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Description
In Human Action, Mises starts from the ideas set forth in his Theory and History that all actions and decisions are based on human needs, wants, and desires and continues deeper and further to explain how studying this human action is not only a legitimate science (praxeology) but how that science is based on the foundation of free-market economics.Mises presents and discusses all existing economic theories and then proceeds to explain how the only sensible, realistic, and feasible theory of economics is one based on how the needs and desires of human beings dictate trends, affect profits and losses, adjust supply and demand, set prices, and otherwise maintain, regulate, and control economic forces.Ludwig von Mises (1881–1973) was the leading spokesman of the Austrian School of economics throughout most of the twentieth century.Bettina Bien Greaves is a former resident scholar and trustee of the Foundation for Economic Education and was a senior staff member at FEE from 1951 to 1999. Read more
Publisher : Liberty Fund
Publication date : March 14, 2007
Edition : Later Printing
Language : English
Print length : 1128 pages
ISBN-10 : 0865976317
ISBN-13 : 13
Item Weight : 5 pounds
Dimensions : 6.1 x 3 x 9.1 inches
Part of series : Liberty Fund Library of the Works of Ludwig von Mises
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Top Amazon Reviews
Format: Paperback
Rather than review the content of Human Action, I'd like to expound how incredibly awesome this set is. It comes softback in four volumes (parts 1-3, part 4, and parts 5-7, including a fourth volume with an appendix, index, and glossary) within a sharp looking box. The quality of the set is on par with the American Library series, sans tissue paper thin pages. This is definitely a high quality set, and I've had many compliments as it sits on my bookshelf. The content isn't aimed necessarily at the layman, but with the internet's help, I digested the 7 parts over 3 months. It is an incredible and insightful read that I recommend any Patriot, Historian, Economist, or God-Fearing American should read. edit: I don't remember writing this review, and although I won't remove any stars, I will instead recommend James Inman's Greyhound Diary as a slick alternative.
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Reviewed in the United States on April 14, 2010 by B.K.
Format: Paperback
Perhaps it is best to start at the end instead of the beginning of this book.How is our freedom to choose restricted?1.physical laws, 2.individual disposition,and 3.the interconnectedness between means and ends(praxeological law).The last sentence of the book is very important:"But if they fail to take the best advantage of it and disregard its teachings and warnings,they will not annul economics,they will stamp out society and the human race."Sure,this book is the magnum opus of all his work.Did he take giant steps after the studies of Menger and Bohm-Bawerk or did he rest on the shoulder of giants?The Austrian Subjectivists were descriminated against by the German Historical School for many years academically.What they needed was the power to think clearly and to discern in the wilderness of events what is essential from what is merely accidental.The power of ideas go beyond force and might.Contriving the outcome will make truth temporary for such purposes.It's not just about getting over the uneasiness,but how about just being human?That's really what von Mises is all about here.This applies to everybody from the poorest to the richest.If everybody in between applies to a bell curve,so be it. His initial inclination to government intervention is negative.He views it as propaganda.He also recognizes that if social conventions are such,it is possible that we would tolerate it,albeit,with obvious economic dislocations.Governments have to tax so they can spend.They might support minimum wages and maximum prices so workers and producers make more money.The problems are not only debatable. Postlegislative aftermath is right up many economist's alley.von Mises can answer every argument of Karl Marx except one.When the powers that be in a society thrive on the "accidental,"they will only find the seeds of their own destruction.This will not be economical significant. Utterly unremarkable.He takes less time showing how the fall of the Roman Empire was legislatively enabled than Gibbons did.Then,Italy was predominantly an agricultural power heading for feudalism.Let me get to the best part though.von Mises work here does go head and shoulders above his contemporaries in regards to catallactics.That is commodity prices at both spot and future.To a lesser degree there are also option pricing.You can imagine him inventing a machine that allows you to watch supply and demand interact with prices.Bells and whistles for government intervention,etc.Yes,a finely tuned machine.In addition though,it would be worth mentioning that some of the ideas of "creative destruction" is akin to some of von Mises thoughts and ideas.He would call it exploding the fallacy.This is probably a positive way of lightening up,if you will.I suppose I should also mention the appendix:A Critique of Bohm-Bawerk's Reasoning in Support of His Time Preference Theory.von Mises first mentioned this idea in 1912 in his Theory of Money and Credit.He hadn't thought it through at that time.He likens it to the old adage:"a bird in the hand is worth greater than two or three in the bush."This basically means that something ready to be consumed now is worth more now than in the future.He goes one step further by saying there are no exceptions to this.I really should directly quote him because his logic is excellent:"In acting,one must always value a satisfaction at an earlier point in time more than the same kind and amount of satisfaction at a later time.If this were not so,then it would never be possible to decide in favor of a present satisfaction.Whoever uses or consumes anything,whoever seeks by acting to relieve to a greater or lesser extent a felt uneasiness is always expressing a preference for an earlier over a later satisfaction.Whoever eats and consumes anything is making a choice between a satisfaction in the immediate future and one in a more distant future.If he were to decide differently,if he were not to prefer the earlier to the later satisfaction,he would never be able to consume at all.He could not even eat and consume tomorrow,because when tomorrow became today,and the day after tomorrow became tomorrow,the decision to consume would still call for a valuing an earlier satisfaction more than a later satisfaction.Otherwise,consumption would have to be delayed still further."What sort of economic activity was he talking about.Well,in his time he thought we'd be buying iron and gold.We hadn't really started fighting over oil again for a few thousand years.Examples of commodities for von Mises purposes are just that-examples. Special note:There are some examples where von Mises used examples that could be considered ethnic derogatory.Some people were so good at doing something,everybody went to them to get it done.This could be broken down on an ethnic basis for that reason alone.Can you imagine what he would of said if he was alive when Tata bought Jaguar from Ford?His use of the term "actor" is even more interesting.An economic actor is somebody that might buy or sell but are we really getting into his or her underlying characteristics?Probably not.The intent is to make a profit.They will act accordingly regardless of success or failure.
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Reviewed in the United States on May 11, 2015 by shazam
Format: Kindle
There were a few typo's, but this book was outstanding. My favorite part of the book was the discussion on interest rates, and profits. It is quite long book, but very good all the way through.
Reviewed in the United States on March 5, 2022 by Book Buyer
Format: Kindle
I couldn't praise this book adequately. There are not enough superlatives in my vocabulary to convey my high regard for the work of Ludwig vonMises. He uses the term Praxeology to describe this science of Human Action. It deals primarily with the the application of proper means to attain the ends that individuals seek. Economics becomes part of a broader study of the acting individual. This book is not easy to read but each chapter (there are 39) is broken down into sub-titles, each just several pages long. Every possible subject is covered: means and ends, subjective nature of valuation, exchange, prices, wages, government intervention, freedom, taxation, currency, credit, and so much more. As I say, it is not an easy read but if you approach it with patience, you will be rewarded in better understanding how the world around you functions. You will see also, the detrimental effects that result from government interference in economic affairs. This book has given me a totally new outlook on what is going on around me. Inspiring!!
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Reviewed in the United States on December 26, 2012 by Robert E. Gray
Format: Kindle
This is Mises' magnum opus. In this one volume, he presents a comprehensive view of economics as the mechanics of all human (inter)action. Not for anyone looking for quick answers or an easy read, but it is not a dry an tedious read. Far from it, this is engaging in its presentation, and overwhelming only because of its scope.
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Reviewed in the United States on January 26, 2018 by William Meyer
Format: Kindle
I'm about 6 chapters in and I have to say that I've never read anything as expertly worded and persuasively argued as what I've read so far in Human Action. I'm extremely excited to have arrived at reading this one, it certainly does give you a solid foundation for the proper study of economics. This is of course opposed to the assumed-to-be-standard Keynesian-esque approaches of today.
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Reviewed in the United States on September 11, 2014 by Ray