What Is Economics?

From the Mises Institute

Economics is a value-free, theoretical science and as such avoids any judgment of value. It is not its task to tell people what ends they should aim at. It is a science of the means to be applied for the attainment of ends chosen, not a science of the choosing of ends. Ultimate decisions, the valuations and the choosing of ends, are beyond the scope of any science. Science never tells a man how he should act; it merely shows how a man must act if he wants to attain definite ends.

For the Austrian school, Economics deals in general with the action of men to satisfy their desires, and, specifically, with the process of exchange of goods as a means for each indi­vidual to “produce” satisfactions for his desires.

It is nothing short of absolutely necessary for the common man to understand the basics of rational economic theory if we wish to arrest the inevitable decline in our (and our children’s) standard of living and the necessary reduction of our (and our children’s) liberties that has been brought about and will continue to be brought about by the socialistic interventionism and inflationary economic policy of the world’s governments enacted over the past several decades.

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