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Cost and Choice: Austrian vs Conventional views

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Tags Capital and Interest TheoryFiscal Theory

07/30/2014E.C. Pasour Jr.

The primary purpose of this paper is to contrast Austrian and conventional concepts of cost. Cost in the logic-of-choice context of conventional neoclassical economic theory is contrasted with subjective cost relevant to individual decision-making. The Austrian subjectivist concept of cost is shown to be sound as it relates to individual choice. The limitations of objective estimates of "cost" when used as a normative standard in evaluating observed market behavior are stressed. Implications of the findings are related to a number of policy issues and problems involving cost.

Volume 2, Number 4 (1978)

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Pasour, E.C. "Cost and Choice: Austrian vs Conventional views." Journal of Libertarian Studies 2, No.4 (1978): 327-336.