they left to political philosophy". However, Rothbard thought that they had a faulty understanding of economics as the 19th-century individualist anarchists had a labor theory of value as influenced by the classical economists, while Rothbard was a student of Austrian School economics which does not agree with the labor theory of value. Rothbard sought to meld 19th-century American individualist anarchists' advocacy of economic individualism and free markets with the principles of Austrian School economics, arguing that "[t]here is, in the body of thought known as 'Austrian economics', a scientific explanation of the workings of the free market (and of the consequences of government intervention in that market) which individualist anarchists could easily incorporate into their political and social Weltanschauung". Rothbard held that the economic consequences of the political system they advocate would not result in an economy with people being paid in proportion to labor amounts, nor would profit and interest disappear as they expected. Tucker thought that unregulated banking and money issuance would cause increases in the money supply so that interest rates would drop to zero or near to it. Peter Marshall states that "anarcho-capitalism overlooks the egalitarian implications of traditional individualist anarchists like Spooner and Tucker". Stephanie Silberstein states that "While Spooner was no free-market capitalist, nor an anarcho-capitalist, he was not as opposed to capitalism as most socialists were." In "The Spooner-Tucker Doctrine: An Economist's View", Rothbard explained his disagreements. Rothbard disagreed with Tucker that it would cause the money supply to increase because he believed that the money supply in a free market would be self-regulating. If it were not, then Rothbard argued inflation would occur so it is not necessarily desirable to increase the money supply in the first place. Rothbard claimed that Tucker was wrong to think that interest would disappear regardless because he believed people, in general, do not wish to lend their money to others without compensation, so there is no reason why this would change just because banking was unregulated. Tucker held a labor theory of value and thought that in a free market people would be paid in proportion to how much labor they exerted and that exploitation or usury was taking place if they were not. As Tucker explained in State Socialism and Anarchism, his theory was that unregulated banking would cause more money to be available and that this would allow the proliferation of new businesses which