Human Action Part Four with Dr. Jeffrey Herbener-The Human Action Podcast

“We dive into Part Four of Human Action with Professor Jeffrey Herbener, Chair of the Economics Department at Grove City College.

This is a fantastic discussion of money and market exchange, with Mises proving timely as ever given the current financial meltdown and crazed response from Washington. Dr. Herbener and Jeff Deist cover catallactics and how imaginary constructs help us understand basic economics; markets as a system of social cooperation; how ordinal preferences find expression in money prices; the structure of production; consumer sovereignty; Mises’s conception of monopoly; and the various media of exchange which complicate what ought to be the market’s provision of commodity money.”



is the theory of exchange ratios and prices. The subject matter of catallactics is all market phenomena with all their roots, ramifications, and consequences.[1]

Catallactics analyzes all actions based on monetary calculation and traces the formation of prices back to the point where acting man makes his choices. It explains market prices as they are and not as they should be. The laws of catallactics are not value judgments, but are exact, objective and of universal validity.[2]


  1. Jump up Ludwig von MisesXIV. The Scope and Method of Catallactics, 1. The Delimitation of Catallactic Problems, Human Action, online version, referenced 2011-5-30.
  2. Jump up Percy L. Greaves, Jr. “Mises Made Easier “, 1974. Referenced 2014-06-28.