Murray Rothbard's "Man, Economy, and State with Power and Market," published in 1962, is a seminal work that has profoundly influenced economic thought and challenged the prevailing orthodoxy of the post-war era. In response to the fragmented and mathematically oriented neoclassical synthesis, Rothbard sought to revive and expand upon the causal-realist approach of the Austrian School, rooted in the works of Carl Menger and Ludwig von Mises. The treatise emphasizes praxeology, the science of human action, and argues that all economic phenomena stem from individual choices and actions. Rothbard provides a detailed analysis of production, capital and entrepreneurship, critiquing traditional theories of monopoly and emphasizing the roles of time preference and uncertainty. He contends that true monopolies can only arise from government intervention, not free market dynamics. The book's advocacy for individual freedom and free markets has inspired a new generation of economists and thinkers, making it a cornerstone of the modern Austrian School, though it remains a subject of intense debate due to its radical views and policy implications.

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