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Money, Monopoly and Market Intervention, Lecture 6 with Robert Murphy - Mises Academy
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Transcript of Money, Monopoly and Market Intervention, Lecture 6 with Robert Murphy - Mises Academy
Money, Monopoly & Market Intervention
Robert P. MurphyMises Academy
November 7, 2011
Lecture 6: 1st Third of Chapter 12 of Man, Economy, and State
1st Third ofChapter 12 of MES
1. State vs. Private Intervention2. Typology of Intervention
3. Utility
4. Price Controls
5. Gresham’s Law
VI. Resurrecting “Monopoly Price”
VII. Taxing and Spending Both Burdens
VIII. Thoughts on Taxes
IX. Income vs. Consumption Taxes
I. State vs. Private Intervention
II. Typology of Intervention
Autistic
Binary
Triangular
III. Utility
Rothbard argues that (in a sense) free market “maximizes” utility of everyone.
By definition, an intervention raises the utility of the intervener but lowers that of the recipient.
IV. Price Controls
For more, see Lessons for the Young Economist.
V. Gresham’s Law
Traditional version:“Bad money drives out good.”
Bimetallism: Government enforces a fixed exchange ratio between gold and silver.
VI. Resurrecting “Monopoly Price”
VII. Taxing and Spending Both Burdens
VIII. Thoughts on Taxation
●No such thing as a “neutral tax.”
●Head Tax vs. Flat Tax
●Tax “Shifting”: What’s right and what’s wrong
IX. Income vs. Consumption Taxes
●Income tax does penalize saving (though be careful about reasoning).
●Consumption tax ends up “taxing” income too!
●Right-wingers tend to denigrate consumption.