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Human Action
''Human Action: A Treatise on Economics'' is a work by the Austrian economist and philosopher Ludwig von Mises. Widely considered Mises' ''magnum opus'', it presents the case for laissez-faire capitalism based on praxeology, his method to understand the structure of human decision-making. Mises rejected positivism within economics, and defended an ''a priori'' foundation for praxeology, as well as methodological individualism and laws of self-evident certainty. Mises argues that the free-market economy not only outdistances any government-planned system, but ultimately serves as the foundation of civilization itself. ''Nationalökonomie: Theorie des Handelns und Wirtschaftens'' is the 1940 German-language predecessor to ''Human Action''. Mises argues that market-generated money prices are essential to determine the most highly valued uses for resources to satisfy consumer demands. He attempts to demonstrate the inconsistencies of piecemeal political intervention in the market e ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Ludwig Von Mises
Ludwig Heinrich Edler von Mises (; ; September 29, 1881 – October 10, 1973) was an Austrian-American political economist and philosopher of the Austrian school. Mises wrote and lectured extensively on the social contributions of classical liberalism and the central role of consumers in a market economy. He is best known for his work in praxeology, particularly for studies comparing communism and capitalism, as well as for being a defender of classical liberalismHayek, Friedrich A. "Introduction". In ''Socialism: An Economic and Sociological Analysis'', by Ludwig von Mises. London: Jonathan Cape, 1936. in the face of rising illiberalism and authoritarianism throughout much of Europe during the 20th century. In 1940, Mises emigrated from Austria to the United States to escape the Nazis. On the day German forces entered Vienna, they raided his apartment, confiscating his papers and library, which were believed lost or destroyed until rediscovered decades later in Soviet archive ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Teleology
Teleology (from , and )Partridge, Eric. 1977''Origins: A Short Etymological Dictionary of Modern English'' London: Routledge, p. 4187. or finalityDubray, Charles. 2020 912Teleology. In ''The Catholic Encyclopedia'' 14. New York: Robert Appleton Company. Retrieved 3 May 2020. – via '' New Advent'', transcribed by D. J. Potter is a branch of causality giving the reason or an explanation for something as a function of its end, its purpose, or its goal, as opposed to as a function of its cause. James Wood, in his '' Nuttall Encyclopaedia'', explained the meaning of ''teleology'' as "the doctrine of final causes, particularly the argument for the being and character of God from the being and character of His works; that the end reveals His purpose from the beginning, the end being regarded as the thought of God at the beginning, or the universe viewed as the realisation of Him and His eternal purpose." A purpose that is imposed by human use, such as the purpose of a fork to hold ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Metaphor
A metaphor is a figure of speech that, for rhetorical effect, directly refers to one thing by mentioning another. It may provide, or obscure, clarity or identify hidden similarities between two different ideas. Metaphors are usually meant to create a likeness or an Analogy, analogy. Analysts group metaphors with other types of figurative language, such as antithesis, hyperbole, metonymy, and simile. According to Grammarly, "Figurative language examples include similes, metaphors, personification, hyperbole, allusions, and idioms." One of the most commonly cited examples of a metaphor in English literature comes from the "All the world's a stage" monologue from ''As You Like It'': All the world's a stage, And all the men and women merely players; They have their exits and their entrances And one man in his time plays many parts, His Acts being seven ages. At first, the infant... :—William Shakespeare, ''As You Like It'', 2/7 This quotation expresses a metaphor because the w ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Substitute Good
In microeconomics, substitute goods are two goods that can be used for the same purpose by consumers. That is, a consumer perceives both goods as similar or comparable, so that having more of one good causes the consumer to desire less of the other good. Contrary to complementary goods and independent goods, substitute goods may replace each other in use due to changing economic conditions. An example of substitute goods is Coca-Cola and Pepsi; the interchangeable aspect of these goods is due to the similarity of the purpose they serve, i.e. fulfilling customers' desire for a soft drink. These types of substitutes can be referred to as close substitutes. Substitute goods are commodity which the consumer demanded to be used in place of another good. Economic theory describes two goods as being close substitutes if three conditions hold: # products have the same or similar performance characteristics # products have the same or similar occasion for use and # products are sold in th ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Economic Calculation Problem
The economic calculation problem (ECP) is a criticism of using central economic planning as a substitute for Market (economics), market-based allocation of the factors of production. It was first proposed by Ludwig von Mises in his 1920 article "Economic Calculation in the Socialist Commonwealth" and later expanded upon by Friedrich Hayek. In his first article, Mises described the nature of the price system under capitalism and described how individual subjective value theory, subjective values (while criticizing Labor_theory_of_value, other theories of value) are translated into the objective information necessary for Rational choice theory, rational allocation of resources in society. He argued that central planning necessarily leads to an irrational and inefficient allocation of resources. In market exchanges, prices reflect the supply and demand of resources, labor and products. In the article, Mises focused his criticism on the deficiencies of the Socialization (economics), ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Ordinal Utility
In economics, an ordinal utility function is a function representing the preferences of an agent on an ordinal scale. Ordinal utility theory claims that it is only meaningful to ask which option is better than the other, but it is meaningless to ask ''how much'' better it is or how good it is. All of the theory of consumer decision-making under conditions of certainty can be, and typically is, expressed in terms of ordinal utility. For example, suppose George tells us that "I prefer A to B and B to C". George's preferences can be represented by a function ''u'' such that: :u(A)=9, u(B)=8, u(C)=1 But critics of cardinal utility claim the only meaningful message of this function is the order u(A)>u(B)>u(C); the actual numbers are meaningless. Hence, George's preferences can also be represented by the following function ''v'': :v(A)=9, v(B)=2, v(C)=1 The functions ''u'' and ''v'' are ordinally equivalent – they represent George's preferences equally well. Ordinal utility contrast ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Arithmetic
Arithmetic is an elementary branch of mathematics that deals with numerical operations like addition, subtraction, multiplication, and division. In a wider sense, it also includes exponentiation, extraction of roots, and taking logarithms. Arithmetic systems can be distinguished based on the type of numbers they operate on. Integer arithmetic is about calculations with positive and negative integers. Rational number arithmetic involves operations on fractions of integers. Real number arithmetic is about calculations with real numbers, which include both rational and irrational numbers. Another distinction is based on the numeral system employed to perform calculations. Decimal arithmetic is the most common. It uses the basic numerals from 0 to 9 and their combinations to express numbers. Binary arithmetic, by contrast, is used by most computers and represents numbers as combinations of the basic numerals 0 and 1. Computer arithmetic deals with the specificities of the ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Great Society
The Great Society was a series of domestic programs enacted by President Lyndon B. Johnson in the United States between 1964 and 1968, aimed at eliminating poverty, reducing racial injustice, and expanding social welfare in the country. Johnson first used the phrase in a May 7, 1964, speech at Ohio University. The Great Society sought to build on the legacy of former President Franklin D. Roosevelt's New Deal reforms of the 1930s, and planned to use the power of the federal government in order to address Income inequality in the United States, economic inequality, improve education and healthcare, and promote Civil rights movement, civil rights. The post–World War II economic expansion had raised living standards for many Americans, but significant disparities remained, particularly for racial minorities and those living in impoverished rural and urban areas. The civil rights movement was gaining momentum, highlighting Institutional racism, systemic racism and discrimination. ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
David Ricardo
David Ricardo (18 April 1772 – 11 September 1823) was a British political economist, politician, and member of Parliament. He is recognized as one of the most influential classical economists, alongside figures such as Thomas Malthus, Adam Smith and James Mill. Ricardo was born in London as the third surviving child of a successful stockbroker and his wife. He came from a Sephardic Jewish family of Portuguese origin. At 21, he eloped with a Quaker and converted to Unitarianism, causing estrangement from his family. He made his fortune financing government borrowing and later retired to an estate in Gloucestershire. Ricardo served as High Sheriff of Gloucestershire and bought a seat in Parliament as an earnest reformer. He was friends with prominent figures like James Mill, Jeremy Bentham, and Thomas Malthus, engaging in debates over various topics. Ricardo was also a member of The Geological Society, and his youngest sister was an author. As MP for Portarlington, ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Metaphysics
Metaphysics is the branch of philosophy that examines the basic structure of reality. It is traditionally seen as the study of mind-independent features of the world, but some theorists view it as an inquiry into the conceptual framework of human understanding. Some philosophers, including Aristotle, designate metaphysics as first philosophy to suggest that it is more fundamental than other forms of philosophical inquiry. Metaphysics encompasses a wide range of general and abstract topics. It investigates the nature of existence, the features all entities have in common, and their division into categories of being. An influential division is between particulars and universals. Particulars are individual unique entities, like a specific apple. Universals are general features that different particulars have in common, like the color . Modal metaphysics examines what it means for something to be possible or necessary. Metaphysicians also explore the concepts of space, time, ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Social Collaboration
Social collaboration refers to processes that help multiple people or groups interact and share information to achieve common goals. Such processes find their 'natural' environment on the Internet, where collaboration and social dissemination of information are made easier by current innovations and the proliferation of the web. Sharing concepts on a digital collaboration environment often facilitates a "brainstorming" process, where new ideas may emerge due to the varied contributions of individuals. These individuals may hail from different walks of life, different cultures and different age groups, their diverse thought processes help in adding new dimensions to ideas, dimensions that previously may have been missed. A crucial concept behind social collaboration is that 'ideas are everywhere.' Individuals are able to share their ideas in an unrestricted environment as anyone can get involved and the discussion is not limited to only those who have domain knowledge. Social collabo ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Division Of Labour
The division of labour is the separation of the tasks in any economic system or organisation so that participants may specialise ( specialisation). Individuals, organisations, and nations are endowed with or acquire specialised capabilities, and either form combinations or trade to take advantage of the capabilities of others in addition to their own. Specialised capabilities may include equipment or natural resources as well as skills. Training and combinations of equipment and other assets acting together are often important. For example, an individual may specialise by acquiring tools and the skills to use them effectively just as an organisation may specialise by acquiring specialised equipment and hiring or training skilled operators. The division of labour is the motive for trade and the source of economic interdependence. An increasing division of labour is associated with the growth of total output and trade, the rise of capitalism, and the increasing complexity of ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
