About this episode
The publication in 1962 of Rothbard's magnum opus rescued economic science from self-destruction. Menger's causal-realist approach had been nearly buried by the Keynesian Revolution. Keynesian macroeconomics denied the efficacy of the price system altogether in coordinating the various sectors of an economy confronted with the failure of aggregate demand.
In Man, Economy, and State, Rothbard elaborated a unified and systematic treatment of the structure of production, the theory of capital and interest, factor pricing, rent theory, and the role of entrepreneurship in production.
From the Rothbard Graduate Seminar, sponsored by Alice J. Lillie.
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