Study Guide to Man, Economy, and State with Power and Market

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Chapter Outline 1. Economics: Its Nature and Its Uses Economics is a science that provides us with true laws of cause and effect. It tells us that if we know A is true, then we conclude that B must also be true. Even though the logical implication is necessarily true (if our deductions are free of error), the conclusion B is only true when the initial assumption A is satisfied. On an unhampered market, the economic theorist is of little use to the businessperson. However, in a regulated market, the economist can often provide insight because he understands the effects of intervention. The economist can say what will happen when the demand for butter increases, but this is of no use to the dairy farmer, who needs to know if the demand for butter will change. But such conditional laws are useful in public policy debates, because if the minimum law will change is precisely what the citizens can (indirectly) determine. 2. Implicit Moralizing: The Failures of Welfare Economics The mainstream economist often smuggles dubious value judgments into his allegedly scientific work. Beyond this, 241 CHAPTER 7 CONCLUSION: ECONOMICS AND PUBLIC PROPERTY
242 Study Guide to Man, Economy, and State with Power and Market mainstream economists often openly announce the ethical goal—such as “equality”—and then design policies to approach it. They are wrong for thinking that their role as mere advisor is still neutral, for by helping others achieve the goal, they implicitly endorse it. 3. Economics and Social Ethics Even the Wertfrei economist can play a role in public policy questions. First, using only praxeology, he can rule out meaningless or conceptually impossible ethical goals championed by others, and he can also refute popular objections to the market that rely on false propositions. Second, the Wertfrei economist can explain all of the myriad consequences of government intervention and of complete socialism, and contrast these effects with the description of a free market economy. 4. The Market Principle and the Hegemonic Principle There are only two methods of social relations, the market versus the hegemonic principle. The difference can be summarized in the following table:
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STUDY GUIDE TO MAN, ECONOMY, AND ST
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CONTENTS INTRODUCTION . . . . . . .
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In June of 2004, I became convinced
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Introduction ix appropriate, I have
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Chapter Summary In a money economy,
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Chapter 4: Prices and Consumption 4
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Chapter Summary In the evenly rotat
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Chapter 6: Production: The Rate of
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Chapter Summary This chapter explai
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Chapter 7: Production: General Pric
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Chapter Summary Entrepreneurial pro
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Chapter 8: Production: Entrepreneur
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Chapter Summary Consumer preference
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Chapter 10: Monopoly and Competitio
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Chapter Summary Like all goods, the
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Chapter 11: Money and Its Purchasin
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Chapter Summary Economists often ta
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Chapter 1: Defense Services on the
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Chapter 1: Defense Services on the
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Chapter Outline 1. Types of Interve
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Chapter 2: Fundamentals of Interven
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Page 264 and 265: Index 253 Medium of exchange, 27, 3
Page 266 and 267: Index 255 See also Economy, Evenly
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