- Only individuals choose.
- The study of the market order is fundamentally about exchange behavior and the institutions within which exchanges take place.
- The “facts” of the social sciences are what people believe and think.
- Utility and costs are subjective.
- The price system economizes on the information that people need to process in making their decisions.
- Private property in the means of production is a necessary condition for rational economic calculation.
- The competitive market is a process of entrepreneurial discovery.
- Money is nonneutral.
- The capital structure consists of heterogeneous goods that have multispecific uses that must be aligned.
- Social institutions often are the result of human action, but not of human design.
(HT Steven Horwitz)
1 comment:
hey brian,
confused about a couple of these points. I know you are wise in these areas, can you respond:
"Only individuals choose." - does this exclude decisions by state/corporate actors or are they considered decisions made by individuals (albeit to benefit a different organization)?
"Utility and costs are subjective." - Aren't many costs objective if reduced to an arbitrary monetary scale? How is say, a $35 cost, objective? Because of (possibly unknown) externalities?
What does money is non-neutral mean?
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