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- Search found 16 items for:
- Austrian Economics Overview
- Robert P. Murphy
- 2008
Media Asset
Author:
Robert P. Murphy
Online Publish Date:
Direct exchange was limited. The pattern of indirect exchange led to the common medium of exchange: money. Maximization of psychic income always leads the seller of a good to seek the highest money price for it, and the buyer of a good to seek the lowest money price. All human action uses scarce resources to attempt to arrive at the most highly
Media Asset
Author:
Robert P. Murphy
Online Publish Date:
Entrepreneurs see the future better than others and go and make money off it. Profits are an index that maladjustments are being met and combatted by the profit-making entrepreneurs. Capital does not beget profits. Only wise entrepreneurial decisions do that. The paradox of saving is that saving is the necessary and sufficient condition for
Media Asset
Author:
Robert P. Murphy
Online Publish Date:
Murphy covers questions that arose during the week until 17:44, then begins with Business Cycles p.989-1025. Main objection to the Austrian Business Cycle Theory is rational expectations - they can’t prevent entrepreneurs from making use of loose credit because they would be left behind if they didn’t. An Alice J. Lillie Seminar. This lecture
Media Asset
Author:
Robert P. Murphy
Jeffrey A. Tucker
Online Publish Date:
Recorded during the 2008 Mises University, Jeffrey Tucker interviews leading Austrian Economists on the topic of Henry Hazlitt’s classic book Economics in One Lesson . This is the fifth in a series of twelve interviews with leading Austrian Economists discussing each chapter of Hazlitt’s
Mises Daily
Author:
Robert P. Murphy
Online Publish Date:
[This Study Guide to Human Action , Chapter XIX is also available in PDF .] CHAPTER XIX. THE RATE OF INTEREST CHAPTER SUMMARY 1. The Phenomenon of Interest Originary interest is the discount applied to future goods versus present goods, and is ultimately due to the universal phenomenon of time preference. As chapter XVIII demonstrated, people
Mises Daily
Author:
Robert P. Murphy
Online Publish Date:
[This Study Guide to Human Action , Chapter XX is also available in PDF .] CHAPTER XX. INTEREST, CREDIT EXPANSION, AND THE TRADE CYCLE CHAPTER SUMMARY 1. The Problems The neutral rate of interest is the hypothetical, single rate of originary interest — i.e., the rate of markup on consumer goods compared to their factors of production — that would
Mises Daily
Author:
Robert P. Murphy
Online Publish Date:
[This Study Guide to Human Action , Chapter IX is also available in PDF .] CHAPTER IX. THE ROLE OF IDEAS CHAPTER SUMMARY 1. Human Reason Reason distinguishes man from other animals. All action is preceded by thinking. The reasoning employed may be faulty, but by definition action is the purposeful attempt to remove uneasiness. It is always an
Mises Daily
Author:
Robert P. Murphy
Online Publish Date:
CHAPTER X. EXCHANGE WITHIN SOCIETY CHAPTER SUMMARY 1. Autistic Exchange and Interpersonal Exchange All action is an exchange, of giving up what is less satisfactory for (the actor hopes) what is more satisfactory. Autistic exchange concerns only one actor, while interpersonal exchange involves cooperation between one or more individuals. Although