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Clayton says no unemployment in a free market. Absurd. Why I mostly stay off this forum. The many unique aspects about the functioning of the land market is ignored. Land exists prior to human action and decision making and a whole branch of economics can be deduced from it. I've read plenty of economic text books on three factor production and
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p 76. Principles "The entire sum of goods at an economizing individual's command for the satisfaction of his needs, we call his PROPERTY. His property is not, however, an arbitrarely combined quantity of goods, but a direct reflection of his needs, an integrated whole, no essential part of which can be diminished or increased without affecting
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Menger, Principles, Chapter one, The general theory of the good, p 67. 4. Time and Error ".....the idea of causality, however, is inseparable from the idea of time...."
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Professor Hülsmann states Jevons and Walras think of value as a two-sided relationship between the human psyche and the impact of the marginal quantity of a good (in short Gossen's 1. law). Hülsmann then goes on and states Menger's superior analytical approach to value. Value is a trilateral relationship involving an individual and
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Professor Hülsmann associates Jevons and Walras line of economic thought with the Gossen School of economics. In this he is entirely right. However, Gossens theory involves a social utility function. Utility could be added and subtracted between individuals to show "their utility function". Did Jevons and Walras accept such claim could
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Take a look at the Mises Institute in Sweden. http://www.mises.se/ Below "Ludwig von Mises Institutet i Sverige" it says something like "Against the state, for peace and freedom, property and the right to your life" Self-contradictory. Mises was clearly not an anti state anarchist or advocate of self-evident deontological libertarian
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Hi. Neither Austrian Economics or Libertarianism implies anything about preventing Iron Law of Wages. The result of the market proces is desireable whatever the final result (according to libertarians) because the judgement is passed from freedom. Austrian Economics of course does not provide any solution. Libertarians claim to solve poverty by charity
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The most influental leading socialist political economist and communist in my country states the subject of private property is a 'black box'. The notion of private property exist even in a communist society. He persistently reminds right wing libertarians they should defend INDIVIDUAL property (not private property). This to make sure right
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Okay. Essentialism claims the economy has a telos, an end, value, and the thematic order within the economic theory must reflect the real priority, for Austrians first goods then factors of production. Therefore the categorial connection must be understood teleologic (from greek telos = end), and causality with its cause and effect expelled from the
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The hammer is the physical cause of the chair. But it doesen't make any sense to say the value of the chair causes the value of the hammer; all we can say is the value of the chair determines the value of the hammer.