AUSTRIAN ECONOMICS VS THE MAINSTREAM

I reserve the right to be wrong, but Walter Block doesn't have to!

Ceteris paribus, both parties to a trade are better off afterwards than they were before. Walter Block neatly explains what's up with praxeoloy and how things like a theory of value are arrived at praxeologically.

Praxeology is the deductive, logical method taking in a starting point of unlimited human desire versus limited resources.

The trade example above is the subjective theory of value at work, that each party subjectively feels like they have made a profit from the exchange. Maybe that's why both parties say 'thank you' afterwards!

And so, to progress!

Comments

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