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Man, Economy, and State with Power and Market: The Scholar's Edition (LvMI) (English Edition) [Kindle Edition]

Murray N. Rothbard
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New Edition, with new introduction!

Murray N. Rothbard's great treatise Man, Economy, and State and its complementary text Power and Market, are here combined into a single edition as they were written to be. It provides a sweeping presentation of Austrian economic theory, a reconstruction of many aspects of that theory, a rigorous criticism of alternative schools, and an inspiring look at a science of liberty that concerns nearly everything and should concern everyone.

The Mises Institute's new edition of Man Economy, and State, united with its formerly sundered companion volume Power and Market, is a landmark in the history of the Institute. It takes this book out of the category of underground classic and raises it up to its proper status as one of the great economic treatises of all time, a book that is essential for anyone seeking a robust economic education.

The captivating new introduction by Professor Joseph Salerno that frames up the Rothbardian contribution in a completely new way, and reassesses the place of this book in the history of economic thought. In Salerno's view, Rothbard was not attempting to write a distinctively "Austrian" book but rather a comprehensive treatise on economics that eschewed the Keynesian and positivist corruptions. This is what accounts for its extraordinarily logical structure and depth. That it would later be called Austrian is only due to the long-lasting nature of the corruptions of economics that Rothbard tried to correct.

For years, the Mises Institute has kept it in print and sold thousands of copies in a nice paperback version. Then we decided to take a big step and put out an edition worthy of this great treatise. It is the Scholar's Edition of Man, Economy, and State — an edition that immediately became definitive and used throughout the world. The index is huge and comprehensive.

Students have used this book for decades as the intellectual foil for what they have been required to learning from conventional economics classes. In many ways, it has built the Austrian school in the generation that followed Mises. It was Rothbard who polished the Austrian contribution to theory and wove it together with a full-scale philosophy of political ethics that inspired the generation of the Austrian revival, and continues to fuel its growth and development today.

From Rothbard, we learn that economics is the science that deals with the rise and fall of civilization, the advancement and retrenchment of human development, the feeding and healing of the multitudes, and the question of whether human affairs are dominated by cooperation or violence.

Economics in Rothbard's wonderful book emerges as the beautiful logic of that underlies human action in a world of scarcity, the lens on how exchange makes it possible for people to cooperate toward their mutual betterment. We see how money facilitates this, and allows for calculation over time that permits capital to expand and investment to take place. We see how entrepreneurship, based on real judgments and risk taking, is the driving force of the market.

What's striking is how this remarkable book has lived in the shadows for so long. It began as a guide to Human Action, and it swelled into a treatise in its own right. Rothbard worked many years on the book, even as he was completing his PhD at Columbia University.

To Search for Mises Institute titles, enter a keyword and LvMI (short for Ludwig von Mises Institute); e.g., Depression LvMI

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5.0 von 5 Sternen Important classic 18. Mai 2013
Format:Kindle Edition|Verifizierter Kauf
Rothbard's classic treatise is both accessible to the serious reader and comprehensive. At a price of under 4 euros, the electronic edition of this huge masterpiece of modern economic science, which has been carefully and neatly transferred to digital format, fully hyperlinked, and generously coupled with "Power and Market," affords a remarkable opportunity for interested Kindle owners. Many thanks to the publishers!
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Amazon.com: 4.5 von 5 Sternen  15 Rezensionen
30 von 31 Kunden fanden die folgende Rezension hilfreich
5.0 von 5 Sternen Everyone must read this book eventually. 13. Januar 2011
Von Ein Kunde - Veröffentlicht auf Amazon.com
Format:Kindle Edition
Truth be told, I find HUMAN ACTION by Ludwig von Mises more entertaining. But this book is definitely the book to read if you want to evolve from amateur to expert in the shortest time possible. Also, unlike Mises, Rothbard doesn`t scare the reader with big words like "pleonastic" and "concatenation". Furthermore, while this book is about 50% longer than Human Action, it manages to squeeze in about 3x more information than Human Action, and the footnotes are chock-full of interesting points and trivia. Lastly, this book grapples with Samuelson and all the other contemporaries, and calls them out on their errors specifically, instead of waxing philosophical about epistemological questions. So, as much as it pains me to admit, this book is probably superior to Human Action.
14 von 14 Kunden fanden die folgende Rezension hilfreich
5.0 von 5 Sternen The Greatest Investment in Economic Literature One Can Make 8. Mai 2012
Von C. Barcelo - Veröffentlicht auf Amazon.com
Format:Kindle Edition|Verifizierter Kauf
Rothbard's Man, Economy, and State with Power and Market is by far the greatest investment I have ever made. Eager with the current climate to learn a bit more about Economics I did some browsing and sifted through, though lightly, some other reading but never quite got into it. I then, like many others, came across Milton Friedman and fell in love with his passion for 'freedom'. I started this book after bouncing around online and coming across[...] and hearing some YouTube Rothbard lectures. To tell you the truth I bought it for the size and price, I figured I'd be an expert in no time.

I really underestimated what a treasure this book would be. Rothbard assumes no prior knowledge and walks you through economic theory from isolated man, to barter, to modern monetary economics and then goes through many deeper issues in Government from minimum wage and child labor.

In all cases Rothbard doesn't get too complicated or throw equations at you and I believe anyone could easily read and understand this book, though I will tell you the truth some dedication is required. It's almost as if blinds open and you learn how to think and you see the world, and especially it's governments and their economic policies, in a different light all backed by logic and sound reasoning.

This book will be one of your greatest investments and will only leave you craving more.

Other Recommendations:
Socialism by Ludwig von Mises
Human Action by Ludwig von Mises
Economics in One Lesson by Henry Hazlitt

[...] is a great resource set up by Tom Woods which provides some suggestions for further reading you can get here on Amazon.
7 von 7 Kunden fanden die folgende Rezension hilfreich
5.0 von 5 Sternen One of the best !!!! 13. Oktober 2012
Von Robert Kirk - Veröffentlicht auf Amazon.com
Format:Kindle Edition|Verifizierter Kauf
This book is so well researched and written that it's a shame to not include this book in anyone's library. After reading this book I was so inspired by Rothbard's immense study and research and you can tell how much effort was put into this "life work" just by reading the footnotes and bibliography at the end of the book. I have read a few books from Rothbard but this one surpasses the others due to it's far reaching study of so many economic thoughts and problems. I'll be honest, I was more impressed with the beginning of the book but nonetheless it was a tremendous book on the huge subject of economics. It's certaintly not for the beginning student of economics but this book makes you think and that's the most important feature. In summary, a must read.
8 von 9 Kunden fanden die folgende Rezension hilfreich
5.0 von 5 Sternen May Fall Upon Deaf Ears 25. Juli 2012
Von Couts A. Moseley - Veröffentlicht auf Amazon.com
Format:Taschenbuch|Verifizierter Kauf
A book like "Man, Economy, and State" may not be everybody's cup of tea, but in this political climate in which young people -- presumably college-educated -- gather by the thousands to protest Capitalism and the so-called "One Percent" it is VITALLY important to heed at least ONE of its lessons, which I will attempt to convey, mostly using Rothbard's own words. Rothbard carefully, logically, even painstakingly develops it over hundreds of pages, so it will probably seem sketchy but I'll give it a try. First some basics:

"...all means are scarce, i. e., limited with respect to the ends that they could possibly serve." (pg. 5) -- This is obvious but always worth remembering.

"A man's time is always scarce." (pg. 5) -- Time is possibly our scarcest resource; its scarcity affects the poor AND the rich alike.

"Time is omnipresent in human action as a means that must be economized." (pg. 13) -- This raises the question, "How do we economize it?"

"A fundamental and constant truth about human action is that man prefers his end to be achieved in the shortest possible time...This is the universal fact of time preference." (pg. 15) -- "Time preference" refers to how we value time, or a given unit of it, with respect to other goods and to the attainment of our most valued ends.

"The scarcity of consumers' goods must imply a scarcity of their factors. If the factors were unlimited, then the consumers' goods would also be unlimited, which cannot be the case." (pg. 12) -- Logical, but what are those "factors"?

Rothbard goes on to explain in later chapters that we "purchase" money by selling our goods, which for most of us means our labor. Our labor, of course, is one of the scarce factors that were referred to above. The factors of production (of consumers' and capital goods) are (1) Land (or natural resources), (2) Labor, and (3) Capital Goods (Factories, Technology, Equipment, etc.). Capitalists, he explains, are "those producers who use their money to invest in the purchase of factors." (pg. 207)

This last point is very important for "the 99 percent" crowd to understand, because...

"The capitalist who buys the services of land and labor in year one to work on a product that will eventually become a consumers' good ready for sale in year two is advancing money (a present good) in exchange for a future good." (pg. 347)

The above means that land and labor owners sell their goods to the capitalist at a discount equal to their "time preference" (see above). Capitalists (on the other hand) INVEST THEIR SAVINGS in order to pay Labor and Land IN ADVANCE -- that is, way before the product is sold or even earns a profit! Their payment is the rate of interest, which Rothbard says is "determined solely by the time preferences of the individuals in the society, and by no other factor." (pg. 389). But if the product finds no buyers, the capitalist must absorb the losses because by this time labor and land and capital goods have already been bought and paid for! Too many losses on a given product line may mean that capitalists will simply stop investing in that line, posssibly switch to another one, go bankrupt, or simply stop investing altogether and turn their savings to consumption instead.

Which direction capitalists take has potentially severe consequences, for as Rothbard puts it,

"...civilization advances by virtue of additional capital, which lengthens production processes...Greater quantities of goods are made possible only through the employment of more capital in longer processes. Should capitalists shift from saving-investment to consumption, all these processes would be necessarily abandoned, and the economy would revert to barbarism, with the employment of only the shortest and most primitive production processes. The standard of living, the quantity and variety of goods produced, would fall catastrophically to the primitive level." (pgs. 399, 400)

It's important to keep in mind that this warning is not a hypothetical or theoretical scenario but an actual historical one. In light of Rothbard's insights and those of other "Austrian" economists, and given a basic non-ideological historical awareness of the consequences of socialist revolutions in Russia, China, and India in relatively recent times one can recognize that the main reason why millions died of starvation in those countries during the early years of their respective revolutions was precisely due to the collapse of this structure, the collapse of capitalism itself. In later years, given those consequences, all three of those countries reverted to bastardized versions of capitalism.

Knowing this one lesson--out of many, many included in this book, which covers the gamut of Economics in nearly 1,400 pages of crystal clear prose--should be enough to dissuade any thinking person from wasting his or her life away protesting capitalism. But I'm afraid that this lesson may simply (as usual) fall upon deaf ears.
4 von 4 Kunden fanden die folgende Rezension hilfreich
4.0 von 5 Sternen Very insightful, very complex 10. Januar 2012
Von M. Miller - Veröffentlicht auf Amazon.com
Format:Taschenbuch
Current events have led to Austrian economics making a resurgence in mainstream thought, and Rothbard's treatise Man, Economy, and State is often considered one of the cornerstone works of the Austrian school. Be warned though, this book is fairly deep and will be somewhat confusing to those without a decent background in economic principles. It was written several decades ago, and some of the language is a bit obsolete and confusing. That being said, if you possess a logical and rational mind, the guiding principles of praxeology and free markets will be easy to understand, even if the specifics regarding the chain of production will not. I don't have much training in economics other than reading articles by the Austrians and watching Youtube videos at the Mises Institute website. This was my first real book on Austrian economics, and I'm hoping to read more in the future. It's a must-read if you want to really know about the Austrian school, but otherwise it's a little bland.

Note on pricing: You can usually get this book for much cheaper than the Amazon price through the LVMI store over at mises.org.
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