Epistemological Problems of Economics

Εξώφυλλο
Ludwig von Mises Institute, 2002
Collection of essays on economic theory. Most of the essays originally appeared in the late 1920s in German journals devoted to the social sciences, with the original German language collection being issued in 1933.
 

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Σελίδα 20 - Just in the same manner does Political Economy presuppose an arbitrary definition of man, as a being who invariably does that by which he may obtain the greatest amount of necessaries, conveniences, and luxuries, with the smallest quantity of labour and physical self-denial, with which. they can be obtained in the existing state of knowledge.
Σελίδα lviii - However, what we know about our action under given conditions is derived not from experience, but from reason. What we know about the fundamental categories of action — action, economizing, preferring, the relationship of means and ends, and everything else that, together with these, constitutes the system of human action — is not derived from experience. We conceive all this 14 Epistemological Problems of Economics from within, just as we conceive logical and mathematical truths, a priori, without...
Σελίδα 19 - Wealth; his premises consist of a very few general propositions, the result of observation, or consciousness, and scarcely requiring proof, or even formal statement, which almost every man, as soon as he hears them, admits as familiar to his thoughts, or at least as included in his previous knowledge; and his inferences are nearly as general, and, if he has reasoned correctly, as certain, as his premises.
Σελίδα 134 - The history of a panic is the history of a confused conflict of many causes ; and unless you know what sort of effect each cause is likely to produce, you cannot explain any part of what happens. It is trying to explain the bursting < of a boiler without knowing the theory of steam. Any history...
Σελίδα l - William M. Johnston, The Austrian Mind: An Intellectual and Social History...
Σελίδα xxx - Value, especially as to the value of labour and of land. It is nevertheless evident, that of the two great departments of Political Economy, the production of wealth and its...
Σελίδα 20 - By the method a priori we mean (what has commonly been meant) reasoning from an assumed hypothesis; which is not a practice confined to mathematics, but is of the essence of all science which admits of general reasoning at all. To verify the hypothesis itself a posteriori, that is, to examine whether the facts of any actual case are in accordance with it, is no part of the business of science at all, but of the application of science. In the definition which we have...
Σελίδα 13 - Human thought serves human life and action. It is not absolute thought, but the forethought directed toward projected acts and the afterthought that reflects upon acts done. Hence, in the last analysis, logic and the universally valid science of human action are one and the same.
Σελίδα xxxv - Value is thus nothing inherent in goods, no property of them, nor an independent thing existing by itself. It is a judgment economizing men make about the importance of the goods at their disposal for the maintenance of their lives and well-being. Hence value does not exist outside the consciousness of men.
Σελίδα 20 - Geometry presupposes an arbitrary definition of a line, "that which has length but not breadth." Just in the same manner does Political Economy presuppose an arbitrary definition of man, as a being who invariably does that by which he may obtain the greatest amount of necessaries, conveniences, and luxuries, with the smallest quantity of labour and physical self-denial with which they can be obtained...

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