Judgments of value do not measure: they arrange, they grade. If he relies only on subjective valuation, even isolated man cannot arrive at an economic decision based on more or less exact computations in cases where the solution is not immediately evident. To aid his calculations he must assume...
After decades of Cold War spending, the US had to find a way to keep its massive war budgets and domestic spending going without ruining the dollar. Controlling the flow of dollars spent on oil turned out to be a fix.
Henry Ford's factories had a hard time keeping workers because the work was monotonous. So Ford helped keep workers around through reduced hours, vacation time, and other benefits that are now considered typical.
Hunter-gatherer societies stripped the local environment of resources and then moved on to another place. There was nothing environmentally responsible about this sort of economy, in spite of modern efforts to portray prehistoric humans as tree huggers.
Economic history is possible only because there is an economic theory capable of throwing light upon economic actions. If there were no economic theory, reports concerning economic facts would be nothing more than a collection of unconnected data open to any arbitrary interpretation.
Proponents of socialized medicine assert that markets cannot be trusted with healthcare due to "market failure." But the assumed "failures" of health markets are not improved by socializing healthcare.