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- Aug 28, 2018
Economics and Public Policy
[Presented at the 2008 Rothbard Graduate Seminar. 28 minutes.] Free societies would have few economists - mainly educators. But, when government - or any other agency using violence - intervenes in the market, the usefulness of the economist expands. The problems become what the consequences of governmental acts will be. Bad policies - like Welfare Economics and Social Economics -were often supported simply because there was so little understanding of economics, at all. There are no mathematical constants in Austrian economics. They are qualitative not quantitative. A table sums up the differences between The Market Principle and The Hegemonic Principle. An Alice J. Lillie Seminar. This lecture covers pp. 1357-1369 in the Scholar's Edition of Rothbard's Man, Economy, and State.
- Aug 28, 2008
Binary Intervention: Taxation II
[Topic at 7 min.]Progressive, proportional and regressive taxes. Rothbard is relentlessly not in favor of taxes. The state robs both rich and poor. Henry George is horrible on the single tax on ground rent. Immigration/ Georgist sidebar - privatize everything so that entrants are trespassers or invitees. Empty land could still attract immigrants.Just taxation? The just price is the market price. There can't be a just tax. It is not voluntary.Costs of collection, convenience, and certainty? Milton Friedman came up with the withholding tax, unfortunately making taxation seem painless.Distribution of the tax burden. Equal treatment would mean equal slavery, because taxation is theft. Extend the exemptions to all. The loopholer is a good guy. Bureaucrats cannot pay taxes because they're part of the criminal gang.Ability to pay?That's the sacrifice theory.Head tax seemed rational, yet is still bad. Rejects the benefit principle. But, the market benefits the poor more than the rich. All taxes are for revenue.The voluntary tax is not sufficient for free enterprise because the state still has the monopoly on taxation.An Alice J. Lillie Seminar. This lecture covers pp. 1191-1251 in the Scholar's Edition of Rothbard's Man, Economy, and State.
- Aug 28, 2008
Triangular Intervention
Price controls, product controls, compulsory cartels, licenses, standards, tariffs, child labor laws, conscription, minimum wage laws, subsidies, penalties, anti-trust, conservation laws, patents, public utilities, eminent domain, and bribery are among the many triangular interventions by government that distort markets and reduce benefits to consumers.An Alice J. Lillie Seminar. This lecture covers pp. 1075-1147 in the Scholar's Edition of Rothbard's Man, Economy, and State.
- Aug 28, 2008
Binary Intervention: Taxation I
The uniqueness of the Austrian approach to taxation is to first cover Public Policy, then Antimarket Ethics and finally Taxation. It is a praxeological development approach. Robbery and counterfeiting are the revenues to the state. You can't look at taxation alone, you must look at expenditures, too.Those resources will never be available to private producers. There are net tax payers and net tax consumers. No tax is neutral for the market. Any tax distorts allocation of resources by its level of taxes, not by its form of taxation. Additionally, a tax severs income distribution from production. Taxes cannot be shifted forward.Monetary inflation and credit expansion lead to boom-bust. All government expenditures are consumption; none are investment.General sales taxes and general income taxes lower the standard of living of the taxpayers and reduce saving and investment. If an employer is paying your health premium, he has lowered your income to do so. When employers pay some share of your social security payment, they have lowered your income to do so. There can be no tax on consumption alone; all consumption taxes are taxes on income. Inheritance taxes are the most devastating - a pure tax on capital.An Alice J. Lillie Seminar. This lecture covers pp. 1149-1191 in the Scholar's Edition of Rothbard's Man, Economy, and State.
- Aug 28, 2008
Production: Particular Factor Prices and Productive Incomes
The pricing, supplies, and incomes of particular factor prices - labor and land - and the effects of a changing economy upon them are discussed as Rothbard viewed them. The theory of rent is a highlight of this chapter. The Mengarian causal-realist tradition is integrated here.The section on costs, vertical integration, and size of the firm add to the socialist calculation issue.An Alice J. Lillie Seminar. This lecture covers pp. 557-627 in the Scholar's Edition of Rothbard's Man, Economy, and State.
- Aug 28, 2008
Fundamentals of Intervention
Power & Market - this second section of Rothbard's book - shows the state was to be protector of the people and property, but government is contradictory to that task. Government both taxes and demands a compulsory monopoly of defensive services within a geographical area.Are taxes simply club dues? Can you have a market without defense services? Do you have a right to secede? If you believe in government, you have to accept world government. Archy means rule. Anarchy is against arbitrary rule. A truly free market is incompatible with the existence of a state. Private courts could adjudicate.Autistic (like assault), binary (like taxes) and triangular (like price control) types of intervention all produce conflict.Rothbard sees classes as net tax payers or net tax producers.Majority voting under democracy does not protect minorities. Democracy the God that Failed by Hoppe is the full story.Monopolies, externalities and public goods are the three big objections to markets by progressives.An Alice J. Lillie Seminar. This lecture covers pp. 1047-1073 in the Scholar's Edition of Rothbard's Man, Economy, and State.
- Aug 28, 2008
Money and Its Purchasing Power
This completes the study of money and of the effects of changes in monetary relations on the economic system. Like all commodities, money has its own supply and demand and price: purchasing power. Everyone deals in money. The annual production of money is small compared to the total stock of money. Earning money is the name for buying money. The sole purpose of buying money is to exchange it in the future for other goods and services. Increases in the money supply yield no social benefits, unlike increases in other commodities. More money does no good if its purchasing power for goods is correspondingly diluted. Keynesians confuse the notion of saving with hoarding. They also fear deflation and its falling prices. There are four components of the natural rate of interest. An Alice J. Lillie Seminar. This lecture covers pp. 755-798 in the Scholar's Edition of Rothbard's Man, Economy, and State.
- Aug 28, 2008
The Supply of Money
The stock of the money commodity responds to demand and supply of the consumers and their preferences just as with any other good. Claims to money can be used as money, but fraudulent claims to money would be illegitimate because two owners cannot own the same thing at the same time and the pseudo receipts would add to the money stock. The issuance of pseudo receipts cannot be regulated by profits as it would be on the unhampered market. Thus, there must be 100% reserves in banking. Money can never neutral. Money is valued on preference ranks. Increasing the stock of money changes all these rankings. If you increase the supply of money, the purchasing power of each money unit will decline. Clusters of entrepreneurial error cannot lead to boom-busts. And there cannot have been any monetary credit expansion on a free market. An Alice J. Lillie Seminar. This lecture covers pp. 798-874 in the Scholar's Edition of Rothbard's Man, Economy, and State.
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About Rothbard Graduate Seminar
This program is an intense study of Rothbardian economic analytics, using Man, Economy, and State, as well as supplemental materials. Sponsored by Alice J. Lillie, and hosted at the Mises Institute in Auburn, Alabama, 8-13 June 2008.Download the complete audio of this event (ZIP) here.
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