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.
Latest episodes
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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. I…
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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 other…
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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 hi…
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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…
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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 high…
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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 d…
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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 pean…
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7. Mid-Term Review and The Theory of the Firm
The objective of the corporate firm is to maximize profits and avoid losses - the same objective of the free market. But the costs are paid out before the income comes in. Stockhol…
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8. The Firm
Business men must make sure they can cover their costs by incoming revenue. The production function will yield a certain quantity of a product. The firm considers marginal costs an…
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9. Monopoly and Competition
The words monopoly and competition have been changed. Competition meant rivalry or competing, either active or potential. Businesses do not like this. Monopoly meant a grant of pri…
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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…
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3. The Determination of Prices
Price is determined by the equilibrium price and the equilibrium quantity. If your good is not selling, you lower the price. If your goods fly off the shelves you are selling too c…
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1. Intro to Micro: Demand and Supply
Microeconomics is concerned with the actions of individuals. The focus of macroeconomics is entire sectors of the economy. All good macro will have micro foundations because those…
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2. Value
Why is it that things like bread and water which have high use values are cheap while on the other hand luxury items like diamonds are very expensive? This paradox was not solved u…