Introduction to Economics: Part 1

Tags: Austrian Economics Overview

01/09/2010 Murray N. Rothbard

Starting with Crusoe economics, Rothbard builds the economic concepts which can be developed by this analogy. These concepts are the axiom of human action. Among them are: man acts, man acts by virtue of his existence, man acts with purposeful behavior, man prefers present to future actions, resources are means to achieve ends, scarcity exists, actions take time, life is uncertain, and the theory of value is subjective.

Part one of seven from Introduction to Economics: A Private Seminar with Murray N. Rothbard.

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