The Human Action Podcast

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Human Action Part Four with Dr. Mark Thornton

The Human Action Podcast

Tags Free MarketsAustrian Economics OverviewInterventionismValue and Exchange

04/10/2020Jeff DeistMark Thornton

Professor Mark Thornton and Jeff Deist finish Part Four of Human Action with a look at Chapters 21–24 of the book—a powerful exposition of how social cooperation and market exchange create far more harmony in society than state power. Here Mises explains how we all choose labor or leisure every day, and why wages are not the exploitative pittance socialists imagine. Land and rents have been misconstrued as special factors of production, when in fact market exchange helps us understand their prices just like any other good.

These chapters serve as a nice summation of several themes in the book, and set the stage for considering full socialism in Part Five.     

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Additional Resources

Human Action:

Bob Murphy's Study Guide to Human Action:

Note: The views expressed on are not necessarily those of the Mises Institute.

Contact Jeff Deist

Jeff Deist is president of the Mises Institute. He previously worked as chief of staff to Congressman Ron Paul, and as an attorney for private equity clients. Contact: email; Twitter.

Contact Mark Thornton

Mark Thornton is a Senior Fellow at the Mises Institute and the book review editor of the Quarterly Journal of Austrian Economics. He has authored seven books and is a frequent guest on national radio shows.

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