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.
"It is legitimate to use violence against criminals in defense of one's rights of person and property; it is completely impermissible to violate the rights of other innocent people."
The problem is not the inefficiency of a conscript army; the problem is the gross immorality — indeed, the massive criminality — of drafting young men ... to kill or be killed against their will.
Rothbard argues that genuine science in the social realm starts with clear logic about human action.
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.
