In June of 2004, I became convinced of the need for a study guide to accompany what is arguably the single most important book for the student of Austrian economics and libertarian policy analysis. Murray Rothbard’s Man, Economy, and State is simply the most comprehensive exposition of Austrian economics that exists. Although Mises’s Human Action is itself a self-contained, beautiful work of sheer brilliance, it is nonetheless the case that, in his subsequent work, Rothbard teaches economics more clearly. Power and Market builds on the analysis of Man, Economy, and State to provide an exhaustive classification and critique of government intervention in all of its various forms. Originally intended as a single volume, Man, Economy, and State and Power and Market were published separately due to (alleged) space constraints and, no doubt, the radical positions contained in the latter. The Mises Institute’s lovely Scholar’s Edition has reunited these two works as Rothbard meant them to be. However, I shall omit further discussion of the publication background (inasmuch as a historical sketch is provided in Joseph Stromberg’s Introduction to the scholar’s edition) and explain the format of this study guide.
The chapters of this guide match the twelve of Man, Economy, and State and the seven of Power and Market; appendices are handled within each chapter. A typical chapter1 begins with a one-page summary. This is then followed by a detailed outline of the chapter, which follows Rothbard’s format (Arabic numerals, then English letters, etc.) for sections and subsections. (The length of Rothbard’s chapter consequently influences the length of the detailed outline in the study guide.) Following the detailed outline are the “contributions” of the chapter. Sometimes these observations refer to techniques or doctrines that are unique to the Austrian School, while at other times they refer to innovations engineered by Rothbard himself. (This distinction is always made clear.) The next section contains the technical details, intended for advanced readers (in particular graduate students). Generally, in this section I contrasted Rothbard’s approach with mainstream economics, but I also (especially for chapters from Power and Market) would sometimes consider objections that Rothbard had not, or would simply take a given discussion a little further than he had done in the text.
Finally, each chapter of the study guide contains ten questions. Some of the questions merely test reading comprehension; they ensure that the conscientious (but perhaps intimidated and/or overwhelmed) reader is absorbing the important points. However, especially to challenge the more advanced readers, some of the questions take an advocatus diaboli approach and point to ostensible contradictions or problems with Rothbard’s analysis. (Whether the reader can resolve the alleged flaws or not, he or she will undoubtedly understand Rothbard’s case much more after considering these questions.) Where appropriate, I have included the relevant page numbers (from the scholar’s edition) after each question to save the reader time. I strongly urge all those who take Austrian economics seriously to read (at least large portions of) Rothbard’s treatise; I would go so far as to say that a modern academic cannot really call him or herself an Austrian economist without doing so. For those who may be intimidated or discouraged by the massive volume, I hope that this study guide will at least “chart the territory” and allow them to begin in those topics that most interest them. At that point, I suspect, Rothbard’s spell will overtake them and they will be compelled to read all 1,441 pages. Let me end this brief introduction by urging even older experts to reread this important book. I myself had read Man, Economy, and State cover to cover in college, and yet I was amazed at how much better it had grown over the years! In addition, I hope that this study guide may provide a useful reference for such experts. (I myself have used it to refresh my memory on a particularly subtle aspect of Rothbard’s approach to capital and growth.)
Enough now with the introduction... The reader must open the treatise and let the learning begin!
The chapters of this guide match the twelve of Man, Economy, and State and the seven of Power and Market; appendices are handled within each chapter. A typical chapter1 begins with a one-page summary. This is then followed by a detailed outline of the chapter, which follows Rothbard’s format (Arabic numerals, then English letters, etc.) for sections and subsections. (The length of Rothbard’s chapter consequently influences the length of the detailed outline in the study guide.) Following the detailed outline are the “contributions” of the chapter. Sometimes these observations refer to techniques or doctrines that are unique to the Austrian School, while at other times they refer to innovations engineered by Rothbard himself. (This distinction is always made clear.) The next section contains the technical details, intended for advanced readers (in particular graduate students). Generally, in this section I contrasted Rothbard’s approach with mainstream economics, but I also (especially for chapters from Power and Market) would sometimes consider objections that Rothbard had not, or would simply take a given discussion a little further than he had done in the text.
Finally, each chapter of the study guide contains ten questions. Some of the questions merely test reading comprehension; they ensure that the conscientious (but perhaps intimidated and/or overwhelmed) reader is absorbing the important points. However, especially to challenge the more advanced readers, some of the questions take an advocatus diaboli approach and point to ostensible contradictions or problems with Rothbard’s analysis. (Whether the reader can resolve the alleged flaws or not, he or she will undoubtedly understand Rothbard’s case much more after considering these questions.) Where appropriate, I have included the relevant page numbers (from the scholar’s edition) after each question to save the reader time. I strongly urge all those who take Austrian economics seriously to read (at least large portions of) Rothbard’s treatise; I would go so far as to say that a modern academic cannot really call him or herself an Austrian economist without doing so. For those who may be intimidated or discouraged by the massive volume, I hope that this study guide will at least “chart the territory” and allow them to begin in those topics that most interest them. At that point, I suspect, Rothbard’s spell will overtake them and they will be compelled to read all 1,441 pages. Let me end this brief introduction by urging even older experts to reread this important book. I myself had read Man, Economy, and State cover to cover in college, and yet I was amazed at how much better it had grown over the years! In addition, I hope that this study guide may provide a useful reference for such experts. (I myself have used it to refresh my memory on a particularly subtle aspect of Rothbard’s approach to capital and growth.)
Enough now with the introduction... The reader must open the treatise and let the learning begin!
