The Principle of Methodological Individualism
The We cannot act otherwise than each of them acting on his own behalf.
The We cannot act otherwise than each of them acting on his own behalf.
John Maynard Keynes often employed flowery language like “animal spirits” and “liquidity trap” to describe things he did no
From Human Action: A Treatise on Economics. Pages 11-29 in the text. Narrated by Jeff Riggenbach.
But people in a society do not find themselves in such a "one-shot Prisoner's Dilemma." Quite the contrary, they must deal with one another repeatedly.
It is perhaps the finest introduction to the thought of a major thinker ever published in the discipline of economics.
Government controlled fiat money is and will always be, by construction, fraudulent money.
Our present institutional arrangements are characterized as socialistic.
Whether one calls oneself a Communist, Socialist, New Dealer, or just plain "democrat," one begins with the premise that the individual is of consequence only as a servant of the mass idol.