Praxeology Through Price Theory, Lecture 1 with Robert Murphy - Mises Academy
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Praxeology Through Price Theory, Lecture 1 with Robert Murphy - Mises Academy
- 1. Mises Academy Austrian Econ I: Praxeology Through Price Theory Robert P. Murphy Spring 2011 Lecture 1 April 27
- 2. Austrian Econ I 1.How the Course Works II. Purposeful Action III. Implications of Action IV. Classification of Goods V. Mengerian Hierarchy VI. The Role of Time VII. Marginal Utility
- 3. I. How the Course Works
- 4. II. Purposeful Action vs.
- 5. A. Action as a Viewpoint
- 6. B. Some definitions Praxeology: the study of human action. (Contrast with economics.) Means: alterable features of the environment that can be used to achieve ends. (Contrast with general conditions of action.)
- 7. C. Prerequisites of Action A subjective desire for improvement (uneasiness for Mises) A theory of how to change the situation (using means) Uncertainty about the future
- 8. III. Implications of Action
- 9. A. Only Individuals Act
- 10. B. Individuals Have Preferences
- 11. C. Preferences Are Subjective
- 12. D. Preferences Are a Ranking
- 13. IV. Classification of Goods 1. Producer Goods (aka Means of Production) a. Land (aka Natural Resources) b. Labor c. Capital Goods 2. Consumer Goods Includes leisure
- 14. V. MENGERIAN HIERARCHY Consumer goods are first order or lowest order. Second-order goods are the land, labor, and capital goods used to produce first-order goods. Third-order goods are factors used to produce second-order goods
- 15. VI. The Role of Time
- 16. VII. Goods Valued on the Margin vs.