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A pillar of the Austrian School Library and the last full-blown treatise on economics. If Mises's Human Action was the culmination of the School from Menger's time, Rothbard's treatise takes Austrian thought even further in the areas of utility and welfare economics, antitrust, labor, taxation, public goods, and social insurance schemes. Inconsistencies are ironed out and A pillar of the Austrian School Library and the last full-blown treatise on economics. If Mises's Human Action was the culmination of the School from Menger's time, Rothbard's treatise takes Austrian thought even further in the areas of utility and welfare economics, antitrust, labor, taxation, public goods, and social insurance schemes. Inconsistencies are ironed out and the system of thought, in all its logical rigor, is unbroken. More than any book, Man, Economy, and State taught economics to the post-Mises generation. It refutes still-common errors among the mainstream and grapples with the post-war Keynesian literature point by point. The impact of this work was also enhanced by its breathtaking logic and clarity, even in the most difficult subject areas. Special insights along the way include a full critique of government statistics and the Fed's definitions of the money supply. Nearly twenty-five years after it first appeared in print, it remains the standard bearer for the Austrian School.


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A pillar of the Austrian School Library and the last full-blown treatise on economics. If Mises's Human Action was the culmination of the School from Menger's time, Rothbard's treatise takes Austrian thought even further in the areas of utility and welfare economics, antitrust, labor, taxation, public goods, and social insurance schemes. Inconsistencies are ironed out and A pillar of the Austrian School Library and the last full-blown treatise on economics. If Mises's Human Action was the culmination of the School from Menger's time, Rothbard's treatise takes Austrian thought even further in the areas of utility and welfare economics, antitrust, labor, taxation, public goods, and social insurance schemes. Inconsistencies are ironed out and the system of thought, in all its logical rigor, is unbroken. More than any book, Man, Economy, and State taught economics to the post-Mises generation. It refutes still-common errors among the mainstream and grapples with the post-war Keynesian literature point by point. The impact of this work was also enhanced by its breathtaking logic and clarity, even in the most difficult subject areas. Special insights along the way include a full critique of government statistics and the Fed's definitions of the money supply. Nearly twenty-five years after it first appeared in print, it remains the standard bearer for the Austrian School.

56 review for Man, Economy, and State

  1. 5 out of 5

    Clinton

    Man, Economy, and State epitomizes and depicts the true essence of the Austrian School of Economics. Murray Rothbard successfully accumulates comprehensively through and through the key fundamentals in the methodological individualist approach to economics established by the study of praxeology. Praxeology is the study of human action, so it symbolizes the act of purposeful behavior. In physics, mathematics establishes critical components of unmotivated behavior of inanimate entities whereas in Man, Economy, and State epitomizes and depicts the true essence of the Austrian School of Economics. Murray Rothbard successfully accumulates comprehensively through and through the key fundamentals in the methodological individualist approach to economics established by the study of praxeology. Praxeology is the study of human action, so it symbolizes the act of purposeful behavior. In physics, mathematics establishes critical components of unmotivated behavior of inanimate entities whereas in economics, mathematics is simply unable to illustrate motivated behavior of human beings. All praxeological laws are qualitative and not quantitative. Human action contains no quantitative constants, so it is impossible to formulate realistic and tangible quantitative data of human action. Three essential concepts of the Austrian School are marginal utility, time preference and non-neutrality of money. Marginal utility is the subjective view that units of goods are ranked on individual value scales where each unit of a good is valued separately. Goods are valued to an end by the amount of the good with equal serviceability. As an actor acquires more units of a good, he devotes less urgent ends and lowers the good on his scale of values. As the supply of the good increases, the marginal utility of the good decreases and vice versa. Time preference is individuals rank prospective and currently held future goods to value scales. Presumably, human action suggests that people want things sooner rather than later, for goods further into the future are less preferred, so future goods are always discounted. Therefore, time preference is the extent to which people value current consumption over future consumption. Moreover, if current consumption exceeds savings and investment, then future consumption will be reduced because of the lack in savings. Consumption from the past must have restraint, so others can be sustained on current structure and create new structure in the future. The Austrian Business Cycle Theory postulates that credit expansion distorts time preference. The illusionary effect tricks businessmen into thinking that more means exist for current production, but new structure of production isn’t a reflection of consumer time preferences, so capital savings is consumed and not invested properly, which is malinvestment. The existence of money is non-neutral; otherwise, money doesn’t really exist. We might as well presume that it just falls from trees or helicopters. When the supply of money is inflated, it has real consequences on present and future production and consumption. Economic calculation is distorted along with shifts in time preference. When new money is injected into the economy not by means of free markets, it systematically benefits those whom spend the new money first at the expense who spend the new money last. By the time those who receive the new money last, the new money is already creating new demand on current goods and services; therefore, prices are rising. Since money is a commodity akin to all other goods and services, the only difference is that money is merely represented as a medium of exchange. The price of money is subject to the interaction of supply and demand and marginal utility. Thus, as the stock of money increases, the marginal utility decreases and vice versa. Purchasing Power of Money is the subject to marginal utility of money, which means people voluntarily trade real goods and services in exchange for units of money because they value money more than the good. Therefore, the purchasing power of money is the price of money based on exchange ratios. Aside from Ludwig von Mises’s Human Action, this book ranks among the greatest nonfiction literature concerning economics. Rothbard translates complex economic jargon into understandable concepts. If economics and the Austrian School even remotely spark interest, then this book must be read because it will literally change your views of economics. Literally, it changed mine.

  2. 5 out of 5

    John Boettcher

    The only book that tops this one is Human Action by Mises himself. The book is not for the faint of heart or the faint of mind and determination because you will need all three to get through this book. However, if you do, you will have increased your knowledge of the world beyond belief! Not just in economics, but in almost every avenue of life. Like I said, the only thing that beats this book from Rothbard is Human Action.

  3. 4 out of 5

    Jason Keisling

    This is by far the best book on economic principles that I've read. I cannot recommend this enough.

  4. 5 out of 5

    Adrián Sánchez

    Se puede decir que este libro contiene una revisión de lo desarrollado por Mises en La Acción Humana llevándolo a sus consecuencias más lógicas además de contener de todo un poco (aunque bien desarrollado) temas que trata en futuros libros y otros autores, es defenitivamente un compendio de todo el desarrollo de la escuela austríaca de economía, abarcando temas de funcionamiento de los procesos de producción en el mercado, la utilidad marginal, la oferta y la demanda, la función del dinero y lue Se puede decir que este libro contiene una revisión de lo desarrollado por Mises en La Acción Humana llevándolo a sus consecuencias más lógicas además de contener de todo un poco (aunque bien desarrollado) temas que trata en futuros libros y otros autores, es defenitivamente un compendio de todo el desarrollo de la escuela austríaca de economía, abarcando temas de funcionamiento de los procesos de producción en el mercado, la utilidad marginal, la oferta y la demanda, la función del dinero y luego una sección extensa dedicada al estudio de la intervención de agentes coercitivos en el mercado. Varios de los temas ya los conocía por haberlo leído en otros libros de distintos economistas y otros los había deducido por cuenta propia pero es bueno leer este libro para organizar las ideas que en muchos casos pueden prestarse para confusión o mala difusión de las mismas.

  5. 5 out of 5

    Lucas Yamone

    Excellent book. The chapter dedicated to the analysis of the Monopoly it's amazing. This book changed my mind on different subjects. Please read this book. Please read it. More people read it, a better world we are going to have.

  6. 5 out of 5

    James

    Extremely intuitive and logical deductive treatment of economics. It's so intuitive it could possibly be shorter. The only thing I think might need some work is his theory on monopoly.

  7. 4 out of 5

    Gary Sonnenberg

    Didn't really finish. Switched to The Mises Reader instead.

  8. 4 out of 5

    Patrick S.

    Having been reading more and learning more Austrian economics in the last two years, Murray Rothbard's name has been impossible to avoid. This book is his magnum opus on the subject. A word of warning, this is an advanced book on the subject and is not an easy read by far. The way I view it this book explains better and to a different degree more than "Human Action" by Ludwig von Mises. Then you have different authors such as Tom Woods and Robert Murphy and Walter Block that do the same for Roth Having been reading more and learning more Austrian economics in the last two years, Murray Rothbard's name has been impossible to avoid. This book is his magnum opus on the subject. A word of warning, this is an advanced book on the subject and is not an easy read by far. The way I view it this book explains better and to a different degree more than "Human Action" by Ludwig von Mises. Then you have different authors such as Tom Woods and Robert Murphy and Walter Block that do the same for Rothbard. After two years and understanding the concepts of Austrian Economics fairly well, I still was not ready for the writing of this book. It should be noted that this review should be read in light that this author freely admits that his understanding is limited, flawed, and weak on the subject of this book. I was not completely lost on this book and there were some ideas I had to sit and chew on for quite a few days. I would even dream about them, literally, to work them out. Sometimes I succeeded and other times I did not. With Rothbard being such a pillar it's hard not to want to read and like this book. The other good thing about that fact is so many other people have written about his ideas form other perspectives that are written for all sorts of variety degrees of understanding. I did pick up Robert Murphy's study guide on this book and found a few articles online of people boiling down the points by chapter. Another helpful resource was the Mises Institute website and Youtube page. Again, any critique I give is flawed and is probably not as informed as it should be. I would have like Rothbard to go into more comparison/contrast with Keynesian and would have loved to see way more examples of some of the pure concepts. I did not hate reading this book and I did learn a lot. There might be a day where I pick it back up again but as I wrote above, so many good people within the community look up to Rothbard and can distill down these large concepts for people like me. It shows you how well Rothbard really was. Final Grade - B

  9. 4 out of 5

    Jayesh

    This book is truly a revelation. A complete and cohesive account of how the economy works, derived analytically through first principles. However this book is not an easy read. A lot of re-reads of individuals chapters may be required to clearly understand what Rothbard is saying. Took me three months of reading to complete this book. However every read was enjoyable. Shatters all conventional economic understanding from your economics education. Definitely should be read by everyone interested This book is truly a revelation. A complete and cohesive account of how the economy works, derived analytically through first principles. However this book is not an easy read. A lot of re-reads of individuals chapters may be required to clearly understand what Rothbard is saying. Took me three months of reading to complete this book. However every read was enjoyable. Shatters all conventional economic understanding from your economics education. Definitely should be read by everyone interested in Economics. Specially recommended for Thomas Picketty fans. You will be rid of Picketty nonsense forever.

  10. 5 out of 5

    Nedland P.

    Another of the "Austrian" greats, outlines his ideas on the economy.

  11. 4 out of 5

    Sukasah Syahdan

    One of the few books that changed my views about most things.

  12. 5 out of 5

    Joe Martin

    "Man, Economy, and State by Murray Newton Rothbard (1993)"

  13. 4 out of 5

    Fadua

  14. 5 out of 5

    Kaan Doren

  15. 5 out of 5

    Svein Bentsen

  16. 5 out of 5

    Alexander

  17. 4 out of 5

    Michael J

  18. 5 out of 5

    Jefferson Kim

  19. 5 out of 5

    Matt

  20. 5 out of 5

    Cyanobyte

  21. 5 out of 5

    Christian

  22. 4 out of 5

    Sercan

  23. 5 out of 5

    James Peron

  24. 4 out of 5

    Ryan

  25. 4 out of 5

    Clareal Laureano

  26. 5 out of 5

    Laura Resco

  27. 4 out of 5

    Neon

  28. 5 out of 5

    Marnik Minelli

  29. 4 out of 5

    Sarah E.

  30. 5 out of 5

    Eric

  31. 4 out of 5

    surd

  32. 5 out of 5

    Christopher

  33. 4 out of 5

    Patrico Suave

  34. 4 out of 5

    Mike

  35. 5 out of 5

    David Gross

  36. 4 out of 5

    Alfredo Herr

  37. 4 out of 5

    Andrew

  38. 5 out of 5

    Kevin

  39. 4 out of 5

    James

  40. 5 out of 5

    Andrew

  41. 5 out of 5

    Hans Haneberg

  42. 5 out of 5

    Tagg

  43. 4 out of 5

    Ryan W.

  44. 5 out of 5

    Chris

  45. 5 out of 5

    Fred

  46. 4 out of 5

    Joe

  47. 4 out of 5

    Maria

  48. 4 out of 5

    Yaakov Markel

  49. 4 out of 5

    Eric

  50. 4 out of 5

    Paula

  51. 5 out of 5

    Trent Rock

  52. 4 out of 5

    David Veksler

  53. 4 out of 5

    Mark Buckley

  54. 5 out of 5

    Charlie

  55. 5 out of 5

    Jacob Hedegaard

  56. 5 out of 5

    Kyle

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