In the foreword to Human Action: A Treatise on Economics, Mises explains complex market phenomena as "the outcomes of countless conscious, purposive actions, choices, and preferences of individuals, each of whom was trying as best as he or she could under the circumstances to attain various wants and ends and to avoid undesired consequences." It is individual choices in response to personal subjective value judgments that ultimately determine market phenomena—supply and demand, prices, the pattern of production, and even profits and losses. Although governments may presume to set "prices," it is individuals who, by their actions and choices through competitive bidding for money, products, and services, actually determine "prices". Thus, Mises presents economics—not as a study of material goods, services, and products—but as a study of human actions. He sees the science of human action, praxeology, as a science of reason and logic, which recognizes a regularity in the sequence and interrelationships among market phenomena. Mises defends the methodology of praxeology against the criticisms of Marxists, socialists, positivists, and mathematical statisticians.
Mises attributes the tremendous technological progress and the consequent increase in wealth and general welfare in the last two centuries to the introduction of liberal government policies based on free-market economic teachings, creating an economic and political environment which permits individuals to pursue their respective goals in freedom and peace. Mises also explains the futility and counter-productiveness of government attempts to regulate, control, and equalize all people's circumstances: "Men are born unequal and ... it is precisely their inequality that generates social cooperation and civilization."
Ludwig von Mises (1881–1973) was the leading spokesman of the Austrian School of Economics throughout most of the twentieth century. He earned his doctorate in law and economics from the University of Vienna in 1906. In 1926, Mises founded the Austrian Institute for Business Cycle Research. From 1909 to 1934, he was an economist for the Vienna Chamber of Commerce. Before the Anschluss, in 1934 Mises left for Geneva, where he was a professor at the Graduate Institute of International Studies until 1940, when he emigrated to New York City. From 1948 to 1969, he was a visiting professor at New York University.
Bettina Bien Greaves is a former resident scholar, trustee, and longtime staff member of the Foundation for Economic Education. She has written and lectured extensively on topics of free market economics. Her articles have appeared in such journals as Human Events, Reason, and The Freeman: Ideas on Liberty. A student of Mises, Greaves has become an expert on his work in particular and that of the Austrian School of economics in general. She has translated several Mises monographs, compiled an annotated bibliography of his work, and edited collections of papers by Mises and other members of the Austrian School.
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The Scholar's Edition is the pride and joy of the Ludwig von Mises Institute. Since our founding in 1982, we had wanted to issue an edition of Human Action in an edition worthy of its contents.
Three factors came together to make it essential this year: the 50th anniversary of the book, the discovery that changes and omissions in the 1963 and 1966 editions were more extensive and deleterious than had previously been known, and the unearthing of archives at Yale University and Grove City College that were used in the preparation of the introduction.
We spared no expense with this book, using the finest binding, paper, and printing available. Everyone who has purchased it has been astonished at its quality and sheer beauty. At last, with this Scholar's Edition, the master's great work is restored for the ages.
Murray N. Rothbard had it right when he said of the 1949 edition: "Every once in a while the human race pauses in the job of botching its affairs and redeems itself by producing a noble work of the intellect.... To state that Human Action is a must' book is a great understatement. This is the economic bible for the civilized man."
The Scholar's Edition is printed on stunning, pure white, acid-free Finch Fine 50 lb. paper; carefully set in the reading and beautiful Janson typeface, including the 1954 index, the most comprehensive ever done; covered in spectacular dark azure Odyssey cloth from Prague, the finest natural-finish, moisture-resistance book fabric in the world; secured by the finest caliper Binders board; protected by an impressive slipcase from the famous Old Dominion company; graced with antique-soapstone endpapers from Ecologic Fibers; casebound with the strongest Smyth-sewn signatures; fitted at head and foot with silken endbands, thick wrapped for durability; complemented with a double-faced, satin-finish ribbon marker; stamped with brilliant, non-tarnishing gold foil from Japan's Nakai International; and produced at R.R. Donnelly's famed Crawfordsville Bindery, where's America's finest books are assembled.
All told, The Scholar's Edition is ready for a lifetime or two of use.About the Author:
Ludwig von Mises (1881-1973) was a preeminent philosopher and economist during the twentieth century. He shared an intellectual friendship with literary giant Ayn Rand, and his theorems and philosophies have continued to influence the careers and ideas of politicians and economists alike.
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