N Essay On The Nature And Significance Of Economic Science

N Essay On The Nature And Significance Of Economic Science-71
To deny these conclusions, it appeared, was simply to reveal a gap in one’s education.

To deny these conclusions, it appeared, was simply to reveal a gap in one’s education.

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) foresaw as the inevitably horrible consequences of twentieth-century human goal).

In the case of economics, that human goal is of such overriding importance for the human race that passionate concern becomes well-nigh inevitable and a morally natural phenomenon.

Without the subtlety conferred by the subjective perspective, the market process appears to consist of endless sequences of exchanges.

From the subjective perspective, however, it becomes possible (if not indeed imperative) to recognize the market process as involving processes of mutual discovery (to use a Hayekian phrase) on the part of market participants.

The Subjectivism and Subtlety of Economic Reasoning Economic understanding does not call for sophisticated technical prowess.

It does, however, require appreciation for a way of looking at human actions and of social interaction, which many at first find rather strange and unfamiliar.

The major schools of economic thought (not including the German Historical School) agreed with these conclusions.

And after World War I, with the demise of the German Historical School, it seemed to Mises that economists of all schools were virtually unanimous in their understanding of markets.

It becomes possible to recognize scope for superior entrepreneurial vision into the future, and for the consequence that such vision can be expected continually to shake up existing patterns of production and of market exchange (in directions inspired by more accurate or, at least, more up-to-date assessments of the underlying realities).

Not only does the subjective perspective taught in economic reasoning offer new and deeper understanding of market phenomena and of market processes, it permits us to these phenomena and processes from a more comprehensive and all-encompassing vantage point.

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