Choice: Cooperation, Enterprise, and Human Action

Choice: Cooperation, Enterprise, and Human Action

Choice: Cooperation, Enterprise, and Human Action

Choice: Cooperation, Enterprise, and Human Action

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Overview

Unlike what usually passes for economics in many classrooms, government, the media and elsewhere, Choice is an engaging and intriguing book that provides something quite unique: a genuine treatise on economics that both instructs and entertains both economists and general readers. Drawing on the seminal volume by the “Austrian School” economist Ludwig von Mises, Human Action, and comparing classical and neoclassical approaches, Choice is a creative, comprehensive, and unusually lucid book on economic science and market processes. The book illuminates free economies as underpinning civilization, the folly of government central planning, the primacy of entrepreneurship and innovation, the nature of money and banking, the causes of the business cycle, the failures of government intervention, and more.

As a result, Choice teaches economic principles and exposes economic fallacies, and any reader will learn both the important truths about economics and the


Product Details

ISBN-13: 9781598132182
Publisher: Independent Institute, The
Publication date: 06/01/2015
Edition description: None
Pages: 336
Product dimensions: 8.80(w) x 6.00(h) x 1.00(d)

About the Author

Robert P. Murphy is Research Fellow at the Independent Institute. He received his Ph.D. in economics from New York University and was formerly Visiting Assistant Professor of Economics at Hillsdale College, Visiting Scholar at New York University, Research Analyst at Laffer Associates, Chief Economist for the Institute for Energy Research, and Senior Fellow in Business and Economic Studies at the Pacific Research Institute. His popular articles have appeared in the Los Angeles Times, Detroit New, Washington Times, Orange County Register, Atlanta Journal-Constitution, MarketWatch, Buffalo News, San Jose Mercury News, Barron’s, Forbes, and Investor’s Business Daily. In addition, he has appeared on CNBC, Fox Business Network, C-SPAN, and other TV and radio networks and programs. Donald J. Boudreaux is Research Fellow at the Independent Institute, Associate Editor of The Independent Review, and the Nelson Getchell Chair for the Study of Free Market Capitalism in the Mercatus Center at George Mason University. He has been President of the Foundation for Economic Education and Associate Professor of Legal Studies and Economics at Clemson University. His articles have appeared in the American Spectator, Investor’s Business Daily, Journal of Commerce, Wall Street Journal, and Washington Times, as well as in such scholarly journals such as the Antitrust Bulletin; Journal of Money, Credit, and Banking; Southern Economic Journal, and Supreme Court Economic Review.

Table of Contents

Foreword Donald J. Boudreaux xv

Acknowledgments xix

Introduction: Relationship between Contents of Choice (Robert Murphy and Human Action (Ludwig von Mises) 15

Part I Human Action

1 The Science of Economics and Human Action 21

2 The Definition and Components of Action 27

3 Economic Theory versus Historical Understanding 35

4 Further Economic Concepts and Principles Flowing from Action 45

Part II Action within the Framework of Society

5 Human Society and the Division of Labor 61

6 The Role of Ideas and the Importance of Reason 77

Part III Economic Calculation

7 Even the Economists Missed the Importance of Monetary Calculation 93

8 What Economic Calculation Can and Can't Do 107

Part IV Catallactics: Economics of the Market Society

9 Defining and Studying the Market Economy 115

10 How Prices Are Formed on the Market 147

11 Indirect Exchange and Money 165

12 The Misesian Approach to Money & Banking 201

13 Capital, Time Preference, and the Theory of Interest 223

14 Austrian Business Cycle Theory 247

Part V Social Cooperation without a Market

15 The Impossibility of Economic Calculation under Socialism 265

Part VI The Hampered Market Economy

16 Government Intervention in the Market Economy 277

Part VII The Place of Economics in Society

17 Economics and Public Opinion 297

Bibliography 301

Index 307

About the Author 315

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