Man, Economy, and State with Power and Market

Man, Economy, and State with Power and Market

By:

Murray N. Rothbard

Narrated By:

Jeff Riggenbach

Book Club members' rating

Click any button below to buy or to see prices and Amazon reviews:

Book club members only: click here to join the discussion!


Log in to add to wishlist, library or to rate the book

Summary

Rothbard's great treatise and its complementary text are now combined into a single 4.5"x7" pocket edition. The full 1,500 page treatise in an easy-to-read and super convenient package. It might not seem possible but it is done and it works. It makes a great companion volume to MIses's Human Action in pocket size, as well as the Bastiat Collection in pocket size.

Murray N. Rothbard's great treatise 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. This edition 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.

Get it with the Study Guide and you will have what you need.

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.

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. He realized better than anyone else that Mises's economic theories were so important that they needed restatement and interpretation. But he also knew that Misesian theory needed elaboration, expansion, and application in a variety of areas. The result was much more: a rigorous but accessible defense of the whole theory of the market economy, from its very foundations.

But the publisher decided to cut the last part of the book, a part that appeared years later as Power and Market. This is the section that applies the theory presented in the first 1,000 pages to matters of government intervention. Issue by issue, the book refutes the case for taxation, the welfare state, regulation, economic planning, and all forms of socialism, large and small. It remains an incredibly fruitful assembly of vigorous argumentation and evidence.

A major advantage of Man, Economy, and State, in addition to its systematic presentation, is that it is written in the clearest English you will find anywhere in the economics literature. The jargon is kept to a minimum. The prose is crystalline and vigorous. The examples are compelling. No one has explained the formation of prices, the damage of inflation, the process of production, the workings of interest rates, and a hundred of topics, with such energy and clarity.

Over years, students have told us that this book is what made it possible for them to get through graduate school. Why? Because Rothbard takes on the mainstream in its own terms and provides a radical, logical, comprehensive answer. If you have read the book, you know the feeling that comes with reaching the last page: one walks away with the sense that one now fully understands economic theory and all its ramifications.

It is a shame that the authentic edition of the classic that Rothbard wrote fully 40 years ago is only now coming into print. And yet the good news is that, at last, this remarkable work in the history of ideas, the book that makes such a technically competent, systematic, and sweeping case for the economics of liberty, is at last available.

REVIEWS

As the result of many years of sagacious and discerning meditation, [Rothbard] joins the ranks of the eminent economists by publishing a voluminous work, a systematic treatise on economics.... An epochal contribution to the general science of human action, praxeology, and its practically most important and up-to-now best elaborated part, economics. Henceforth all essential studies in in these branches of knowledge will have to take full account of the theories and criticisms expounded by Dr. Rothbard. --Ludwig von Mises

It is in fact the most important general treatise on economic principles since Ludwig von Mises's Human Action in 1949…. --Henry Hazlitt

Man, Economy, and State is Murray Rothbard's main work in economic theory. It appeared in 1962, when Murray was only 36 years old. In it Murray develops the entire body of economic theory, in a step by step fashion, beginning with incontestable axioms and proceeding to the most intricate problems of business cycle theory and fundamental breakthroughs in monopoly theory. And along the way he presents a blistering refutation of all variants of mathematical economics. The book has in the meantime become a modern classic and ranks with Mises's Human Action as one of the two towering achievements of the Austrian School of economics. In Power and Market, Murray analyzed the economic consequences of any conceivable form of government interference in markets. The Scholars Edition brings both books together to form a magnificent whole. --Hans-Hermann Hoppe

--

In 1972, this book was selling in hardback for $150 in current dollars. So the pocket edition, which includes Power and Market, a great index, plus improved layout, is about a fraction of the cost of the original, for a far better product.

Summary courtesy of the Ludwig von Mises Institute. The Mises Institute is the premier organization in support of the free market, peace and prosperity. They provide free educational material, books audio books, lectures and courses that free your mind. This site would not exist were it not for the generosity, hard work and dedication of the Mises Institute, its employees, fellows and its benefactors. Books of Liberty is eternally grateful to all of their work and efforts. Please consider supporting the Mises Institute in any way you can.

Great Deals!

Do you want to get this and many other paperback/hardcover books delivered fast and free? Try Amazon Prime 30-Day Free Trial or give the Gift of Amazon Prime to someone who'd love it!

The FREE Kindle Reading App lets you read your favorite eBooks on most devices (PCs, smartphones, tablets, etc.). Click here to get the FREE Kindle Reading App.
However, you could read this and countless other books on a brand new Kindle E-reader for less than the price of a cup of coffee per week. Click here to choose your favorite Kindle E-reader.
And the best thing is that most Books of Liberty eBooks are actually available through Kindle Unlimited. Join Amazon Kindle Unlimited 30-Day Free Trial to read from over 1 million ebooks and listen to thousands of audiobooks, all for one fixed, low price.

If you're interested in listening to this audio book, try Audible and get two free audio books!

Read or listen for free

Buy elsewhere

Tags

Contributors

Similar Books

loading

Related Starting Points

Philosophy of Freedom

Within this topic you’ll find a wide variety of books, many of which we hold in the highest regard. These books are also associated with other topics, such as anarchist traditions and practical liberty. All your great libertarian manifestos, books that discuss individual liberty, the non-aggression principle, laissez faire, objectivism, etc. are found within.

Anarchist traditions would be a great shortcut to find books specifically calling out anarchist principles. The name "anarchist traditions" is purposefully broad, because in addition to anarcho-capitalism and voluntaryism, there are books on anarcho-syndicalism, anarcho-communism or other forms of collectivist anarchism, as well as egoism and other schools of thought.

Practical liberty has a hodge-podge of awesome content, from the great anti-war and abolitionist books to theoretical treatises on private defense and private law; from whistleblowing and WikiLeaks to other forms of activism and civil disobedience; from secession to jury nullification and describing revolution and resistance. We’ve even thrown in some interesting "how to" books on affecting change to further one’s activist ends.

The topic of philosophy is closely associated, as many of the books tagged to the philosophy of freedom contain deep philosophical arguments from ethics and epistemology to political theory and religion. A wide variety of ideologies are represented and critiqued within the pages of the books linked here, covering the full political spectrum: whether it is Fascism versus Communism; Neoconservatism versus Progressivism or Liberalism; Nationalism and Nazism versus International Socialism and everything in between.

A note from the curator: You may see throughout the site banners promoting Liberty Classroom. As a very satisfied Master Member, I cannot recommend enough the courses within Liberty Classroom, all of which are imbued with the philosophy of freedom, including How Freedom Settled the West and History of Conservatism and Libertarianism. In full disclosure, Books of Liberty will get a small advertising fee for purchases made through our link.


Personal Freedom

Since the mission of Books of Liberty is to help you find content to free your mind, you can’t go wrong with clicking on personal freedom and seeing where it takes you. Topics that are likely to be correlated with personal freedom include education and critical thinking, entrepreneurship or other means of achieving financial freedom, physical and mental wellbeing, and for the parents out there we have books on peaceful parenting and some reading ideas for your own young readers.


Anti-individualism

Sadly, where there is light, there must be shadow and the topics you’d find in this category pertain to the darker parts of human existence. We’ve included some books that espouse such ideals, such as various communist treatises or books that advocate various forms of socialism or those that hail democracy as some crowning achievement of mankind. I, for one, feel that it is important to know the arguments of the opposing side to strengthen your understanding of your own position. But if you do buy these books and enrich the authors or their publishers, please buy through our links so that at least a liberty-loving outfit would gain a buck or two out of this deal…

Aside from a few books that support such views, the majority of the titles tagged with the above topics are there to shine light on, and provide a critique of these views. Other anti-individualist topics include: the seemingly benign bureaucracy that makes the State inefficient; the deceptive egalitarianism and the nanny state, a path paved with good intentions that we all know where it leads (hint: may include redistribution of wealth and slavery); the outright evil in ideologies such as Fascism and Marxism that lead to despotism, dictatorship, tyranny and totalitarianism; and crony capitalism (corporatism) and its predecessor mercantilism, which masquerades as capitalism in most people’s minds and leads to anti-capitalist views.


Critique of the State

Shedding more light where once was dark, this topic includes a wide array of critiques surrounding the function of the State, but mostly around policy critiques and warfare. As it relates to the State’s functioning, everything from central planning, coercion and government expansion through to propaganda, taxation and the act of voting are discussed.

The State apparatus and its institutions, the CIA, FBI, NSA, and other alphabet soup organizations – they are all brought to account together with their counterparts in the military-industrial complex and the deep state. The Supreme Court, criminal justice system and the prisons are not immune to critique. And the filth of politics and lobbying are described in great lengths.

Policy critiques cover everything from abortion to welfare. It all starts with state intervention in the affairs of private individuals and foreign intervention (which includes the seemingly benevolent foreign aid) in the affairs of other groups of people. More specifically, US foreign policy and US military intervention are popular policies to critique.

Some of the other more common topics include: drugs, eminent domain, environmentalism, poverty, protectionism, muh roads, slavery, and other forms of public policy. Needless to say, these and other policies lead to ridiculous levels of government spending, itself a valid topic to critique.

And of course, the most destructive activity perpetrated by the State is warfare. The wars abroad and at home are discussed at length. Of the ‘traditional’ wars, World War I and II and the so-called American ‘Civil War’ (always in quotation marks) feature in the most number of books, some of which include discussions on genocide and war crimes. But then there are also the wars on amorphous, undefined entities, such as: the war on drugs, which leads to domestic violence, militarization and a police state; and the war on terror, which brought us torture, more terror and the ever-increasing drone warfare.

A note from the curator: The State is thoroughly critiqued within Liberty Classroom and the Ron Paul Curriculum homeschool program. In full transparency, I have no direct experience in homeschooling but I have heavily researched Ron Paul’s program and found it to be an outstanding alternative to the public school system (a system where you would never hear a critique of the State).

I am a very satisfied Master Member of Liberty Classroom and have taken the Introduction to Government course that is available through the Ron Paul Curriculum. Between this course and others available through Liberty Classroom, you can’t get a better or more thought out exposition critiquing the State and all its failures or faulty premises (and in a way that is suitable for the younger ages too). I’ll disclose that Books of Liberty will get a small advertising fee for purchases made through our links.


The Law

We find topics about the law, laws and legislation, justice, law enforcement and judicial systems fascinating, especially when combined with anarchy, as this seems to be one of the last bastions on the road to understanding an anarchist system and how legal order and property rights would be maintained.

Administrative law, regulations, and licensure as we know them today are artefacts of the State that are critiqued in our featured books, but so are dozens of other legislative issues, such as: labor laws (child labor, labor unions, minimum wage), issues relating to the US Constitution or the Articles of Confederation (e.g. the commerce clause, nullification, fugitive slave laws, gun control / second amendment), civil rights issues, Obamacare, Prohibition, and even earlier established legal concepts, such as the Magna Carta and Habeas Corpus.

A note from the curator: One of the reasons I am a very satisfied Master Member of Liberty Classroom is that I have access to courses like US Constitutional History and others featuring topics related to the law. In full disclosure, Books of Liberty will get a small advertising fee for purchases made through our link.


Cultural Issues

Legal and political issues aside, it is often the cultural and social issues that are upstream from any legislative action. Especially in a democracy, politicians know that to get reelected they need to tread a fine line and take a stand on topics that are culturally in vogue. Books providing cultural analysis or ones that talk of the social order are numerous within our site.

These books include racism, sexism, feminism and other such social justice issues relating to discrimination, freedom of association, freedom of speech, human rights, or political correctness. The topics of popular culture, American culture and Western Civilization are also represented.

Observations from many writers on these issues are provided through commentary and opinion and often investigative journalism leads down an interesting path, shedding light on these and other topics.


History

One of the most popular topics on this site, history, is a fascinating subject to read. Given the nature of this site it didn’t quite make sense to create a category of ‘revisionist history’ since most of the history books featured are of that nature. Sure enough, we have uncontested historical accounts of various historical events, but when you search for history and drill further down into a specific topic (such as various wars, Pearl Harbor, The New Deal or the Great Depression), you are going to get intellectually honest ‘revisionist’ accounts of these events.

While you may expand your history search by historical event or by selecting US history or the history of some other area or nation, we have classified the history texts by period as well. You can indulge your curiosity if you are an avid reader of one of or more of the following periods: Antiquity, Biblical period, Classical period, Medieval period or the Middle ages, Early modern period, the Renaissance, or specifically within the last few hundred years, as grouped by: 16th Century, 17th Century, 18th Century, 19th Century, or the 20th Century.

And speaking of indulging yourself, with several dozen books on conspiracy theories, you may brush up on such topics as 9/11, the New World Order, False Flag operations, or on the Kennedy deaths, or various institutions and secret societies like The Illuminati, The Freemasons, Bilderberg Group, Trilateral Commission, Council on Foreign Relations, Tavistock Institute, or even Skull & Bones.

A note from the curator: The variety of history courses within Liberty Classroom, including two US History courses, two Western Civilization courses, and many (many!) more will, no doubt, make you as big of a fan of Liberty Classroom as I am. The Western Civilization courses are also available to students of the Ron Paul Curriculum homeschool program along with many other courses you will not find in public schools (or most private schools either).

In full transparency, I have no direct experience in homeschooling but if you want your kids to learn the real history you were never taught, you can’t get much better than providing them Ron Paul’s program. Books of Liberty is happy to promote both these programs in exchange for a small advertising fee because I cannot reiterate enough what terrific history resources these programs are.


Economics

The economics category, as expected, is very well represented within the pages of this site. Of all the economics books, around half are explicitly Austrian Economics texts, and (with a significant overlap) around half discuss monetary theory. You may search specifically for economic treatises or books about economists; you will find historical or theoretical accounts of financial crises; you will stumble upon recent books on crypto-currencies (like bitcoin), books covering topics like income or wealth inequality, as well as more technical subjects like price theory, monopoly, division of labor, public choice theory and others. Additionally, critiques of Keynesian economics are to be found throughout the books in this category.

Of the Austrian Economics books, the largest portion discuss The Austrian Business Cycle and praxeology or human action, but you will find many covering to one degree or another topics like time preference, capital and interest, subjective value, and economic calculation, to name a few.

And for those interested in currency or money, whether sound money or fiat money, you will find books arguing the benefits of the gold standard, debates on inflation and deflation, banking, central banks and the Federal Reserve specifically.

At the heart of the free market system of unregulated, voluntary trade stands capitalism and its emphasis on private property. Unsurprisingly, a large collection of books are available on this subject, many of which outline quite clearly the fundamentals and the outcomes of capitalism, especially in contrast to other economic systems like socialism. Additional related topics, such as free trade, decentralization, risk, uncertainty, and the market process can be found in such books.

A note from the curator: Liberty Classroom provides courses like: Austrian Economics Step by Step, two courses on the History of Economic Thought, and What’s Wrong with Textbook Economics, to name a few. With courses like these, how can you not become a fan of Liberty Classroom? I know I am.

And would you like your homeschoolers to learn economics right the first time around? The Ron Paul Curriculum homeschool program covers 12th grade economics from teachers you can trust. In full disclosure, Books of Liberty will get a small advertising fee for purchases made through our links.


Financial Freedom

As part of your overall personal freedom, achieving financial freedom allows you to live relatively unencumbered by the burdens of life. While difficult to realize and rare to find, this can be achieved through hard work and consistent dedication (or sheer luck, for some). Either through entrepreneurship, finance and investing or by building streams of passive income, the opportunities presented within the books tagged here form a good starting point on the path to success.

Investing and understanding the world of finance is a critical part of achieving and maintaining financial freedom. Whether you invest in precious metals (such as gold or silver), design a Permanent Portfolio, take an interest in money management or retirement planning, or whether you just want to know more about student loans, you will find that info here.

Entrepreneurship is the cornerstone of capitalism and the free market system and books on this topic are well represented. You can find books that provide insight to the entrepreneurial mindset, which, in my view, can be equally applied to those who are employed, which will increase your success in that context too. But for those looking to bootstrap or start a business of their own, we would recommend the resources here discussing everything from marketing, public relations, copy writing and sales to books about competition, e-commerce or social media.

Don’t be shocked to find Austrian Economics books here, detailing the theoretical side of entrepreneurship and the place of the entrepreneur within the market process. A strong foundation will help those entrepreneurs in practice.

Within the business section you can also find books on the business organization (contrasting to bureaucracy of the State), on decision making, business growth, accounting, etc. While decision making may sometimes be covered in a book completely unrelated to business, it would be tagged to business if the benefits of such content can be applied to those entrepreneurs needing to make decisions for their venture. Likewise, entrepreneurial mindset can often be tagged to books describing characteristics that would prove valuable to an entrepreneur, even if they don’t relate directly to the entrepreneurial space.

A note from the curator: One thing I was always curious about: why is this never taught at school?! By providing your homeschoolers the Ron Paul Curriculum homeschool program, they will learn Personal Finance in the 8th grade, Business in grades 9 and 10 and will be exposed to topics to help their entrepreneurial mindset throughout the years. You may see throughout the site banners promoting this program and Books of Liberty will get a small advertising fee for purchases made through our links. I only wish I had learned these things at a young age and got a head start in life.


For Parents

The "for parents" topic is a very important component of Book of Liberty. After all, for those who have kids, if you would like to affect change in the world one of the most important roles you have in this context is being a responsible steward of your children. Raising a strong, moral, peaceful individual can have tremendous positive impact.

The non-aggression principle is best displayed through its application in interpersonal relations, of which peaceful parenting is one such strategy. Like many other topics covered by books on this site, this too can be controversial and in no way are we prescribing behavior or applying judgment. There is no one-size-fits-all approach, but we do encourage the same rigor and logical consistency to be applied to your relationships with others in your life as we apply to the relationship between the individual and the State.

Topics such as homeschooling, Montessori, or other forms of unschooling can be found when browsing the "for parents" topic, as well as books for young readers. If you have a young reader at home, consider browsing this section for inspiration on books for them to read.

A note from the curator: If you are a parent of a 5-11 year old (or know someone who is) The Tuttle Twins series of books would make a great addition to their library. Similar to the advertising fees we get from books purchased through Amazon, the creators of The Tuttle Twins support Books of Liberty with a small advertising fee for purchases made through our links, and I would not promote these books if I didn’t highly recommend them myself.

Same goes for the Ron Paul Curriculum homeschool program, who support Books of Liberty through advertising fees for those who purchase through our links. I haven’t gone through a homeschool program and my daughter isn’t old enough for school yet, so I can’t speak from personal experience but I have heard nothing but tremendous positive feedback from homeschooling parents for Ron Paul’s program and I am happy to be recommending it.


Communication Skills

If there is one thing that we’re willing to bet on, it’s that there are topics within the pages of Books of Liberty for which you are very passionate. And wouldn’t it be great if you could convince just a few more people to see things the way you do on these subjects? If there is one tool in your tool-belt that you need in order to achieve this aim, it’s improved communication skills.

With techniques such as nonviolent communication, or NVC (for which we have many books and study guides), or other means of empathic connection you can reach a meeting of the minds on almost anything. In addition to convincing an "opponent" in a debate, this may significantly improve interpersonal relations, parenting, help with conflict resolution and is an important social skill to have.

In order to strengthen your arguments, you will utilize critical thinking and problem solving techniques to help frame your ideas, apply logic consistently and remove cognitive biases, and you will learn to identify others’ use of logical fallacies or fear and manipulation.

Then, with the power of empathic connection you will use your rhetoric to its full potential, whether through writing, debating, negotiation, public speaking or other forms of communication.

A note from the curator: Regarding almost any topic found on Books of Liberty, the Ron Paul Curriculum homeschool program provides exemplary teaching on the subject. From my research (admittedly not through my own personal experience) I found that Ron Paul’s program comes highly recommended for those who want their kids to acquire superior written and other communication skills. From courses on English and Report Writing to Public Speaking and Using Wordpress, your homeschooler will learn how to communicate on a variety of platforms.

Liberty Classroom is another excellent resource that, as Master Member I enjoy and thoroughly recommend, if for no other reason than their Introduction to Logic course, which I’ve sat through and is terrific! This and many other great courses will help you communicate clearly and master debates.

In full disclosure, both the Ron Paul Curriculum and Liberty Classroom support Books of Liberty through advertising fees for those who purchase through our links, but I would recommend them wholeheartedly regardless.


Personal Development

Between education, entrepreneurship, communication skills and other such important topics, personal development forms a key component of one’s path to personal freedom. No human is perfect and while we ought to balance the recognition of this fact with self-esteem and acceptance of our nature, there is room for improvement in us all (and if nothing else, there is room for us to at least maintain our level of awesomeness).

I've included books covering important components of personal development and tools to increase your efficiency. These include productivity and time management methodologies (such as the highly recommended Getting Things Done or GTD), leadership skills, creativity, resilience, organizational skills and many more, all of which require the formation of great habits, self-discipline and willpower. Other intriguing topics like stoicism and minimalism are covered too.

Topics related with personal development include physical and mental wellbeing as well as psychology.


Physical and Mental Wellbeing

The main aspects of your physical wellbeing that help prevent disease and ill-health are diet and fitness. Each body is unique and we have insufficient information to assess the efficacy of the ideas represented in the diet and fitness books linked within our pages. Healthcare is another important component and the books within this topic may include not just a "how to" on healthcare but also theoretical expositions, commentary and opinion and other economic analyses or policy critiques.

One’s mental wellbeing is influenced by a large number of factors, over which we are even less qualified to talk about than we are on diet and fitness. However we have compiled books on a variety of topics that will help educate you on matters of self-esteem, stress management, the effects of trauma or punishment and reward on mental health and happiness, as well as help you gain more self-awareness through mindfulness and a focus on authenticity.

Related topics within the psychology area will bring you more insight into a variety of factors affecting our minds and our emotional intelligence. These include our inclination to obedience, authority and conformity and, with some, this includes outright psychopathy and narcissism, as represented by most who seek political office. These are very important topics to grasp for all who seek to understand the root cause of our lack of freedom in the world today.

Real world experiments on behaviorism, including controversial experiments (such as the Milgram experiment or the Stanford prison experiment) shine light on topics like the Lucifer Effect where otherwise good people end up doing evil.


Other classifications

To make things easier to find, we created a few groupings that allow you to narrow down certain topics that include a large number of named individuals, geographical locations, or geopolitical entities. We created the topics: people and groups; areas and nations; economists; and politicians (who, within it, include also nation state leaders and US presidents).

And if you want a book that seems to have a wide variety of topics, you may just want to filter with the word smorgasbord and see what books come up.