"The free market and the free price system make goods from around the world available to consumers. The free market also gives the largest possible scope to entrepreneurs, who risk capital to allocate resources so as to satisfy the future desires of the mass of consumers as efficiently as possible. Saving and investment can then develop capital goods and increase the productivity and wages of workers, thereby increasing their standard of living. The free competitive market also rewards and stimulates technological innovation that allows the innovator to get a head start in satisfying consumer wants in new and creative ways."
Murray Rothbard, Free Market, The Concise Encyclopedia of Economics
2 comments:
Murray Rothbard clearly believes that the Earth is flat and extends to infinity in all directions. Under this assumptions his ideas are only immoral and not insane. However, in a finite world, only an idiot or a madman could believe in economic growth.
Murray Rothbard embodies the continuity of Joseph Schumpeter. Rothbard is Austrian and his books are thoughtful but not empirically supported. They entail a lot of philosophical content based upon subjective methodology. He was also the leading Austrian economist in America followingly after Hayek ended periodically short teaching at the University of Chicago. Compared to Hayek, Rothbard was much more radical in terms of economic and social thought.
Regards, Rocks
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