Human Action (Scholars Edition)
Ludwig von Mises
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Human Action: A Treatise on Economics is the most important book on political economy you will ever own. It was (and remains) the most comprehensive, systematic, forthright, and powerful defense of the economics of liberty ever written. This is the Scholars Edition: accept no substitute. You will treasure this volume.
The Scholars Edition is the original, unaltered treatise (originally published in 1949) that shaped a generation of Austrians and made possible the intellectual movement that is leading the global charge for free markets.
* Using extraordinary materials and the best of modern technology, combined with ancient standards of craftsmanship in the tradition of Oxford University's Clarendon Press, this magnificent work is produced for the ages.
* Includes the 1954 index prepared under Mises's supervision, the most complete ever published, united here with the book for the first time.
* The introduction, by Hans-Hermann Hoppe, Jeffrey Herbener, and Joseph Salerno--based on newly discovered archives--tells of the tragic and glorious history of this seminal work, and of its bright future as the manifesto of liberty.
this doctrine badly distorts both economic theory and historical facts.9 There were and there will always be people whose selfish ambitions demand protection for vested interests and who hope to derive advantage from measures restricting competition. Entrepreneurs grown old and tired and the decadent heirs of people who succeeded in the past dislike the agile parvenus who challenge their wealth and their eminent social position. Whether or not their desire to make economic conditions rigid and to
lower market rates. The interests of those excluded from membership are not taken into account. The Mathematical Treatment of the Theory of Monopoly Prices Mathematical economists have paid special attention to the theory of monopoly prices. It looks as if monopoly prices would be a chapter of catallactics for which mathematical treatment is more appropriate than it is for other chapters of catallactics. However, the services which mathematics can render in this field are rather poor too.
services to the same extent. For the process has affected the material position of various individuals to different degrees. While the process is under way, some people enjoy the benefit of higher prices for the goods or services they sell, while the prices of the things they buy have not yet risen or have not risen to the same extent. On the other hand, there are people who are in the unhappy situation of selling commodities and services whose prices have not yet risen or not in the same degree
of the net rates of interest included in these gross rates toward the final state of originary interest. With regard to this tendency, catallactic theory is free to deal with the market rate of interest as if it were a uniform phenomenon, and to abstract from the entrepreneurial component which is necessarily always included in the gross rates and from the price premium which is occasionally included. The prices of all commodities and services are at any instant moving toward a final state. If
wage earners' and small farmers' pendant to the concept of stability held by the capitalists.11 In the same way in which capitalists want to enjoy permanently an income which is not subject to the vicissitudes of changing human conditions, wage earners and small farmers want to make their revenues independent of the market. Both groups are eager to withdraw from the flux of historical events. No further occurrence should impair their own position; on the other hand, of course, they do not