-
Azure and Smiling Dave, thank you. :)
-
boohickey11, how can inflation decrease the absolute standard of living of a society? I though it promoted a relative distribution of wealth (those with first contact with the new money are richer now because they have more money and the level of prices is the same; and the ones last to have contact with the new money would lose, because they would
-
[quote user="Jon Irenicus"] No, the law of demand is grounded in the action axiom itself, as an extension of marginal utility. [/quote] [quote user="nirgrahamUK"] The law of demand is explained by (grounded by) the law of diminishing marginal utility. [/quote] Please, where can I read more about the law of demand originated through
-
Thank you very much, Adam Knott, I think I understood now. Before commenting on your latest post, I concluded (based on things you said) that the fact that the employer doesn't care about losing money would be represented by a perfectly inelastic labor demand curve, right? About objective value vs. subjective value, I think I expressed myself badly
-
[quote user="Adam Knott"] Your example says, in effect, if all employers are willing to pay employees $100 per hour, and some economist declares that the 'free market equilibrium wage' is $17 per hour, and if the legal minimum wage is increased to $22 per hour, then a supposed economic law stating: increasing the minimum legal wage
-
[quote user="Adam Knott"] To me, this is simply a case of bad economic theory. The economic law is mis-conceived. [/quote] Why? If the law said only that high wages causes losses to the employer, it would be universal, inexorable. But if it says that, always, in every space and time, the employer will get rid of the employee, or will not employ
-
Adam Knott, this was a very good answer. Thank you very much. I understood what you mean. But I still have some doubts. For example, if the "altruist-ethics" (in Randian jargon [haha]) starts being fully accepted, and people adopt its ends as self-sacrifice and, in a hypothetical situation, an employer starts running into loss employing a
-
Right, right! Thank you very much! So... are all conclusions of the austrian school related to the "regularity of the market phenomena" universal? That Rothbard's passage made me a little confused. If there is some conclusion based on an empirical fact (and probably mutable), then the conclusion can also be mutable, right? Is there some
-
In Human Action, Mises writes: "all were fully convinced that there was in the course of social events no such regularity and invariance of phenomena as had already been found in the operation of human reasoning and in the sequence of natural phenomena. They did not search for the laws of social cooperation because they thought that man could organize
-
[quote user="nirgrahamUK"] thats cool, so long as you understand he does not have a naive or narrow view of 'happiness' . but i'm confident you do [/quote] Haha, yes. I will try to stick to the "purely formal character of the notions pain and pleasure ", and happiness, and avoid the "material and carnal meaning"