Austrian Economics Vol. III (Schools of Thought in by Stephen C. Littlechild

By Stephen C. Littlechild

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Additional info for Austrian Economics Vol. III (Schools of Thought in Economics)

Sample text

Is to conceive that action ultimately aims at bringing about a state of affairs in which there is rio longer any action, whether because all uneasiness has been removed or because any further removal of felt uneasiness is out of the question. Action thus tends toward a state of rest, absence of action. The theory of prices accordingly analyzes interpersonal exchange from this aspect. People keep on exchanging on the market until no further exchange is possible because no party expects any further improvement of its own conditions from a new act of exchange.

Every phenomenon of the market economy is judged with regard to whether or not it could be justified from the 8. We are dealing here with problems of theory, not of history. \Ve can therefore abstain from refuting the objections raised against the concept of an isolated actor by referring to the historical role of the self-sufficient household economy. Austrian &onomics III Tbe Scope a11d ;Hetbod of Catallactics 245 viewpoint of a socialist system. Only to acting that would be purposeful in the plans of such a system's manager are positive value and the epithet productive attached.

And to neglect everything else. What the consumer buys is not simply food or calories. He does not want to feed like a wolf, he wants to eat like a man. Food satisfies the appetite of many people the better, the more appetizingly and tastefully it is prepared, the finer the table is set, and the more agreeable the environment is in which the food is consumed. Such things are regarded as of no consequence by a consideration exclusively occupied with the chemical aspects of the process of digestion.!

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