Economics Dictionary of ArgumentsHome
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| Microeconomics: Microeconomics is the study of individual consumers, firms, and markets, focusing on supply, demand, pricing, and resource allocation. It examines decision-making, market structures, and efficiency, contrasting with macroeconomics, which analyzes the economy as a whole. See also Macroeconomics, Economics._____________Annotation: The above characterizations of concepts are neither definitions nor exhausting presentations of problems related to them. Instead, they are intended to give a short introduction to the contributions below. – Lexicon of Arguments. | |||
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Murray N. Rothbard on Microeconomics - Dictionary of Arguments
Rothbard IV 13 Microeconomics/Rothbard: “Microeconomics” is at least roughly grounded on the actions of individual consumers and producers; but when economists come to money, we are suddenly plunged into a never-never land of unreal aggregates: of money, “price levels,” “national product,” and spending. Cut off from a firm basis in individual action, “macro-economics” has leaped from one tissue of fallacies to the next. >Individuals/Austrian School. Irving Fisher: In Mises’s day in the first decades of the twentieth century, this misguided separation was already developing apace in the work of the American, Irving Fisher, who built elaborate theories of “price levels” and “velocities” with no grounding in individual action and with no attempt to integrate these theories into the sound body of neo-classical “micro” analysis. >Irving Fisher. Solution/Mises/Rothbard: Ludwig von Mises set out to repair this split, and to ground the economics of money and its purchasing power (miscalled the “price level”) on the Austrian analysis of the individual and the market economy: to arrive at a great integrated economics that would explain all parts of the economic system.(1) >Money/Mises, >Economic cycles/Mises. 1. Ludwig von Mises. 1912. The Theory of Money and Credit (Theorie des Geldes und der Umlaufsmittel, Translated by H.E. Batson in 1934; reprinted with “Monetary Reconstruction» (New Haven, Conn.: Yale University Press, 1953). Reprinted by the Foundation for Economic Education, 1971; reprinted with an Introduction by Murray N. Rothbard, Liberty Press Liberty Classics, 1989._____________Explanation of symbols: Roman numerals indicate the source, arabic numerals indicate the page number. The corresponding books are indicated on the right hand side. ((s)…): Comment by the sender of the contribution. Translations: Dictionary of Arguments The note [Concept/Author], [Author1]Vs[Author2] or [Author]Vs[term] resp. "problem:"/"solution:", "old:"/"new:" and "thesis:" is an addition from the Dictionary of Arguments. If a German edition is specified, the page numbers refer to this edition. |
Rothbard II Murray N. Rothbard Classical Economics. An Austrian Perspective on the History of Economic Thought. Cheltenham, UK: Edward Elgar Publishing. Cheltenham 1995 Rothbard III Murray N. Rothbard Man, Economy and State with Power and Market. Study Edition Auburn, Alabama 1962, 1970, 2009 Rothbard IV Murray N. Rothbard The Essential von Mises Auburn, Alabama 1988 Rothbard V Murray N. Rothbard Power and Market: Government and the Economy Kansas City 1977 |
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