Axiom of Human Action
Purposeful behavior by humans over economic (scarce) goods. To satisfy our wants and desires, we act. However, not all goals or wants can be satisfied at once. Due to scarcity, humans must choose to attain the goods they prefer while foregoing others.
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AUGUST 03, 2007 by SHELDON RICHMAN
The great economist Ludwig von Mises showed thateconomics can be deduced from the axiom that human beings act:individuals consciously select ends and apply scarce means to achieve them.By examining the logical implications of that undeniable fact, one can come tounderstand the concepts value, cost, time preference, supply,demand, money, price, profit, interest, andso on. In light of this, it is noteworthy that Mises was also an accomplishedhistorian. And more than that, he was an important historiographer; that is, hewas interested in the why and how of history. This theorist who is so identifiedwith the a priori method in economics also believed that a knowledge ofhistory and its methods was indispensable to understanding the world. More . . .
A NEW article by Sheldon Richman
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