By Black W., Rockwell L.H.
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Extra info for Man, Economy and Liberty: Essays in Honor of Murray N. Rothbard
Second, some general criticisms of this argument will be made. Third, Rothbard's position on PD and TC problems will be noted and amplified. The State as "Market Mechanism" The point in the argument we wish to discuss in detail is commonly made through a story-example. It goes something like this: Consider a community of 1000 persons. Every individual in the community wishes 14 Prisoner's Dilemma, Transaction Costs, and Rothbard to have good X, but unfortunately the ordinary market mechanism has not provided it.
If someone does X to him, he does X back; if someone does Y to him, he does Y back. A person who exhibits golden-rule behavior does to others what he wishes others to do to him. " If X is done to him, and he does not want others to do X to him but would prefer Y, then he will do Y. The question emerges: Which type of behavior, tit-for-tat or goldenrule, is more likely to bring on the golden-rule world: where individuals behave to others as they would have others behave to them? It may appear paradoxical, but nevertheless it is true: golden-rule behavior does not bring on a golden-rule world, because it is consistently exploitable.
Each dollar of deposits normally backs several dollarsworth of money supply because banks need keep only a fraction of each dollar of deposits on reserve. This enables banks to lend out the remainder, and as loaned funds are spent and, in turn, deposited at other banks, the money supply swells. If banks hold added reserves instead of making loans, however, the multiple by which the money supply can expand is reduced. Faced with low demand for credit and the risk of bank runs, banks greatly increased the ratio of reserves to deposits, causing the money supply to shrink drastically.