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The French Liberal School had been dominant through four generations because they were privately funded, but when the government intervened in the French universities the Liberal School lost its hold. Richard Cantillon, Etienne Bonnot de Condillac, A.R.J. Turgot, Jean-Baptiste Say, Frederic Bastiat, and Michel Chevalier were responsible for economic concepts such as opportunity cost, the entrepreneur as risk-bearer, monetary theory, cause and effect methodology, utility, economic liberalism, and Say’s Law. Both in Great Britain and the United States during 1870-1890, the French Liberal School was hated and denigrated. The American Economic Association was started in 1880. There was no room for the liberals. The History of Economic Doctrine, which appeared in 1947, claimed the French Liberal School, which they now called the Optimist School, had abandoned the task of scientific investigation. Lecture 1 of 10 from Joseph T. Salerno's Revisionist History and Contemporary Theory.

[Presented at the 2008 Rothbard Graduate Seminar. 28 minutes.] Free societies would have few economists - mainly educators. But, when government - or any other agency using violence - intervenes in the market, the usefulness of the economist expands. The problems become what the consequences of governmental acts will be. Bad policies - like Welfare Economics and Social Economics -were often supported simply because there was so little understanding of economics, at all. There are no mathematical constants in Austrian economics. They are qualitative not quantitative. A table sums up the differences between The Market Principle and The Hegemonic Principle. An Alice J. Lillie Seminar. This lecture covers pp. 1357-1369 in the Scholar's Edition of Rothbard's Man, Economy, and State.

Lecture 16 of 16 from Austrian Economics: An Introductory Course, presented at New York Polytechnic University in 1972.

Lecture 15 of 16 from Austrian Economics: An Introductory Course, presented at New York Polytechnic University in 1972.

Lecture 14 of 16 from Austrian Economics: An Introductory Course, presented at New York Polytechnic University in 1972.

Lecture 13 of 16 from Austrian Economics: An Introductory Course, presented at New York Polytechnic University in 1972.

Lecture 12 of 16 from Austrian Economics: An Introductory Course, presented at New York Polytechnic University in 1972.

Lecture 11 of 16 from Austrian Economics: An Introductory Course, presented at New York Polytechnic University in 1972.

Lecture 10 of 16 from Austrian Economics: An Introductory Course, presented at New York Polytechnic University in 1972.

Lecture 9 of 16 from Austrian Economics: An Introductory Course, presented at New York Polytechnic University in 1972.