“One grave and fundamental Keynesian error is to persist in regarding the interest rate as a contract rate on loans instead of the price spreads between stages of production. The former, as we have seen, is only the reflection of the latter.”

American economist and political theorist

Murray Newton Rothbard was an American economist, economic historian, political theorist, and activist. He was a major figure in 20th-century American libertarianism and a founder and leading thinker of anarcho-capitalism. He wrote more than twenty books on political theory, history, economics, and related subjects. His work placed him at the center of debates over liberty, markets, and the role of the state.