Human Action is Ludwig von Mises' magnum opus, where he defends an a priori foundation for praxeology and methodological individualism. The book argues that the free-market economy outdistances any government-planned system and serves as the foundation of civilization. Mises explains complex market phenomena as the outcomes of countless conscious, purposive actions and choices of individuals. He critiques government attempts to regulate and control economic activities, emphasizing the futility and counter-productiveness of such interventions. The book is a systematic treatment of the whole body of social and economic relations, integrating various economic problems into a comprehensive system[2][4][5].
Published in 1776, 'The Wealth of Nations' is Adam Smith's magnum opus that laid the groundwork for modern economics. The book critiques mercantilist economic theories and introduces the concept of the 'invisible hand,' which describes how individual self-interest leads to societal benefit. It emphasizes the division of labor, the accumulation of capital, and the importance of free markets. Smith argues that a nation's wealth is not measured by its gold and silver reserves but by the stream of goods and services it produces. The book also outlines the core functions of government, such as maintaining defense, enforcing civil law, and promoting education, while advocating for limited government intervention in market activities.
In this sequel to '12 Rules for Life', Jordan B. Peterson presents twelve additional rules to guide readers through the complexities of modern life. The book emphasizes the need to balance chaos and order, warning against the dangers of too much security and the tendency towards tyranny. Peterson draws on psychology, philosophy, theology, and mythology to provide strategies for finding meaning and purpose, even in times of powerlessness. Written during a period of personal and global turmoil, including health issues and the COVID-19 pandemic, the book offers a rich and deep exploration of how to navigate life's challenges[2][3][5].
Lessons for the Young Economist provides a clear and engaging introduction to economics, balancing traditional economic theory with the Austrian School perspective. It offers insights into how markets work, the division of labor, and the role of prices in coordinating economic activity. The book is praised for its logical clarity and accessibility, making it suitable for both beginners and those familiar with economics.
Choice: Cooperation, Enterprise, and Human Action is a creative and lucid book on economic science and market processes. It draws on Ludwig von Mises' seminal work, Human Action, to illuminate the importance of free economies, entrepreneurship, and individual choice. The book critiques government central planning and highlights the failures of interventionist policies, making it accessible to both economists and general readers.
Dr. Robert P. Murphy is an Austrian School economist, Research Fellow at the Independent Institute, and Senior Fellow at the Mises Institute.
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This episode of The Jordan Peterson Podcast covers topics such as value, free trade, private property, and minimum wage laws. They also dedicate time to discuss the specialization of individual tasks, interest rates, the Business Cycle, and more engrossing matters.
Being the author of multiple books, from Lessons for the Young Economist, to The Politically Incorrect Guide to Capitalism, Dr. Murphy does not hold back with his economic and political discussions. He continues to highlight his views in his other book, Choice: Cooperation, Enterprise, and Human Interaction, which is a modern distillation on the school of Austrian economics.
Dr. Murphy’s website: https://consultingbyrpm.com/
Dr. Murphy's bio: https://bit.ly/38qiNyk
Dr. Murphy's Book: "Choice: Cooperation, Enterprise, and Human Action" https://www.independent.org/store/book.asp?id=116
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