Money, Monopoly & Market Intervention

Robert P. MurphyMises Academy

November 16, 2011

Lecture 7: 2nd Third of Chapter 12 of Man, Economy, and State

2nd Third ofChapter 12 of MES

1. Transfer Payments2. “Cheap” Gov’t Services

3. Running Gov’t Like a Business?

4. “Public” Ownership?

V. Social Security

VI. Socialism

VII. Gov’t and “Growth”

I. Transfer Payments

“We can have as exactly as many paupers as the country

chooses to pay for.” – Thomas Mackay, 1896

II. “Cheap” Gov’t Services

VS.

III. Running Gov’t Like a Business?

IV. “Public” Ownership?

V. “Social Security”

●Not really insurance, but rather a Ponzi scheme.

●No “trust fund” except pile of IOUs.

●Private retirement plans not vulnerable to demographic shifts.

VI. Socialism

●Communism/Fascism spectrum spurious.

● In practice relied on world market prices.

●How deal with inventions??

VII. Gov’t and “Growth”