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Theorists of the Austrian school have long maintained that every realized price is market-clearing, in sharp contrast to the adherents of the neoclassical mainstream, who view realized prices as constituting a state of disequilibrium with a mismatch between demand and supply. The heart of these...
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"[C]oncentration on a single firm and the reaction of its owner is not the appropriate route to the theory of … valueless edifice of production theory (Rothbard 2009 [1962], 455)."This paper analyzes a recently reconstructed proto … argues that after grappling with the problems of Marshallian partial equilibrium production theory, Rothbard substituted it …
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