Part II: A Misesian Textbook, 1949–1953
Murray Rothbard’s economic perspective changed significantly in 1949 when he met Ludwig von Mises and read his magnum opus, Human Action. With the financial support of the Volker Fund, Rothbard accepted Mises’s offer to write a textbook rendition of his treatise. Early on, Rothbard evinced a thorough understanding of Mises’s monetary transmission mechanism and praxeological method. This allowed him to further develop the theories of value and price formation the emerging neoclassical synthesis had neglected. In particular, Rothbard used the means-ends relationship to deduce the law of ordinal…
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