Economics Dictionary of ArgumentsHome
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| Inalienability: Inalienability in economics refers to the concept that certain rights or goods cannot be transferred, sold, or relinquished. These include fundamental human rights, such as the right to life and liberty. Inalienability ensures that some assets or privileges are protected from external control or exploitation, promoting fairness and safeguarding individual freedoms within an economic system. See also Commodity, Goods, Exchange, Value._____________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 Inalienability - Dictionary of Arguments
Rothbard III 163 Inalienability/property/possession/goods/exchange/trade/economy/Rothbard: One evident reason for the confusion of exchange with a mere trade of material objects is the fact that much intangible property cannot, by its very nature, be exchanged. A violinist may own his musicianly ability and exchange units of it, in the form of service, for the services of a physician. But other personal attributes, which cannot be exchanged, may be desired as goods. Thus, Brown might have a desired end: to gain the genuine approval of Smith. This is a particular consumers’ good which he cannot purchase with any other good, for what he wants is the genuine approval rather than a show of approval that might be purchased. Inalienability: In relation to exchange, this intangible good is an inalienable property of Smith’s, i.e., it cannot be given up. Rothbard III 176 Free market/contracts/Rothbard: (…) contracts assigning away the will of an individual cannot be enforced in such a market, because the will of each person is by its nature inalienable. Rothbard III 200 Since man’s personal will is inalienable, he cannot, in a voluntary society, be compelled to work for another against his present will, and therefore no contracts can be made for purchase of his future will. Labor services, therefore, can only be bought for “hire,” on a “pay-as-you-go” basis. >Free market/Rothbard, >Money/Rothbard; for alienability see >Goods/Rothbard. Rothbard III 214 Unexchangeable goods/market/money/Rothbard: some goods cannot be alienated from a person and therefore cannot be exchanged. They cannot come within the money nexus; they cannot be bought or sold for money. This fact does not mean that individuals disparage or revere them on that account. To some people, many of the unexchangeable consumers’ goods are very precious and hold a high place on their value scale. To others, these goods mean little, as compared to those consumers’ goods that can be bought in exchange. The ranking on his value scale depends entirely on the voluntary choice of each individual. It is nonsense to place the blame on “money” for the tendencies of some people to value exchangeable goods highly as compared to some nonexchangeable goods. Money: There is no force in the existence of the money economy that compels men to make such choices; money simply enables men to expand enormously their acquisition of exchangeable goods. But the existence of the market leaves it to each individual to decide how he will value money and the goods that money will buy, as against other goods that are unexchangeable. As a matter of fact, the existence of the money economy has the reverse effect. Since, as we know from the law of utility, the marginal utility of a unit of any good diminishes as its supply increases, and the establishment of money leads to an enormous increase in the supply of exchangeable goods, it is evident that this great supply enables men to enjoy unexchangeable goods to a far greater extent than would otherwise be the case. >Marginal utility. The very fact that exchangeable consumers’ goods are more abundant enables each individual to enjoy more of the nonexchangeable ones. Example: Suppose that a man owns a piece of land containing an historic monument, which he prizes on aesthetic grounds. Suppose also that he has an offer for sale of the property for a certain sum of money, knowing that the purchaser intends to destroy the monument and use it for other purposes. Rothbard III 214 To decide whether or not to sell the property, he must weigh the value to him of keeping the monument intact as against the value to him of the consumers’ goods that he could eventually buy with the money.(1) >Praxeology. Rothbard III 215 Work/labour: (…) labor is evaluated on the basis, not only of the monetary return, but also in terms of the individual’s liking for or dislike of the work itself. The valuations that a man attaches to the work itself are nonexchangeable positive or negative goods, because they are, for the actor, inseparable attachments to the work itself. Rothbard III 217 In deciding on the course that will maximize his psychic income, man therefore considers all the relevant factors, exchangeable and nonexchangeable. >Goods, >Consumer goods, >Capital goods, >Consumption, >Work/Rothbard. 1. The terms "nonexchangeable" (or "unexchangeable") and "exchangeable" goods are far superior to the terms "ideal" and "material." The latter classification errs on two counts, aside from failing to convey the essential difference between the two types of goods. In the first place, (…) many exchangeable goods are intangible services rather than tangible, "material" things. Secondly, many of the nonexchangeable goods valued by some persons would hardly be considered "ideal" by others, so that a less colored term is necessary._____________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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> Counter arguments against Rothbard
> Counter arguments in relation to Inalienability
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