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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. It rejects positivism within economics. It defends an ''a priori'' epistemology and underpins praxeology with a foundation of methodological individualism and laws of apodictic 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''. Synopsis Mises sees economic calculation as the most fundamental problem in economics. The economic problem to Mises is that of action. Man acts to dispel feelings of uneasiness, but can only succeed in acting if he comprehends cau ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Ludwig Von Mises
Ludwig Heinrich Edler von Mises (; 29 September 1881 – 10 October 1973) was an Austrian School economist, historian, logician, and Sociology, sociologist. Mises wrote and lectured extensively on the societal contributions of classical liberalism. He is best known for his work on praxeology studies Bureaucracy (book), comparing communism and capitalism. He is considered one of the most influential economic and political thinkers of the 20th century. Mises emigrated from Austria to the United States in 1940. Since the mid-20th century, libertarian movements have been strongly influenced by Mises's writings. Mises' student Friedrich Hayek viewed Mises as one of the major figures in the revival of classical liberalism in the post-war era. Hayek's work "The Transmission of the Ideals of Freedom" (1951) pays high tribute to the influence of Mises in the 20th century libertarian movement. Mises's Private Seminar was a leading group of economists. Many of its alumni, including Friedri ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Apodicticity
"Apodictic", also spelled "apodeictic" ( grc, ἀποδεικτικός, "capable of demonstration"), is an adjectival expression from Aristotelean logic that refers to propositions that are demonstrably, necessarily or self-evidently true. from dictionary.com, including material from the Random House Unabridged Dictionary, (2006), |
Mises Institute
Ludwig von Mises Institute for Austrian Economics, or Mises Institute, is a libertarian nonprofit think tank headquartered in Auburn, Alabama, United States. It is named after the Austrian School economist Ludwig von Mises (1881–1973). It was founded in 1982 by Lew Rockwell. Its creation was funded by Ron Paul. History The Ludwig von Mises Institute was founded in 1982 by Lew Rockwell. Rockwell, who had previously served as editor for Arlington House Publishers, received the blessing of Margit von Mises during a meeting at the Russian Tea Room in New York City, and she was named the first chairman of the board. Early supporters of the institute included F.A. Hayek, Henry Hazlitt, Murray Rothbard, Ron Paul, and Burt Blumert. According to Rockwell, the motivation of the institute was to promote the specific contributions of Ludwig von Mises, who he feared was being ignored by libertarian institutions financed by Charles Koch and David Koch. As recounted by Justin Raimon ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Lyle Munson
Lyle Hugh Munson (?- ) was an intelligence agent and then, later, a book publisher and distributor under the corporate name Bookmailer, Inc.. Based in the New York area, his company was known particularly for offering anti-communist works, and has been described as having been the "leading publisher of antisemitic and hate literature". Robert W. Welch Jr., the head of the John Birch Society, considered him a "good friend".''The Blue Book of The John Birch Society'' (Fifth Edition) By Robert Welch Munson's advice to the Austrian economist for the author to threaten |
Socialism
Socialism is a left-wing Economic ideology, economic philosophy and Political movement, movement encompassing a range of economic systems characterized by the dominance of social ownership of the means of production as opposed to Private property, private ownership. As a term, it describes the Economic ideology, economic, Political philosophy, political and Social theory, social theories and Political movement, movements associated with the implementation of such systems. Social ownership can be State ownership, state/public, Community ownership, community, Collective ownership, collective, cooperative, or Employee stock ownership#Employee ownership, employee. While no single definition encapsulates the many types of socialism, social ownership is the one common element. Different types of socialism vary based on the role of markets and planning in resource allocation, on the structure of management in organizations, and from below or from above approaches, with some socialists ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Speculation
In finance, speculation is the purchase of an asset (a commodity, goods, or real estate) with the hope that it will become more valuable shortly. (It can also refer to short sales in which the speculator hopes for a decline in value.) Many speculators pay little attention to the fundamental value of a security and instead focus purely on price movements. In principle, speculation can involve any tradable good or financial instrument. Speculators are particularly common in the markets for stocks, bonds, commodity futures, currencies, fine art, collectibles, real estate, and derivatives. Speculators play one of four primary roles in financial markets, along with hedgers, who engage in transactions to offset some other pre-existing risk, arbitrageus who seek to profit from situations where fungible instruments trade at different prices in different market segments, and investors who seek profit through long-term ownership of an instrument's underlying attributes. Hi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Entrepreneur
Entrepreneurship is the creation or extraction of economic value. With this definition, entrepreneurship is viewed as change, generally entailing risk beyond what is normally encountered in starting a business, which may include other values than simply economic ones. An entrepreneur is an individual who creates and/or invests in one or more businesses, bearing most of the risks and enjoying most of the rewards.The process of setting up a business is known as entrepreneurship. The entrepreneur is commonly seen as an innovator, a source of new ideas, goods, services, and business/or procedures. More narrow definitions have described entrepreneurship as the process of designing, launching and running a new business, which is often similar to a small business, or as the "capacity and willingness to develop, organize and manage a business venture along with any of its risks to make a profit." The people who create these businesses are often referred to as entrepreneurs. While def ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Cost–benefit Analysis
Cost–benefit analysis (CBA), sometimes also called benefit–cost analysis, is a systematic approach to estimating the strengths and weaknesses of alternatives. It is used to determine options which provide the best approach to achieving benefits while preserving savings in, for example, transactions, activities, and functional business requirements. A CBA may be used to compare completed or potential courses of action, and to estimate or evaluate the value against the cost of a decision, project, or policy. It is commonly used to evaluate business or policy decisions (particularly public policy), commercial transactions, and project investments. For example, the U.S. Securities and Exchange Commission must conduct cost-benefit analyses before instituting regulations or deregulations. CBA has two main applications: # To determine if an investment (or decision) is sound, ascertaining if – and by how much – its benefits outweigh its costs. # To provide a basis for comparing inve ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Market (economics)
In economics, a market is a composition of systems, institutions, procedures, social relations or infrastructures whereby parties engage in exchange. While parties may exchange goods and services by barter, most markets rely on sellers offering their goods or services (including labour power) to buyers in exchange for money. It can be said that a market is the process by which the prices of goods and services are established. Markets facilitate trade and enable the distribution and allocation of resources in a society. Markets allow any tradeable item to be evaluated and priced. A market emerges more or less spontaneously or may be constructed deliberately by human interaction in order to enable the exchange of rights (cf. ownership) of services and goods. Markets generally supplant gift economies and are often held in place through rules and customs, such as a booth fee, competitive pricing, and source of goods for sale (local produce or stock registration). Markets can ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Profit (economics)
In economics, profit is the difference between the revenue that an economic entity has received from its outputs and the total cost of its inputs. It is equal to total revenue minus total cost, including both explicit and implicit costs. It is different from accounting profit, which only relates to the explicit costs that appear on a firm's financial statements. An accountant measures the firm's accounting profit as the firm's total revenue minus only the firm's explicit costs. An economist includes all costs, both explicit and implicit costs, when analyzing a firm. Therefore, economic profit is smaller than accounting profit. ''Normal profit'' is often viewed in conjunction with economic profit. Normal profits in business refer to a situation where a company generates revenue that is equal to the total costs incurred in its operation, thus allowing it to remain operational in a competitive industry. It is the minimum profit level that a company can achieve to justify its c ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Contentment
Contentment is an emotional state of satisfaction that can be seen as a mental state drawn from being at ease in one's situation, body and mind. Colloquially speaking, contentment could be a state of having accepted one's situation and is a milder and more tentative form of happiness. Contentment and the pursuit of contentment are a central thread through many philosophical or religious schools across diverse cultures, times and geographies. Siddhartha, the founder of Buddhism, once said "Health is the most precious gain and contentment, the greatest wealth". John Stuart Mill, centuries later, would write "I have learned to seek my happiness by limiting my desires, rather than in attempting to satisfy them." Marcus Aurelius wrote "Live with the gods. And he who does so constantly shows them that his soul is satisfied with what is assigned to them." Hebrews 13:5 reads "Keep your lives free from the love of money and be content with what you have, because God has said, 'Never ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Scarcity
In economics, scarcity "refers to the basic fact of life that there exists only a finite amount of human and nonhuman resources which the best technical knowledge is capable of using to produce only limited maximum amounts of each economic good."Samuelson, P. Anthony., Samuelson, W. (1980). Economics. 11th ed. / New York: McGraw-Hill. If the conditions of scarcity didn't exist and an "infinite amount of every good could be produced or human wants fully satisfied ... there would be no economic goods, i.e. goods that are relatively scarce..." Scarcity is the limited availability of a commodity, which may be in demand in the market or by the commons. Scarcity also includes an individual's lack of resources to buy commodities. The opposite of scarcity is abundance. Scarcity plays a key role in economic theory, and it is essential for a "proper definition of economics itself."Montani G. (1987) Scarcity. In: Palgrave Macmillan (eds) ''The New Palgrave Dictionary of Economics''. Palgr ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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