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Introduction to Microeconomics

Updated 8 days ago

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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.

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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.

iTunes Ratings

23 Ratings
Average Ratings
18
3
0
0
2

Essential

By Darth Kazi - Jan 23 2013
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Dr. Rothbard's introduction to macroeconomics should be standard, required reading for idle and high school students. His style is often humorous, witty and cutting. Three things missing from the vast majority of economic literature. "The dismal science" as Rothbard put it, would be far less dismal if he wrote more of the material required in Econ courses!

Fantastic

By Jeffrey Cilley - May 01 2012
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No one does it like Murray. Entertaining and informative.

iTunes Ratings

23 Ratings
Average Ratings
18
3
0
0
2

Essential

By Darth Kazi - Jan 23 2013
Read more
Dr. Rothbard's introduction to macroeconomics should be standard, required reading for idle and high school students. His style is often humorous, witty and cutting. Three things missing from the vast majority of economic literature. "The dismal science" as Rothbard put it, would be far less dismal if he wrote more of the material required in Econ courses!

Fantastic

By Jeffrey Cilley - May 01 2012
Read more
No one does it like Murray. Entertaining and informative.
Cover image of Introduction to Microeconomics

Introduction to Microeconomics

Latest release on Feb 12, 2010

The Best Episodes Ranked Using User Listens

Updated by OwlTail 8 days ago

Rank #1: 3. The Determination of Prices

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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 cheaply and you raise prices. Demand changes constantly, e.g. the shift to white wines away from dark hard liquor. Prices will fall when demand falls.

Part 3 of 14. Presented in 1986 at New York Polytechnic University.

Jan 22 2010

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Rank #2: 4. Price Controls in the Oil Industry

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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.

Feb 11 2010

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Rank #3: 5. Minimum Price Controls

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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.

Feb 11 2010

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Rank #4: 6. Government Licensing of Industry and Minimum Wage

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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.

Feb 11 2010

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Rank #5: 9. Monopoly and Competition

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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 privilege by the government. It now means a falling demand curve. Government creates crazy regulations and the market works to get around them. Cheaper consumer products are better. It's difficult to sustain quotas - cartel agreements; everybody cheats. Cartels break up in the free market unless government intervenes and props them up.

Part 9 of 14. Presented in 1986 at New York Polytechnic University.

Feb 11 2010

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