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Show Notes
The mental constructs of the evenly rotating economy and of specific factors of production are discussed. Distinguishing between interest and profits and a construct of slow change are revealed through the ERE as Rothbard considers the final state of rest.The ERE construct is simply a useful, unrealizable, mental tool.
The determinants of price are only the subjective utilities of individuals in valuing given conditions and alternatives. There are no objective or real costs that determine price, despite what Marshall thought. Costs are nothing but payments to the factors of production.
An Alice J. Lillie Seminar. This lecture covers pp. 319-365 in the Scholar's Edition of Rothbard's Man, Economy, and State.