Economic Science and the Austrian Method with Knut Svanholm (WiM390)
The "What is Money?" Show
Action as the Axiom in Economics
This chapter explores the concept of action as the fundamental axiom in economics. The speakers discuss how all economic theorems can be deduced from the axiom of action and explain that even attempting to refute it is an action in itself.
Knut Svanholm joins me to explore the excellent book "Economic Science and the Austrian Method" by Hans-Hermann Hoppe. In this episode, we discuss why the axiom of action is irrefutable, and rationalism vs empiricism.
Knut Svanholm is an author, former tall ship sailor, singer, and crew manager at an offshore shipping company. He is the co-host of the Freedom Footprint Show.
// GUEST //
Twitter: https://twitter.com/knutsvanholm
Website: https://www.knutsvanholm.com/
Audiobook: https://youtube.com/playlist?list=PL4FDF8CB0C43583F1&si=QbCmM_QaNimakuYH
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// OUTLINE //
00:00:00 - Coming up
00:00:24 - Intro
00:01:57 - Helping Lightning Startups with In Wolf's Clothing
00:02:43 - Introduction to the Book
00:05:16 - Economic Theory vs. Economic History
00:08:57 - Theory and Logical Deduction
00:12:01 - Testing of Economic Propositions
00:15:03 - Empiricism and Absolute Truth
00:18:18 - Why Austrian Economics Don't Need Empirical Testing
00:20:07 - Run Your Business from Anywhere with NetSuite
00:21:12 - Secure Your Bitcoin Stash with the iCoin Hardware Wallet
00:22:09 - Action Bridges Subjective and the Objective
00:25:36 - The Domain of Transjectivity and Relevance
00:29:28 - Causality is a Category of Action
00:31:25 - The Axiom of Action
00:35:50 - Choosing a Primary Course of Action
00:37:58 - Profits of Consensual and Voluntary Exchange
00:42:18 - Action Based on Priority and Ordinal Value
00:44:16 - Money and Price
00:47:56 - Valuation, Price Prediction and Marginalism
00:50:30 - Enhance Your Brain Power with Mind Lab Pro
00:51:36 - Take Control of Your Healthcare with CrowdHealth
00:52:38 - A Bitcoin Wallet with Privacy Built-In: Wasabi Wallet
00:53:30 - Why Axiom of Action is Irrefutable
00:59:37 - Empirical Proposition vs. Analytical Knowledge
01:04:45 - The Sun and the Earth Example
01:08:46 - Self-contradiction of Empiricism
01:11:43 - Where to Find Knut on the Internet
// PODCAST //
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