Introduction to Microeconomics

Murray N. Rothbard

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Presented by Murray N. Rothbard in 1986 at New York Polytechnic University. Recorded by Hans-Hermann Hoppe. Download the complete audio of this event (ZIP) here.

12.02.2010

11. 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.
12.02.2010

12. 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 prounion 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.
12.02.2010

13. 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.
12.02.2010

14. 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.
11.02.2010

10. 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.
11.02.2010

4. Price Controls in the Oil Industry

The disappearance of oil has been forecast every decade. Prices were overlooked. When the price is high it is more profitable to look for oil. Total reserves on the ground are higher than they were in 1890. Treating demand as a fixed quantity, the oil industry tried to control production and prices. Gas rationing was implemented. 55 MPH limit was legislated without economic or safety benefit. Safety belts increased fatalities of pedestrians. Natural gas experienced increasing shortages when it became artificially cheap. An insane price structure led to the shut down of older wells. Part 4 of 14. Presented in 1986 at New York Polytechnic University.
11.02.2010

5. Minimum Price Controls

Thou shalt not sell a certain product or service below a certain price, e.g. wheat, cotton, corn, cheese, sugar. This will result in an artificial unsold permanent surplus, as it does in the American farm situation. Initially resources are attracted into the field, but the artificially high price discourages buyer demand. This kind of interventionary tampering with market signals destroys the market tendency to adjustment and brings about losses and misallocation of resources in satisfying consumer wants.The principles of minimum price controls apply to minimum wage laws, which lead to involuntary mass unemployment. Part 5 of 14. Presented in 1986 at New York Polytechnic University.
11.02.2010

6. Government Licensing of Industry and Minimum Wage

The peanut butter crunch was in 1980. Crop acreage and production was cut down by 45% by government price support, import quotas, and cartelizing of the industry. The price of peanuts more than tripled. Farm price supports also keep cheese prices above market levels. The minimum wage law imposes a wage above the laborer's discounted marginal value product. The supply of labor exceeds the demand, and the unsold surplus of labor services means involuntary mass unemployment. Low paid workers are screwed by minimum wage laws. Part 6 of 14. Presented in 1986 at New York Polytechnic University.

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Presented by Murray N. Rothbard in 1986 at New York Polytechnic University. Recorded by Hans-Hermann Hoppe. Download the complete audio of this event (ZIP) here.