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The Logic of Action One

Method, Money and the Austrian School The late Murray N. Rothbard, formerly S.J. Hall Distinguished Professor of Economics, University of Nevada, Las Vegas, US
In this, the first of two volumes, Murray Rothbard – one of the major figures in twentieth-century Austrian economics – argues with clarity and force that economics is a deductive science based on the fundamental realities of action, scarcity and the passage of time.
Extent: 480 pp
Hardback Price: $176.00 Web: $158.40
Publication Date: 1997
ISBN: 978 1 85898 015 7
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In this, the first of two volumes, Murray Rothbard – one of the major figures in twentieth-century Austrian economics – argues with clarity and force that economics is a deductive science based on the fundamental realities of action, scarcity and the passage of time.

Such conviction is demonstrated in the first part of this book, where Professor Rothbard analyses method. The second part focuses on some of the theoretical debates within the Austrian school, including property and justice rights, welfare economics, value and efficiency. In the third section Rothbard considers the Austrian approach to money and calculation, including discussion of the definition of the supply of money, freely floating exchange rates and calculation and its role under socialism.

This latest volume of Murray Rothbard’s work goes some way to represent the important contributions he made to the field. The second volume of Murray Rothbard’s essays on Austrian economics is also available.
‘Rothbard writes in an engaging, provocative style, defending the praxeology of Ludwig von Mises. His writing is full of ideas with which economists should, in my view, disagree. However, no economist’s education is complete without being able to answer the challenges he poses.’
– Roger E. Backhouse, University of Birmingham, UK
Contents: Introduction Method The Austrian School of Economics Money and Calculation Index