A Priori vs Empirical Knowledge | The Song Series | Episode 5 (WiM101)
The "What is Money?" Show
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The Axis of a Priori Knowledge
The author, hope, is now starting to link the fundamental axioms of economics in describing them through this lens of a priori knowledge. He says, human action is an actor's purposeful pursuit of valued ends with scarce means no one can purposely not act. Every action is aimed at improving the actor's subject well being above what it otherwise would have been. A larger quantity of a good is valued more highly than a smaller quantity of the same good. Satisfaction earlier is preferred over satisfaction later. Production must precede consumption. What is consumed now cannot be consumed again in the future. An increase in social wealth does not raise social wealth, but leads to are distribution of existing wealth
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