Human Action Part Three with Dr. Per Byland-The Human Action Podcast

Jeff DeistPer Bylund

“We continue our series on Human Action with Professor Per Bylund of Oklahoma State University. 

Dr. Bylund and Jeff Deist consider Part Three of the book, “Economic Calculation,” considering Misess conception of value and the folly of attempting to define a “unit of value” in a highly subjective world. They discuss socialism and the elementary theory of value and prices; inputs and outputs in barter vs. under monetary exchange; prices as exchange ratios; why change is constant and price “stabilization” efforts fail; why mathematical calculation of money prices may rival the wheel as among the most important human inventions; and why Mises thought praxeology emerged when man started thinking about monetary calculation.

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