Human Action: "The Market" Part 1
In this very long and very important chapter of Human Action (the first half of which is presented here), Ludwig von Mises explains what the market really is — a process where millions of individuals interact through voluntary exchanges — and how it gives rise to the quantitative prices that undergird the mental concept of capital and hence economic calculation. In laying out his analysis of the market itself, Mises has produced a chapter which could, according to Robert P. Murphy, "almost serve as a stand-alone introduction to free market economics."
Murphy's study guide for this chapter is available in HTML and PDF.
Comments (2)
Gerry Flaychy
In this text, Human Action: "The Market" Part 1, we find nowhere the expression "free market". Where does this expression comes from?
Published: September 7, 2008 8:10 PM
Gerry Flaychy
OK, i found it in «Human Action, The Scope and Method of Catallactics, 3- The Pure Market Economy».
http://mises.org/daily/2979#part3
Published: September 8, 2008 8:53 PM