Keynes eliminated economic theory's ancient role as spoilsport for inflationist and statist schemes, leading a new generation of economists on to academic power and to political pelf and privilege. Murray Rothbard academicancienteconomic Change image and share on social
The 'boom-bust' cycle is generated by monetary intervention in the market, specifically bank credit expansion to business. Murray Rothbard bankboombusiness Change image and share on social
A robber who justified his theft by saying that he really helped his victims, by his spending giving a boost to retail trade, would find few converts; but when this theory is clothed in Keynesian equations and impressive references to the 'multiplier effect,' it unfortunately carries more conviction. Murray Rothbard boostcarryclothe share on social
As 'Austrian' business cycle theory has pointed out, any bank credit inflation sets up conditions for boom-and-bust; there is no need for prices actually to rise. Murray Rothbard austrianbankboom Change image and share on social
I think one of the most important directions to be pursued in the 'sciences of human action' is to develop a natural-law ethics based on nature rather than, or at least to supplement, ethics based on theological revelation. Murray Rothbard actionbasedevelop share on social
While deficits are often inflationary and always pernicious, curing them by raising taxes is equivalent to curing an illness by shooting the patient. Murray Rothbard curedeficitequivalent Change image and share on social
Ultimately, there is no entity called 'government'; there are only people forming themselves into groups called 'governments' and acting in a 'governmental' manner. Murray Rothbard actcallentity Change image and share on social
Originally, Congress provided in 1793 that all foreign coins circulating in the United States be legal tender. Indeed, foreign coins have been estimated to form 80 percent of American domestic specie circulation in 1800. Murray Rothbard americancirculatecirculation share on social
To deprecate human reason by saying that none of us is or can be omniscient is absurd, for it takes an impossible standard as the judge of a possible and real condition. All of our knowledge we get from the exercise of our reason; to say that no man can be God and know everything is to take an irrational standard of evaluation. Murray Rothbard absurdconditiondeprecate share on social
'The General Theory' was not truly revolutionary at all but merely old and oft-refuted mercantilist and inflationist fallacies dressed up in shiny new garb, replete with newly constructed and largely incomprehensible jargon. Murray Rothbard constructdressfallacy share on social