By Robert P. Murphy
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Extra info for Study Guide to Man, Economy, & State by Murray N. Rothbard
Sample text
For a different example, consider the owner of an indivisible but very valuable good, such as a famous work of art. It is unlikely that the owner would ever sell this item, because she would need to find someone who had a combination of various other goods (such as steaks, a motorcycle, china) that the art owner desired, and who wanted to trade this package of goods for that particular piece of art. What are the chances of finding such a person? Finally, consider the limitations on extended production.
An individual can “purchase” money by selling goods and services in exchange for money. Another way to acquire units of money is to directly produce them (as in mining for gold). The stock of money that an individual possesses is his or her cash balance. Note that there is no such thing as money “in circulation”; at any given time, every unit of money is owned by someone. For a specified time interval, we can write the following equation: Money Income = Money Expenditures + Net Additions to Cash Balance 6.
5. What does it mean to purchase money? (p. 194) 6. What is the price of money? 7. Rothbard says that the unit of money is a weight. S. dollar? (p. 197) 8. Why does the marginal utility of money decline as its supply increases? (p. 218) 9. How does a person decide whether to work for himself or an employer? (pp. 221–22) 10. How does the owner of a durable good decide whether to rent or sell it? (pp. 225–27) 37 CHAPTER 4 PRICES AND CONSUMPTION Chapter Summary In a money economy, the money commodity is on one side of every transaction, and hence reduces the number of relevant prices.