This course will cover chapters 10, 11, and 12 of Murray Rothbard's systematic treatise on economics, Man, Economy, and State. In this course, you will have the ideal instructor: Robert Murphy, the author of the study guide to Man, Economy, and State.
Chapter 10 contains one of Rothbard's foremost original contributions to economic science: his discussion of monopoly and competition. Rothbard went beyond even Mises in exculpating the pure market economy from the arguments of antitrust-advocating market critics. Rothbard argued that on the free market there can be no such thing as a monopoly price which is different in any significant way from a competitive price.
In chapter 11, Rothbard presents a thorough and completely Misesian exposition of monetary theory. Among other highlights, this chapter includes the most devastating and succinct critique of Keynesianism ever penned, as well as a thorough refutation of Irving Fisher's "equation of exchange" doctrine, thereby discrediting much of monetarism, and undercutting (before the fact) many of the arguments of the modern, quasi-Austrian, "Free Banking" school.
And chapter 12 is a methodical deconstruction of the folly of all state intervention into the market economy. After having spent 11 chapters describing the essence and functioning of the market system, chapter 12 elucidates what happens when government throws a wrench in the gears.
This course is a perfect follow-up to Murphy's previous courses based on Man, Economy, and State. However, having taken those courses is NOT required, and this course stands alone as an excellent study of 3 crucial areas in Austrian theory. This course is well-suited for anyone conversant with the Austrian understanding of the market process.
The video lectures are online, and use Webex, the industry-standard web conferencing service. Lectures will be
Wednesday evenings, 6:00-7:30 pm Eastern time. They will be recorded and made available for enrolled students to download.
The primary text of the course is Man, Economy, and State by Murray N. Rothbard, specifically chapters 10-12. This and any other assigned readings are available for free online.