“The Keynesian prescription for unemployment rests on the persistence of a 'money illusion' among workers, i.e., on the belief that while, through unions and government, they will keep money wage rates from falling, they will also accept a fall in real wage rates via higher prices.”

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.