Quarterly Journal of Austrian Economics

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A Note on Nozick's Problem

  • The Quarterly Journal of Austrian Economics
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Tags Business CyclesSubjectivismValue and Exchange

07/30/2014Marek Hudík

Volume 14, Number 2; Summer 2011

 

This short note is a contribution to the solution of the problem of indifference in Austrian economics (“Nozick’s problem”). The problem is divided into two questions: (i) Can the stock of a commodity be defined without a reference to indifference? (ii) What is the praxeological interpretation of the fact that one unit of a homogenous stock is chosen over another? It is argued that the answer to the former question is negative; in the answer to the latter question it is demonstrated that indifference can already be included in the description of choice alternatives and strict preference ordering on the set of these alternatives can thus be preserved.

Cite This Article

Hudík, Marek. "A Note on Nozick's Problem." The Quarterly Journal of Austrian Economics 14, No. 2 (Summer 2011): 256-260.

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