The name “Murray Rothbard” is one that many statists and Keynesian economists pray will soon fade away into the night, relegated to conversations in libertarian nerd forums between basement-dwelling jobless anarchists. With the recent explosion in the ideas of liberty – owing much thanks to Ron Paul, Lew Rockwell, and others who have inspired this site and others in the same vein – it seems the name of Murray Rothbard and the ideas that come with it are not only sticking around, but are gaining more recognition than ever. With the advent of the internet, the libertarian movement is much more than an American movement, and the name Murray Rothbard is popping up all over the globe.
Shanmuganathan Nagasundaram writes in Forbes India, 9/14/13, “How the U.S. Created a Monster in the Federal Reserve” (Rothbard emphasis mine):
Money then is a “good” in much the same way cars, soaps and chocolates are. The market produces them in the quantity desired by consumers. One of the prevailing misconceptions about a gold standard is that world economic growth is held hostage to mining output. This is a very fundamental misconception about money, and as Murray Rothbard explains in What Has Government Done to Our Money?,
the quantity of money circulating in the system is irrelevant. Whether we have six billion or just six million ounces of gold in circulation, or $5 trillion instead of the current $50 trillion, it does not matter. The prices of goods and services move up or down to adjust to the quantity of money circulating within the system.
Another popular misconception (and possibly the one that governments would like their citizens to believe) is that the gold standard caused the great depression of the 1930s and early 1940s. Again, as Rothbard would explain in America’s Great Depression, or, as Jim Rickards would point out in his recent book, The Currency Wars, the depression was not caused by the gold standard, but at least in part because the price of gold was artificially fixed at a lower value without accounting for the inflation of the roaring twenties.
From German magazine Eigentümlich Frei (Peculiarly Free), “Understanding Business: Income by Murray Rothbard” (translation thanks to Google Translate):
The psychic income is a theoretical concept in his book “Man, Economy, and State” has presented the American economist Murray Rothbard. Rothbard has created based on the theories of Ludwig von Mises’s a great analysis tool. Classical economics was assumed by the principle of utility maximization. Therefore her a one-sided rationalist image of man was accused. With which she was arrested and materialism can not explain an altruistic behavior. Rothbard’s equation of benefit with a psychic income solves the superficial difference between selfish and altruistic behavior as well as on between rational and irrational actions, and between materialism and idealism.
The article goes on to further describe the Rothbardian concept of psychic income, which explains how individuals make decisions based on their preferences in order to satisfy their needs, aka thereby maximize their psychic income.
Murray Rothbard had an unparalleled grasp of the concepts of money and human action. The ideas that he, Ludwig Von Mises, Ron Paul, Lew Rockwell, and so many others have worked their entire lifetimes bring to continue to spread around the world, we will see the name “Murray Rothbard” pop up in more and more places. And more importantly, we will see the ideas of liberty and Austrian economics become more mainstream, and more understood by the people at large.
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Check out our past editions of Mondays with Murray!
9/9/13 – Rothbard on Syria War Propaganda
9/2/13 – Did Rothbard Approve of Torture?
8/24/13 – Rothbard on “Libertarian Populism”
8/17/13 – Rothbard on Libertarian Qualifiers
8/12/13 – Rothbard on War Revisionism
7/22/13 – Rothbard on the George Zimmerman Verdict
7/15/13 – Rothbard on Orwell’s “1984”
7/1/13 – Why Be Libertarian?
6/17/13 – Who was the “best” U.S. President?
6/10/13 – Rothbard on State Surveillance
5/27/13 – Rothbard on America’s “Two Just Wars”
5/20/13 – Do Animals Have “Rights”
5/13/13 – A Further Insight on IP
5/6/13 – The Boston Lockdown
4/29/13 – The Problem with Empirical Studies
4/22/13 – The Real Story of the Whiskey Rebellion
4/15/13 – What is an Entrepreneur?
4/8/13 – Rothbard on Intellectual Property
3/11/13 – Rothbard on Lysander Spooner
3/4/13 – Rothbard on Statism
2/25/13 – Rothbard on John Bolton and Ann Coulter
2/18/13 – Rothbard vs. Krugman on $9 Minimum Wage
2/11/13 – Time To Hoard Nickels
2/4/13 – The Death of Keynesian Economics
1/28/13 – Competition and Monopoly
1/21/13 – Rothbard Down The Memory Hole?
1/14/13 – We Are Not The Government
1//7/13 – Why Does Someone Become A Statist?
12/10/12 – Rothbard on Conspiracy Theory
12/3/12 – Rothbard on Secession
11/26/12 – Rothbard on the Drug War
11/19/12 – Rothbard on the Euro Crisis
11/12/12 – Rothbard on the Lions of Liberty
11/5/12 – Rothbard on Voting and Gas Lines
10/29/12 – Mythbusting the “Free Market Cartel”
10/22/12 – Rothbard on the Two Party Charade
10/15/12 – Rothbard on Private Roads
10/8/12 – Rothbard on Private Law
10/1/12 – Rothbard on Ron Paul
9/24/12 – Rothbard on Quantitative Easing