Individual valuation is the keystone of economic theory. For, fundamentally, economics does not deal with things or material objects. Economics analyzes the logical attributes and consequences of the existence of individual valuations. “Things” enter into the picture, of course, since there can be no valuation without things to be valued. But the essence and the driving force of human action, and therefore of the human market economy, are the valuations of individuals. Action is the result of choice among alternatives, and choice reflects values, that is, individual preferences among these alternatives.
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Murray N. Rothbard made major contributions to economics, history, political philosophy, and legal theory. He combined Austrian economics with a fervent commitment to individual liberty.
We must realize that the two most powerful motivations in human history have always been ideology and economic interest, and that a joining of these two motivations can be downright irresistible.
The revolutionaries include the pamphleteer writing in his study, the journalist, the agitator, the organizer, the campus activist, the theoretician, the philanthropist.
November 11 was once known as Armistice Day, the day set aside to celebrate the end of WWI. In this essay Rothbard discusses the war as the triumph of several Progressive intellectual strains from the late 19th and early 20th centuries.
In The Logic of Action One, UK: Edward Elgar Publishing Limited, 1997, pp. 211-254.
In The Logic of Action One, UK: Edward Elgar Publishing Limited, 1997, pp. 211-254.
