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Choice: Cooperation, Enterprise, and Human Action

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Robert P. Murphy demonstrates that modern civilization itself rests on the market economy. Yet the market can function properly only if the government respects the institution of private property.
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Description 

Unlike what usually passes for economics in many classrooms, government, the media and elsewhere, Choice is an engaging and intriguing book that provides something quite unique: a genuine treatise on economics that instructs and entertains both economists and general readers. Drawing on the seminal volume by the “Austrian School” economist Ludwig von Mises, Human Action, and comparing classical and neoclassical approaches, Choice is a creative, comprehensive, and unusually lucid book on economic science and market processes. The book illuminates free economies as underpinning civilization, the folly of government central planning, the primacy of entrepreneurship and innovation, the nature of money and banking, the causes of the business cycle, the failures of government intervention, and more.

As a result, Choice teaches economic principles and exposes economic fallacies, and any reader will learn both the important truths about economics and the crucial value of individual choice, entrepreneurship, and free markets.

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Contents

Table of Contents

Foreword by Donald J. Boudreaux
Introduction
Relationship Between Contents of Choice (Robert Murphy) and Human Action (Ludwig von Mises)

I. Human Action

1. The Science of Economics and Human Action
2. The Definition and Components of Action
3. Economic Theory versus Historical Understanding
4. Further Economic Concepts and Principles Flowing from Action

II. Action Within the Framework of Society

5. Human Society and the Division of Labor
6. The Role of Ideas and the Importance of Reason

III. Economic Calculation

7. Even the Economists Missed the Importance of Monetary Calculation
8. What Economic Calculation Can and Can’t Do

IV. Catallactics: Economics of the Market Society

9. Defining and Studying the Market Economy
10. How Prices Are Formed on the Market
11. Indirect Exchange and Money
12. The Misesian Approach to Money & Banking
13. Capital, Time Preference, and the Theory of Interest
14. Austrian Business Cycle Theory

V. Social Cooperation Without a Market

15. The Impossibility of Economic Calculation Under Socialism

VI. The Hampered Market Economy

16. Government Intervention in the Market Economy

VII. The Place of Economics in Society

17. Economics and Public Opinion

Bibliography
Acknowledgments
Index
About the Author

ISBN 9781598132182
UPC 1598132180
Publisher Independent Institute
Publication Date 7/7/2015
Binding PB
Page Length 368
Dimensions 6x9

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