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EPISODE 2558

Ep. 488 Welfare Economics: Rothbard Was Right

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One of the areas of economics to which Murray Rothbard contributed significantly is known as welfare economics. As we explain in this episode, it deals with how we can determine whether utility (individual or “social,” properly understood) has been increased. Rothbard’s analysis led him to the conclusion that it was impossible for state action to increase social utility.

Free-market economist Bryan Caplan, in his famous article on why he isn’t an Austrian, argues that Rothbard’s solution is riddled with problems. Jeff Herbener joins me for a robust defense of Rothbard.

About the Guest

Jeffrey M. Herbener is chairman of the department of economics at Grove City College and associate editor of the Quarterly Journal of Austrian Economics.

Articles Discussed

Why I Am Not an Austrian Economist,” by Bryan Caplan
Toward a Reconstruction of Utility and Welfare Economics,” by Murray N. Rothbard (PDF)

Articles Mentioned

In Defense of Rothbardian Welfare Economics,” by Jeffrey M. Herbener
Hans Hoppe on welfare economics (the welfare economics section begins on p. 257)

Related Episodes

Ep. 419 Austrian Business Cycle Theory: Answering the Critics (David Howden)
Ep. 403 Austrian Microeconomics: Where the Critics Go Wrong (Jeff Herbener)

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