Chapter 2 Action and Value
Investigations concerning the money prices of goods and services constituted the historical starting point of the reflections that led to the development of economic theory.
The Mises Reader Unabridged
Chapter 1 Human Action
The starting point of our reasoning is not behavior, but action, or, as it is redundantly designated, rational action. Human action is conscious behavior on the part of a human being.
For months, I have seen articles about the massive economic ignorance infesting candidates’ views and how they would “fix” what they think are the nation’s problems. They essentially say that neither candidate knows enough to pass an economics principles course, much less enough to advance Americans’ general welfare. I cannot disagree.
The first lesson of economics is scarcity: There is never enough of anything to satisfy all those who want it. The first lesson of politics is to disregard the first lesson of economics.
~Thomas Sowell
We are less than a month away from the election and it can’t be over soon enough. In the latest strange turn, several DC libertarians came out against prosecuting unlawful politicians and in support of a government-managed “common market,” rather than genuine free trade that can be imposed unilaterally.
It’s nice to see that the issue of repealing the 17th amendment to the US Constitution isn’t going away. The 17th Amendment, you may recall, is the one that mandates popular election of US Senators. Before that, US Senators were often selected — strictly speaking — by the state legislatures.
[From a talk delivered at the Boston Mises Circle, October 1, 2016.]
