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Title: Power and Market: Government and the Economy by Murray Newton Rothbard ISBN: 0-8362-0751-3 Publisher: Columbia Univ Pr Pub. Date: 01 September, 1977 Format: Paperback List Price(USD): $10.00

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Average Customer Rating: 4.75 (4 reviews)

Rating: 5
Summary: A MUST READ
Comment: if you feel a serious need to understand what is being done to you, and your business, by those in charge of the government, look no further! when you are done reading power and market, not only will you be able to criticize, you will understand the situation. by the way, this book reads fresh and new. it could have been written yesterday; and it is that relevance that makes it so special!

Rating: 4
Summary: Almost 5 Stars
Comment: Power and Market is Murray Rothbard's seminal critique of government intervention in the economy. Originally meant to be part of his magisterial Man, Economy, and State, it was published separately some years later. (For a discussion of this, see Justin Raimondo's An Enemy of the State: The Life of Murray N. Rothbard at 189-194.)

Unlike most Austrian school economists, Rothbard was an anarchist. In fact, he was the twentieth century's seminal figure in anarcho-capitalist thought. This means that Rothbard thought that not only roads and the like, but also national defense and courts could be provided without a state. (See his Society Without a State in the Libertarian Reader, ed. Machan, for a succinct presentation of his views.)

Rothbard starts out this work with a discussion of various types of government intervention in the economy. He divides them into three types: autistic (violent crime), triangular (tariffs, wage and price controls, licensing, etc.)and binary intervention (taxation and government spending). Following this is a discussion of antimarket ethics. There isn't an aspect of government intervention in the economy that escapes Rothbard's scalpel. As a whole, this is certainly an outstanding book. Take Rothbard's discussion of taxation. Many "right wing" economists support the sales tax on the ground that it doesn't discourage savings and investment. But it reduces people's income and thereby reduces savings and investment. It is a tax on income. [pp. 92-93.]

My main problem with this work is the sometimes simplistic discussion of complex problems and the leaps in logic. (I've discussed this is my review of The Ethics of Liberty.) Take for example the issue of immigration laws. "The advocate of immigration laws . . . really fears, therefore, is not so much immigration as any population growth. To be consistent, therefore, he would have to advocate compulsory birth control, to slow down the rate of population growth desired by individual parents." [p. 55.] Even in light of the entire 2 page discussion of immigration laws, I don't see how this follows. In this (and some other areas) the discussion is narrowly economic. Aren't there good reasons to restrict the type of immigrants? For example, if you have a society that is devoted to individual freedom and responsibility, isn't it wise to prevent immigration from those countries that don't support freedom?

If you want to know the essence of Rothbard, purchase this work; Man, Economy, and State; The Ethics of Liberty; and the Logic of Action.

Rating: 5
Summary: This Book Made An Economist Of Me
Comment: I would merely like to reiterate what Ludwig von Mises said of Carl Menger's Principles of Economics that "this book made an economist of me."