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Human Action: A Treatise on Economics Part 1

Mises Audio Books Podcast

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The Difference Between Valuation and Loss

The difference between the valuation of two states of affairs is entirely psychical and personal. It can be sensed only by the individual, cannot be communicated or imparted to any fellow man. The notion of change implies the notion of temporal sequence. A rigid, eternally immutable universe would be out of time, but it would be dead. Human reason is even incapable of conceiving the ideas of timeless existence and of timeless action.

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