Human Action Part Three with Dr. Per Bylund

Tags Austrian Economics OverviewCalculation and KnowledgeMonetary TheoryPricesValue and Exchange

03/20/2020Jeff DeistPer Bylund

We continue our series on Human Action with Professor Per Bylund of Oklahoma State University.

Dr. Bylund and Jeff Deist consider Part Three of the book, "Economic Calculation," considering Mises's conception of value and the folly of attempting to define a "unit of value" in a highly subjective world. They discuss socialism and the elementary theory of value and prices; inputs and outputs in barter vs. under monetary exchange; prices as exchange ratios; why change is constant and price "stabilization" efforts fail; why mathematical calculation of money prices may rival the wheel as among the most important human inventions; and why Mises thought praxeology emerged when man started thinking about monetary calculation.

Use the code HAPOD for a discount on Human Action from our bookstore: Mises.org/BuyHA.

Additional Resources

Human Action: Mises.org/HumanAction

Bob Murphy's Study Guide to Human Action: Mises.org/Study

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

Authors:

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 Per Bylund

Per Bylund is assistant professor of entrepreneurship & Records-Johnston Professor of Free Enterprise in the School of Entrepreneurship at Oklahoma State University. Website: PerBylund.com.

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