MoneRogue

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MoneRogue
🛡️ MoneRogue@coinos.io
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"...all true economic theorems consist of (a) an understanding of the meaning of action, (b) a situation or situational change-assumed to be given or identified as being given and described in terms of action-categories, and (c) a logical deduction of the consequences—again in terms of such categories—which are to result for an actor from this situation or situational change. The law of marginal utility, for instance, follows from our indisputable knowledge of the fact that every actor always prefers what satisfies him more over what satisfies him less, plus the assumption that he is faced with an increase in the supply of a good (a scarce mean) whose units he regards as of equal serviceability, by one additional unit. From this it follows with logical necessity that this additional unit can then only be employed as a means for the removal of an uneasiness that is deemed less urgent than the least valuable goal previously satisfied by a unit of such a good. Provided there is no flaw in the process of deduction, the conclusions which economic theorizing yields, no different in the case of any other economic proposition from the case of the law of marginal utility, must be valid a priori. These propositions' validity ultimately goes back to nothing but the indisputable axiom of action." - Hans-Hermann Hoppe, ***Economic Science and the Austrian Method*** (1995) p. 63-64 #Praxeology #Libertarian #Antistate #AustrianEconomics #AustrianSchool #Hoppe #Hoppean #Mises #Misesian #Philosophy #Epistemology #HumanAction #Action #apriori #LogicalDeduction #Quotestr
"But, say the critics, this is tantamount to merely pushing back the problem. For now one must still explain the determination of yesterday’s purchasing power. If one explains this in the same way by referring to the purchasing power of the day before yesterday and so on, one slips into a *regressus in infinitum*. This reasoning, they assert, is certainly not a complete and logically satisfactory solution of the problem involved. What these critics fail to see is that the regression does not go back endlessly. It reaches a point at which the explanation is completed and no further question remains unanswered. If we trace the purchasing power of money back step by step, we finally arrive at the point at which the service of the good concerned as a medium of exchange begins. At this point yesterday’s exchange value is exclusively determined by the nonmonetary—industrial—demand which is displayed only by those who want to use this good for other employments than that of a medium of exchange.” - Ludwig von Mises, ***Human Action*** (1998) p. 406. Ludwig von Mises Institute. #Agorism #Agorist #AnCap #AustrianEconomics #AustrianSchool #Economics #SubjectiveValue #Value #Money #SoundMoney #Scarcity #Utility #Fungibility #RegressionTheorem #SupplyAndDemand #MarginalUtility #MediumofExchange #MoE #StoreofValue #SoV #Mises #Quotestr
POV: You're a person from a socialist country visiting the U.S for the first time. Source: @josievlogsthings, TT #Memes #Memestr #DankMemes #NostrMeme #NostrMemes #Nostr #Plebchain #Zap #Footstr #Foodstr #Drinkstr #Australia #Austrich #Video #Videostr
"The consumers determine ultimately not only the prices of the consumers’ goods, but no less the prices of all factors of production. They determine the income of every member of the market economy. The consumers, not the entrepreneurs, pay ultimately the wages earned by every worker, the glamorous movie star as well as the charwoman. With every penny spent the consumers determine the direction of all production processes and the minutest details of the organization of all business activities. This state of affairs has been described by calling the market a democracy in which every penny gives a right to cast a ballot. It would be more correct to say that a democratic constitution is a scheme to assign to the citizens in the conduct of government the same supremacy the market economy gives them in their capacity as consumers." - Ludwig von Mises, ***Human Action*** (1998) p. 271. Ludwig von Mises Institute. #Agorism #Agorist #AnCap #Libertarian #Antistate #AustrianEconomics #FreeMarket #Market #FreeTrade #Trade #Entrepreneurship #Consumers #ConsumerSovereignty #HumanAction #LudwigvonMises #Mises #Quotestr