Enemy Of The State: Murray Rothbard

INTRODUCTION TO MICROECONOMICS Presented by Murray N. Rothbard in 1986 at New York Polytechnic University. Recorded by Hans-Hermann Hoppe. 4. Intro to Micro: Price Controls in the Oil Industry The disappearance of oil has been forecast every decade. Prices were overlooked. When the price is high it is more profitable to look for oil. Total reserves on the ground are higher than they were in 1890. Treating demand as a fixed quantity, the oil industry tried to control production and prices. Gas rationing was implemented. 55 MPH limit was legislated without economic or safety benefit. Safety belts increased fatalities of pedestrians. Natural gas experienced increasing shortages when it became artificially cheap. An insane price structure led to the shut down of older wells. Part 4 of 14. Presented in 1986 at New York Polytechnic University. This lecture on YouTube: https://youtu.be/wbovXtZ8PHg Sourced from: https://mises.org/library/introduction-microeconomics We are not endorsed or affiliated with the ab