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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.
Philosophers of Capitalism provides an interdisciplinary approach,
attempting to discover the feasibility of an integration of
Austrian Economics and Ayn Rand's philosophy of Objectivism. In the
first section of the book, Edward W. Younkins supplies essays
presenting the essential ideas of Carl Menger, Ludwig von Mises,
and Ayn Rand. Building upon these essential ideas, the second
portion of the book brings together scholarly perspectives from top
academics, analyzing Menger, von Mises, and Rand. The third and
final section of the book looks toward the future and the
possibility of combining and extending the insights of these
champions of a free society, emphasizing how the errors, omissions,
and oversights made by one theorist can effectively be negated or
compensated for by integrating insights from one or more of the
others. Featuring a list of recommended reading for the major ideas
and theorists discussed, Philosophers of Capitalism is an essential
book for both philosophers and economists.
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.
The Panic of 1819 was America's first great economic crisis. And
this is Rothbard's masterful account, the first full scholarly book
on the topic and still the most definitive. Rothbard tells the
story about a disaster that could not be attributed to some
specific government blunder or disaster. It seemed to originate
from within the economic system itself. Its cause was not obvious
to observers at the time. Confronted with something new, the Panic
engendered much discussion and debate about possible causes and
remedies. As Rothbard observes, the panic provides "an instructive
picture of a people coming to grips with the problems of a business
depression, problems which, in modified forms, were to plague
Americans until the present day." There were many cranky and
contradictory remedies proposed, and Rothbard reviews each one. But
in the end, there was no widespread confusion on what caused the
downturn. Instead, it was widely known that a false prosperity is a
very dangerous thing. It always turns to bust.
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
Where did this thing called the Fed come from? Murray Rothbard has
the answer here -- in phenomenal detail that will make your head
spin. In one extended essay, one that reads like a detective story,
he has put together the most comprehensive and fascinating account
based on a century's accumulation of scholarship. The conclusion is
that the Fed did not originate as a policy response to national
need. It wasn't erected for any of its stated purposes. It was
founded by two groups of elites: government officials and large
financial and banking interests. Rothbard adds a third critical
element: economists hired to give the scheme a scientific patina.
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.
This is a new release of the original 1962 edition.
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