WITH
P M
OWER AND ARKET
GOVERNMENT AND THE ECONOMY
SECONDEDITION
MURRAY N. ROTHBARD
SCHOLAR’SEDITION
Man, Economy, and State with Power and Market:
Copyright © 2004 by Ludwig von Mises Institute, Scholar’s Edition
Copyright © 2009 by Ludwig von Mises Institute, Scholar’s Edition,
second edition
Man, Economy, and State:
Copyright© 1962 by William Volker Fund and D. Van Nostrand
Copyright © 1970 by Murray N. Rothbard
Copyright © 1993 by Murray N. Rothbard, revised edition
Copyright © 2001 by Ludwig von Mises Institute
Power and Market:
Copyright © 1970 by Institute for Humane Studies
Copyright © 1977 by Institute for Humane Studies, second edition
All rights reserved. Written permission must be secured from the publisher to
use or reproduce any part of this book, except for brief quotations in critical
reviews or articles.
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ISBN: 978-1-933550-27-5
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M , E , S
AN CONOMY AND TATE
A TREATISE ON ECONOMIC PRINCIPLES

CONTENTS
INTRODUCTION TO THE SECOND EDITION OF MAN, ECONOMY,
AND STATE WITH POWER AND MARKET
by Joseph T. Salerno. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . xix
PREFACE TO REVISED EDITION. . . . . . . . . . . . . . . . . . . . . . . . . . . . . li
CHAPTER 1—FUNDAMENTALS OF HUMAN ACTION. . . . . . . . . . . . 1
1. The Concept of Action. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1
2. First Implications of the Concept . . . . . . . . . . . . . . . . . . . . 2
3. Further Implications: The Means . . . . . . . . . . . . . . . . . . . . 8
4. Further Implications: Time . . . . . . . . . . . . . . . . . . . . . . . . 13
5. Further Implications. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17
A. Ends and Values. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17
B. The Law of Marginal Utility. . . . . . . . . . . . . . . . . . . . . 21
6. Factors of Production: The Law of Returns. . . . . . . . . . . 33
7. Factors of Production: Convertibility
and Valuation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 38
8. Factors of Production: Labor versus Leisure . . . . . . . . . . 42
9. The Formation of Capital . . . . . . . . . . . . . . . . . . . . . . . . . 47
10. Action as an Exchange . . . . . . . . . . . . . . . . . . . . . . . . . . . . 70
Appendix A: Praxeology and Economics . . . . . . . . . . . . . . . . . 72
Appendix B: On Means and Ends. . . . . . . . . . . . . . . . . . . . . . . 76
CHAPTER 2—DIRECT EXCHANGE . . . . . . . . . . . . . . . . . . . . . . . . . 79
1. Types of Interpersonal Action: Violence. . . . . . . . . . . . . . 79
2. Types of Interpersonal Action: Voluntary Exchange
and the Contractual Society . . . . . . . . . . . . . . . . . . . . . . . 84
vii