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This is the first extensive treatment from a modern Austrian
perspective of the history of economic thought up to Adam Smith and
as such takes into account the profound influence of religious,
social and political thought upon economics. In Economic Thought
before Adam Smith, Murray Rothbard contends that laissez-faire
liberalism and economic thought itself began with the Catholic
scholastics and early Roman and canon law, rather than with Adam
Smith. The scholastics, he argues, established and developed the
subjective utility and scarcity theory of value, as well as the
theory that prices, or the value of money, depend on its supply and
demand. This continental, or 'pre-Austrian' tradition, was
destroyed, rather than developed, by Adam Smith whose strong
Calvinist tendencies towards glorifying labour, toil and thrift is
contrasted with the emphasis in Scholastic economic thought towards
labour in the service of consumption. Tracing economic thought from
the Greeks to the Scottish Enlightenment, this book is notable for
its inclusion of all the important figures in each school of
thought with their theories assessed in historical context.
Classical Economics, the second volume of Professor Rothbard's
history of economic thought from an Austrian perspective, is also
available.
Murray N. Rothbard was the leading voice of the Austrian School of
Economics during its post-war American revival. His research in
economic theory, history, method and policy, was the major impetus
for today's burgeoning interest in the Austrian School and the
broader realm of free-market thought. The Logic of ActionTwo is a
careful selection of Rothbard's most important scholarly articles.
Some have appeared in mainstream journals, others have been long
out of circulation, and still others are published here for the
first time. It was Rothbard's major ambition to shore up the
scientific status of the Austrian School and, at the same time,
demonstrate the theory's radical, free-market implications for
government policy. The book confirms Rothbard as an intellectual
giant, and presents his many contributions to the Austrian School,
a systematic alternative to mainstream thought that reaches
radical, free-market policy conclusions.
Rothbard opens with a theoretical treatment of business cycle
theory, showing how an expansive monetary policy generates
imbalances between investment and consumption. He proceeds to
examine the Fed's policies of the 1920s, demonstrating that it was
quite inflationary even if the effects did not show up in the price
of goods and services. He showed that the stock market correction
was merely one symptom of the investment boom that led inevitably
to a bust. The Great Depression was not a crisis for capitalism but
merely an example of the downturn part of the business cycle, which
in turn was generated by government intervention in the economy.
Had the book appeared in the 1940s, it might have spared the world
much grief. Even so, its appearance in 1963 meant that free-market
advocates had their first full-scale treatment of this crucial
subject. The damage to the intellectual world inflicted by
Keynesian- and socialist-style treatments would be limited from
that day forward.
About the Author
Murray N. Rothbard, the author of 25 books and thousands of
articles, was a historian, philosopher, and dean of the Austrian
School of economics. The S.J. Hall Distinguished Professor of
Economics at the University of Nevada, Las Vegas, he was also
Academic Vice President of the Ludwig von Mises Institute in
Auburn, Ala.
As the first comprehensive treatment of Classical economics from a
modern Austrian perspective, this important history of nineteenth
century economic thought discusses the key members of each school
and reassesses their work. Professor Rothbard's approach offers new
perspectives on both Ricardo and Say and their followers. The
author suggests that Ricardianism declined after 1820 and was only
revived with the work of John Stuart Mill. The book also resurrects
the important Anglo-Irish school of thought at Trinity College,
Dublin under Archbishop Richard Whately. Later chapters focus on
the roots of Karl Marx and the nature of his doctrines, and
laissez-faire thought in France including the work of Frederic
Bastiat. Also included is a comprehensive treatment of the
bullionist versus anti-bullionist and the Currency versus banking
School controversies in the first half of the nineteenth century,
and their influence outside Great Britain. Tracing economic thought
from Smith to Marx, this book is notable for its inclusion of all
the important figures in each school of thought and for assessing
their theories in religious, political, philosophical and
historical context. Economic Thought before Adam Smith, the first
volume of Professor Rothbard's history of economic thought from an
Austrian perspective, is also available.
In recent years, libertarian impulses have increasingly
influenced national and economic debates, from welfare reform to
efforts to curtail affirmative action. Murray N. Rothbard's classic
The Ethics of Liberty stands as one of the most rigorous and
philosophically sophisticated expositions of the libertarian
political position.
What distinguishes Rothbard's book is the manner in which it
roots the case for freedom in the concept of natural rights and
applies it to a host of practical problems. An economist by
profession, Rothbard here proves himself equally at home with
philosophy. And while his conclusions are radical--that a social
order that strictly adheres to the rights of private property must
exclude the institutionalized violence inherent in the state--his
applications of libertarian principles prove surprisingly practical
for a host of social dilemmas, solutions to which have eluded
alternative traditions.
The Ethics of Liberty authoritatively established the
anarcho-capitalist economic system as the most viable and the only
principled option for a social order based on freedom. This edition
is newly indexed and includes a new introduction that takes special
note of the Robert Nozick-Rothbard controversies.
In recent years, libertarian impulses have increasingly influenced
national and economic debates, from welfare reform to efforts to
curtail affirmative action. Murray N. Rothbard's classic The Ethics
of Liberty stands as one of the most rigorous and philosophically
sophisticated expositions of the libertarian political position.
What distinguishes Rothbard's book is the manner in which it
roots the case for freedom in the concept of natural rights and
applies it to a host of practical problems. An economist by
profession, Rothbard here proves himself equally at home with
philosophy. And while his conclusions are radical--that a social
order that strictly adheres to the rights of private property must
exclude the institutionalized violence inherent in the state--his
applications of libertarian principles prove surprisingly practical
for a host of social dilemmas, solutions to which have eluded
alternative traditions.
The Ethics of Liberty authoritatively established the
anarcho-capitalist economic system as the most viable and the only
principled option for a social order based on freedom. This edition
is newly indexed and includes a new introduction that takes special
note of the Robert Nozick-Rothbard controversies.
This is a new release of the original 1962 edition.
LARGE PRINT EDITION More at LargePrintLiberty.com
More than any other single period, World War I was the critical
watershed for the American business system. It was a "war
collectivism," a totally planned economy run largely by
big-business interest through the instrumentality of the central
government, which served as the model, the precedent, and the
inspiration for state corporate capitalism for the remainder of the
century.
Columbia Studies In The Social Sciences, No. 605.
LARGE PRINT EDITION More at LargePrintLiberty.com
Here is Rothbard's mini-biography of Lord Keynes, one that makes
use of all modern research to reconstruct Keynes's life and works
in a way that is absolutely devastating. We read about his
schooling, his secret societies, his political associations and
sponsors - as well as his intellectual shifts and dodges throughout
his life. To put it mildly, Keynes was not the genius liberal of
his reputation. He shifty, duplicitous, and manipulative from
beginning to end, and his deliberately obfuscating economic theory
reflects those traits. When the newscasters go on about how Keynes
saved us and will continue to do so, it would be good to be armed
with the truth about the man who reconstructed economics as he saw
fit. You will be alternately amazed and outraged that the thoughts
of this man have inspired government policy for so many decades. In
fact, as Murray demonstrates, that explains so much about what is
wrong with government policy. Murray Rothbard writes with spunk and
verve in this investigative report.
LARGE PRINT EDITION More at LargePrintLiberty.com
Need a short monograph on Austrian business cycle theory? This is
the one to get. Murray Rothbard was the master of reducing
complicated theories to their very essence while retaining
theoretical rigor, and this essay is a case in point. It was
written in 1969 and published in the form of a tiny book that
achieved a huge circulation. It has not been in print since that
time, but it is now back in this new release. It is thrilling how
Rothbard is able to present the theory in an easy-to-digest format.
Its continued relevance speaks to an aspect of the Austrian theory
that other theories can't boast. It is a real theory that applies
across time and place, and its persuasive power is not contingent
on the particulars of any individual boom bust cycle. You will not
only learn from this 50-page book; it is the perfect item to pass
on to others who are wondering about the economic crisis of 2008
and following.
LARGE PRINT EDITION More at LargePrintLiberty.com
Etienne de La Boetie was born in Sarlat, in the Perigord region of
southwest France, in 1530, to an aristocratic family, and became a
dear friend of Michel de Montaigne. But he ought to be remembered
for this astonishingly important essay, one of the greatest in the
history of political thought. It will shake the way you think of
the state. His thesis and argument amount to the best answer to
Machiavelli ever penned as well as one of the seminal essays in
defense of liberty. La Boetie's task is to investigate the nature
of the state and its strange status as a tiny minority of the
population that adheres to different rules from everyone else and
claims the authority to rule everyone else, maintaining a monopoly
on law. It strikes him as obviously implausible that such an
institution has any staying power. It can be overthrown in an
instant if people withdraw their consent. He then investigates the
mystery as to why people do not withdraw, given what is obvious to
him that everyone would be better off without the state. This sends
him on a speculative journey to investigate the power of
propaganda, fear, and ideology in causing people to acquiesce in
their own subjection. Is it cowardice? Perhaps. Habit and
tradition. Perhaps. Perhaps it is ideological illusion and
intellectual confusion.
LARGE PRINT EDITION More at LargePrintLiberty.com
This remarkable piece of history will change the way you look at
American politics. It shows that the corruption of American
"conservatism" began long before George W. Bush ballooned the
budget and asserted dictatorial rights over the country and the
world. The American Right long ago slid into the abyss. Betrayal of
the American Right is the full story, and the author is none other
than Murray N. Rothbard, who witnessed it all first hand. He tells
his own story and reveals that machinations behind the subversion
of an anti-state movement into one that cheers statism of the worst
sort. The book was written in the mid-1970s and is only now
published for the first time. Each time a prospective publisher
promised to go ahead, the deal fell through. Even so, it has been
privately circulated for the 30 years since it was written - and
everyone lucky enough to own a copy of the manuscript knew he had a
treasure. People who have read it swear that it is the best account
ever how the old right was subverted to become a propaganda branch
of the state, not just recently but fifty years ago. So Rothbard's
account is not only a critical historical document; it also has
explosive explanatory power.
LARGE PRINT EDITION More at LargePrintLiberty.com
Rothbard not only argues for the gold standard; he shows how it
can be restored in a practical, step-by-step plan. No other system
will stop the seemingly endless monetary inflation of the Federal
Reserve system. He also makes his strongest case against fractional
reserve banking. This essay was written in 1962 and this edition
includes Rothbard's sweeping introduction from 1991, in which he
argues that the true gold standard is more viable than ever.
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The Rothbard Reader (Paperback)
Joseph T. Salerno, Matthew McCaffrey; Murray N Rothbard
bundle available
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R378
Discovery Miles 3 780
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