BEGINNER

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.

 

Steven Horwitz - What Austrian Economics IS and What Austrian Economics Is NOT

 

Paul Cwik - The Foundational Difference Between Austrian Economics and the Mainstream

Related Publications

ARCHIVE

The Goal Is Freedom: No Substitute for History

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


Related Freeman Articles

THE CALLING

On Human Action

We owe a debt to Ludwig von Mises.

SEPTEMBER 13, 2012 by STEVEN HORWITZ

Human Action remains one of the great achievements in the social sciences and perhaps the single most important economic treatise of the twentieth century.

WABI-SABI

Cavemen, Money, and Spontaneous Orders

Some things are the product of human action but not human design.

MAY 02, 2012 by SANDY IKEDA

Who invented money? Who invented market prices? Who invented cities? What about language? The answer is: no one.

ARTICLE

Econ 101: An Austrian Economist's Dream

Human Beings Behave Purposefully

JANUARY 01, 2004 by ARTHUR FOULKES

ARTICLE

The Love of Economics

Economics Is Focused on Human Choice

OCTOBER 01, 1999 by SHELDON RICHMAN

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November 2014

It's been 40 years since F. A. Hayek received his Nobel Prize. His insights, particularly on the distribution of knowledge and the impossibility of economic planning, remain hugely important today. In this issue, we look back on the influence of his work. Max Borders and Craig Biddle debate whether liberty must be defended from one absolute foundation, further reflections on Scottish secession, and how technology is already changing our world for the better--including how robots, despite the unease they cause, will only accelerate this process.
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