The Austrian Economics Wiki - User contributions [en]

Talk:Human Action

2011-02-15T00:56:25Z

84.60.253.91: /* Acting Man */

==Goal of the page==
What is the goal of the stub? --[[User:Reserved|Reserved]] 07:48, 29 December 2010 (CST)
:Do you mean <code><nowiki>{{stub}}</nowiki></code>? It is used to mark short articles or articles without much prose. All pages that have <code><nowiki>{{stub}}</nowiki></code> on them are added to a category, [[:Category:Article stubs]], so they can be found easily. --[[User:Forgottenman|Forgottenman]] ([[User talk:Forgottenman|talk]]) 07:55, 29 December 2010 (CST)
:: No, I want to ask for the goal of that site at all. I cannot identify the further aim of the stub. The mises.org page contains already the content. --[[User:Reserved|Reserved]] 08:16, 29 December 2010 (CST)
:::There are many opportunities. Yes, the full text is available elsewhere, but summaries of key arguments might make it more accessible to students (see [[William Smith's speech of February 25, 1830]], for example—it's much easier to read that article than the original 50-page speech). Doing this would also allow us to compare and contrast Mises's views with those of Menger, Rothbard, Hoppe, and other Austrians, specifically referencing those different views. Besides this, obviously, we could include publication history and other information about the work itself. --[[User:Forgottenman|Forgottenman]] ([[User talk:Forgottenman|talk]]) 08:25, 29 December 2010 (CST)
:::: Should mises.org content become rewritten in wiki format? What is about redundancy? --[[User:Reserved|Reserved]] 09:04, 29 December 2010 (CST)
:::::Its not redundant because ''its a wiki''--you can click through topics at will. You can not do that in the *.pdf of Human action or the online version (you can click through Mises footnotes but not through worlds like "capital" or "evenly rotating economy").

:::::I plan to work more on this page: should I go though by chapter (as I began to do) and cut it down later? Any suggestions? Its a lot of material and, frankly, I am new at this. [[User:Huckelberry|Huckelberry]] 14:22, 6 February 2011 (CST)

==New format==
Am liking the new format so far. :) Will keep watching. Also tried narrowing the table of contents, as the long titles make it a little unwieldy. Adjustments welcome. -- [[User:RayBirks|RayBirks]] 15:18, 13 February 2011 (CST)

:I think the code for narrowing the table of contents put it in the middle of the page instead of making it narrower. So I fixed that but I want to narrow it as well (if anyone knows the right code let us know!). The table of contents is a problem.. and it will only be getting longer I suspect. The page might need a different format in the long run. [[User:Huckelberry|Huckelberry]] 16:34, 13 February 2011 (CST)

== Acting Man - please test new lesson format ==

I have added a [http://www.apriorist.de/modx/hauyf/ lesson] which is new formated based on mises.org resources. You may discuss, if it could be useful or not. --[[Special:Contributions/84.60.253.91|84.60.253.91]] 13:36, 14 February 2011 (CST)

===Right place of a link===

"I have added a [http://www.apriorist.de/modx/hauyf/ lesson] which is new formated based on mises.org resources. You may discuss, if it could be useful or not. --84.60.253.91 13:36, 14 February 2011 (CST)"

:I moved it down to the links section. [[User:Huckelberry|Huckelberry]] 16:32, 14 February 2011 (CST)

:: Why? When I would have more lessons, do you would move them all to the links section? The link section is for further information. The task is to prove if the format would be an improvement or a useful choice of the study guide format. --[[Special:Contributions/84.60.253.91|84.60.253.91]] 16:58, 14 February 2011 (CST)

:::I am not sure where the best place for them would be honestly. They seem to fall under the category of "further information." Specifically since they are ''lessons'' associated with the text--the page being specifically for the text. Yet, the link would work on the page for [[Action]] in addition to this one. I personally think the best place for the links is further information--however I'm still new to this and the older members might have a better idea. -- [[User:Huckelberry|Huckelberry]] 18:10, 14 February 2011 (CST)

:::: The link contains just Human Action - Acting Man. It makes no sense to move it elsewhere because you are losing the direct connection. The link section is suited for resources about HA at all. In [[Action]], I would place it just at #Links because it would be further info about action at all. --[[Special:Contributions/84.60.253.91|84.60.253.91]] 18:48, 14 February 2011 (CST)

Talk:Human Action

2011-02-15T00:53:35Z

84.60.253.91: /* Acting Man */

==Goal of the page==
What is the goal of the stub? --[[User:Reserved|Reserved]] 07:48, 29 December 2010 (CST)
:Do you mean <code><nowiki>{{stub}}</nowiki></code>? It is used to mark short articles or articles without much prose. All pages that have <code><nowiki>{{stub}}</nowiki></code> on them are added to a category, [[:Category:Article stubs]], so they can be found easily. --[[User:Forgottenman|Forgottenman]] ([[User talk:Forgottenman|talk]]) 07:55, 29 December 2010 (CST)
:: No, I want to ask for the goal of that site at all. I cannot identify the further aim of the stub. The mises.org page contains already the content. --[[User:Reserved|Reserved]] 08:16, 29 December 2010 (CST)
:::There are many opportunities. Yes, the full text is available elsewhere, but summaries of key arguments might make it more accessible to students (see [[William Smith's speech of February 25, 1830]], for example—it's much easier to read that article than the original 50-page speech). Doing this would also allow us to compare and contrast Mises's views with those of Menger, Rothbard, Hoppe, and other Austrians, specifically referencing those different views. Besides this, obviously, we could include publication history and other information about the work itself. --[[User:Forgottenman|Forgottenman]] ([[User talk:Forgottenman|talk]]) 08:25, 29 December 2010 (CST)
:::: Should mises.org content become rewritten in wiki format? What is about redundancy? --[[User:Reserved|Reserved]] 09:04, 29 December 2010 (CST)
:::::Its not redundant because ''its a wiki''--you can click through topics at will. You can not do that in the *.pdf of Human action or the online version (you can click through Mises footnotes but not through worlds like "capital" or "evenly rotating economy").

:::::I plan to work more on this page: should I go though by chapter (as I began to do) and cut it down later? Any suggestions? Its a lot of material and, frankly, I am new at this. [[User:Huckelberry|Huckelberry]] 14:22, 6 February 2011 (CST)

==New format==
Am liking the new format so far. :) Will keep watching. Also tried narrowing the table of contents, as the long titles make it a little unwieldy. Adjustments welcome. -- [[User:RayBirks|RayBirks]] 15:18, 13 February 2011 (CST)

:I think the code for narrowing the table of contents put it in the middle of the page instead of making it narrower. So I fixed that but I want to narrow it as well (if anyone knows the right code let us know!). The table of contents is a problem.. and it will only be getting longer I suspect. The page might need a different format in the long run. [[User:Huckelberry|Huckelberry]] 16:34, 13 February 2011 (CST)

== Acting Man ==

I have added a [http://www.apriorist.de/modx/hauyf/ lesson] which is new formated based on mises.org resources. You may discuss, if it could be useful or not. --[[Special:Contributions/84.60.253.91|84.60.253.91]] 13:36, 14 February 2011 (CST)

===Right place of a link===

"I have added a [http://www.apriorist.de/modx/hauyf/ lesson] which is new formated based on mises.org resources. You may discuss, if it could be useful or not. --84.60.253.91 13:36, 14 February 2011 (CST)"

:I moved it down to the links section. [[User:Huckelberry|Huckelberry]] 16:32, 14 February 2011 (CST)

:: Why? When I would have more lessons, do you would move them all to the links section? The link section is for further information. The task is to prove if the format would be an improvement or a useful choice of the study guide format. --[[Special:Contributions/84.60.253.91|84.60.253.91]] 16:58, 14 February 2011 (CST)

:::I am not sure where the best place for them would be honestly. They seem to fall under the category of "further information." Specifically since they are ''lessons'' associated with the text--the page being specifically for the text. Yet, the link would work on the page for [[Action]] in addition to this one. I personally think the best place for the links is further information--however I'm still new to this and the older members might have a better idea. -- [[User:Huckelberry|Huckelberry]] 18:10, 14 February 2011 (CST)

:::: The link contains just Human Action - Acting Man. It makes no sense to move it elsewhere because you are losing the direct connection. The link section is suited for resources about HA at all. In [[Action]], I would place it just at #Links because it would be further info about action at all. --[[Special:Contributions/84.60.253.91|84.60.253.91]] 18:48, 14 February 2011 (CST)

Talk:Human Action

2011-02-15T00:48:34Z

84.60.253.91: /* Acting Man */

==Goal of the page==
What is the goal of the stub? --[[User:Reserved|Reserved]] 07:48, 29 December 2010 (CST)
:Do you mean <code><nowiki>{{stub}}</nowiki></code>? It is used to mark short articles or articles without much prose. All pages that have <code><nowiki>{{stub}}</nowiki></code> on them are added to a category, [[:Category:Article stubs]], so they can be found easily. --[[User:Forgottenman|Forgottenman]] ([[User talk:Forgottenman|talk]]) 07:55, 29 December 2010 (CST)
:: No, I want to ask for the goal of that site at all. I cannot identify the further aim of the stub. The mises.org page contains already the content. --[[User:Reserved|Reserved]] 08:16, 29 December 2010 (CST)
:::There are many opportunities. Yes, the full text is available elsewhere, but summaries of key arguments might make it more accessible to students (see [[William Smith's speech of February 25, 1830]], for example—it's much easier to read that article than the original 50-page speech). Doing this would also allow us to compare and contrast Mises's views with those of Menger, Rothbard, Hoppe, and other Austrians, specifically referencing those different views. Besides this, obviously, we could include publication history and other information about the work itself. --[[User:Forgottenman|Forgottenman]] ([[User talk:Forgottenman|talk]]) 08:25, 29 December 2010 (CST)
:::: Should mises.org content become rewritten in wiki format? What is about redundancy? --[[User:Reserved|Reserved]] 09:04, 29 December 2010 (CST)
:::::Its not redundant because ''its a wiki''--you can click through topics at will. You can not do that in the *.pdf of Human action or the online version (you can click through Mises footnotes but not through worlds like "capital" or "evenly rotating economy").

:::::I plan to work more on this page: should I go though by chapter (as I began to do) and cut it down later? Any suggestions? Its a lot of material and, frankly, I am new at this. [[User:Huckelberry|Huckelberry]] 14:22, 6 February 2011 (CST)

==New format==
Am liking the new format so far. :) Will keep watching. Also tried narrowing the table of contents, as the long titles make it a little unwieldy. Adjustments welcome. -- [[User:RayBirks|RayBirks]] 15:18, 13 February 2011 (CST)

:I think the code for narrowing the table of contents put it in the middle of the page instead of making it narrower. So I fixed that but I want to narrow it as well (if anyone knows the right code let us know!). The table of contents is a problem.. and it will only be getting longer I suspect. The page might need a different format in the long run. [[User:Huckelberry|Huckelberry]] 16:34, 13 February 2011 (CST)

== Acting Man ==

I have added a [http://www.apriorist.de/modx/hauyf/ lesson] which is new formated based on mises.org resources. You may discuss, if it could be useful or not. --[[Special:Contributions/84.60.253.91|84.60.253.91]] 13:36, 14 February 2011 (CST)

:I moved it down to the links section. [[User:Huckelberry|Huckelberry]] 16:32, 14 February 2011 (CST)

:: Why? When I would have more lessons, do you would move them all to the links section? The link section is for further information. The task is to prove if the format would be an improvement or a useful choice of the study guide format. --[[Special:Contributions/84.60.253.91|84.60.253.91]] 16:58, 14 February 2011 (CST)

:::I am not sure where the best place for them would be honestly. They seem to fall under the category of "further information." Specifically since they are ''lessons'' associated with the text--the page being specifically for the text. Yet, the link would work on the page for [[Action]] in addition to this one. I personally think the best place for the links is further information--however I'm still new to this and the older members might have a better idea. -- [[User:Huckelberry|Huckelberry]] 18:10, 14 February 2011 (CST)

:::: The link contains just Human Action - Acting Man. It makes no sense to move it elsewhere because you are losing the direct connection. The link section is suited for resources about HA at all. In [[Action]], I would place it just at #Links because it would be further info about action at all. --[[Special:Contributions/84.60.253.91|84.60.253.91]] 18:48, 14 February 2011 (CST)

Talk:Human Action

2011-02-14T22:58:27Z

84.60.253.91: /* Acting Man */

==Goal of the page==
What is the goal of the stub? --[[User:Reserved|Reserved]] 07:48, 29 December 2010 (CST)
:Do you mean <code><nowiki>{{stub}}</nowiki></code>? It is used to mark short articles or articles without much prose. All pages that have <code><nowiki>{{stub}}</nowiki></code> on them are added to a category, [[:Category:Article stubs]], so they can be found easily. --[[User:Forgottenman|Forgottenman]] ([[User talk:Forgottenman|talk]]) 07:55, 29 December 2010 (CST)
:: No, I want to ask for the goal of that site at all. I cannot identify the further aim of the stub. The mises.org page contains already the content. --[[User:Reserved|Reserved]] 08:16, 29 December 2010 (CST)
:::There are many opportunities. Yes, the full text is available elsewhere, but summaries of key arguments might make it more accessible to students (see [[William Smith's speech of February 25, 1830]], for example—it's much easier to read that article than the original 50-page speech). Doing this would also allow us to compare and contrast Mises's views with those of Menger, Rothbard, Hoppe, and other Austrians, specifically referencing those different views. Besides this, obviously, we could include publication history and other information about the work itself. --[[User:Forgottenman|Forgottenman]] ([[User talk:Forgottenman|talk]]) 08:25, 29 December 2010 (CST)
:::: Should mises.org content become rewritten in wiki format? What is about redundancy? --[[User:Reserved|Reserved]] 09:04, 29 December 2010 (CST)
:::::Its not redundant because ''its a wiki''--you can click through topics at will. You can not do that in the *.pdf of Human action or the online version (you can click through Mises footnotes but not through worlds like "capital" or "evenly rotating economy").

:::::I plan to work more on this page: should I go though by chapter (as I began to do) and cut it down later? Any suggestions? Its a lot of material and, frankly, I am new at this. [[User:Huckelberry|Huckelberry]] 14:22, 6 February 2011 (CST)

==New format==
Am liking the new format so far. :) Will keep watching. Also tried narrowing the table of contents, as the long titles make it a little unwieldy. Adjustments welcome. -- [[User:RayBirks|RayBirks]] 15:18, 13 February 2011 (CST)

:I think the code for narrowing the table of contents put it in the middle of the page instead of making it narrower. So I fixed that but I want to narrow it as well (if anyone knows the right code let us know!). The table of contents is a problem.. and it will only be getting longer I suspect. The page might need a different format in the long run. [[User:Huckelberry|Huckelberry]] 16:34, 13 February 2011 (CST)

== Acting Man ==

I have added a [http://www.apriorist.de/modx/hauyf/ lesson] which is new formated based on mises.org resources. You may discuss, if it could be useful or not. --[[Special:Contributions/84.60.253.91|84.60.253.91]] 13:36, 14 February 2011 (CST)

:I moved it down to the links section. [[User:Huckelberry|Huckelberry]] 16:32, 14 February 2011 (CST)

:: Why? When I would have more lessons, do you would move them all to the links section? The link section is for further information. The task is to prove if the format would be an improvement or a useful choice of the study guide format. --[[Special:Contributions/84.60.253.91|84.60.253.91]] 16:58, 14 February 2011 (CST)

Talk:Human Action

2011-02-14T19:36:18Z

84.60.253.91: /* Acting Man */ new section

Human Action

2011-02-14T19:23:26Z

84.60.253.91: /* Part One: Human Action */

{{Italic title}}{{rightTOC}}

'''''Human Action''''' is the magnum opus of [[Ludwig von Mises]], first published in 1949. It defined a large part of present [[Austrian Economics]].

<blockquote>"It is true that economics is a theoretical science and as such abstains from any judgment of value...Science never tells a man how he should act; it merely shows how a man must act if he wants to attain definite ends."<ref name="humanaction_intro_3">[[Ludwig von Mises]]. [http://mises.org/humanaction/introsec3.asp Introduction], 3. Introduction, [[Human Action]], online version, referenced 2011-02-05.</ref></blockquote>

== Part One: Human Action ==

===I. Acting Man===

<blockquote>''Main Article: [[Action]].''</blockquote>

The science of human action is called [[praxeology]]. Human action always involves [[opportunity cost]] and it is always ''purposeful''. <ref name="humanaction_ch1sec1">[[Ludwig von Mises]]. [http://mises.org/humanaction/chap1sec1.asp I. Acting Man], 1. Purposeful Action and Animal Reaction, [[Human Action]], online version, referenced 2011-02-06.</ref>

* [http://www.apriorist.de/modx/hauyf/ ''Acting Man'' online lesson]

===II. The Epistemological Problems of the Sciences of Human Action===

[[Ludwig von Mises]] takes the [[logical deductive]] approach to economics, as opposed to the [[empirical]] (or the [[logical positivist]] approach). Economic problems cannot be solved [[empirically]] because renunciation and long-term planning can not be seen. Humans act to attain definite ends--and economic phenomena can be understood as such.

<blockquote>"[[Praxeology]] is a theoretical and systematic, not a historical, science...It aims at knowledge valid for all instances in which the conditions exactly correspond to those implied in its assumptions and inferences. Its statements and propositions are not derived from experience. They are, like those of logic and mathematics, ''[[a priori]]''."<ref name="humanaction_ch2sec1">[[Ludwig von Mises]]. [http://mises.org/humanaction/chap2sec1.asp II. Epistemological Problems of Human Action], 1. Praxeology and History, [[Human Action]], online version, referenced 2011-02-06.</ref></blockquote>

Like geometry, [[praxeology]] is not subject to disproof. This method may be called ''methodological apriorism''.<ref name="humanaction_ch2sec2">[[Ludwig von Mises]]. [http://mises.org/humanaction/chap2sec2.asp II. Epistemological Problems of Human Action], 2. The Formal and Aprioristic Character of Praxeology, [[Human Action]], online version, referenced 2011-02-06.</ref>

===III. Economics and the Revolt Against Reason===

[[Mises]] dismisses the [[Historical School]], [[Hegel]] and [[Marx]] with it. In discussing the "bourgeois logic" and "bourgeois mentality" of [[Marx]], [[Mises]] is able to attack [[polylogism]] in general. There does not exist multiple logics, only differing interests and their logical conclusions--whether they are spurious or well-founded. [[Mises]] states with regard to the [[Historical School]], "History, in due time, will arrange everything for the best. It does not need the advice of mortal men."<ref name="humanaction_ch3sec1">[[Ludwig von Mises]]. [http://mises.org/humanaction/chap3sec1.asp III. Economics and the Revolt Against Reason], 1. The Revolt Against Reason, [[Human Action]], online version, referenced 2011-02-06.</ref>

<blockquote>''See [[German Idealism]].''</blockquote>

===IV. A First Analysis of the Category of Action===

<blockquote>''Main Article: [[Value]]''</blockquote>

All actions are directed toward goals, aims or ends. The end, speaking generally, is always to remove a ''felt uneasiness''. Means are the ways by which we approach an end. Things in the world, when applied to our ends, become means and are commonly referred to as [[goods]].<ref name="humanaction_ch4sec1">[[Ludwig von Mises]]. [http://mises.org/humanaction/chap4sec1.asp IV. A First Analysis of The Category of Action], 1. Ends and Means, [[Human Action]], online version, referenced 2011-02-06.</ref> Means are [[scare]], like time and oil.

Actions are reflective of our ''scale of [[values|value]]''. All things equal, we satisfy wants of higher [[value]] to us, and leave unsatisfied wants of lower [[value]] to us. Things in the world have no intrinsic [[value]], our actions give things [[value]].<ref name="humanaction_ch4sec2">[[Ludwig von Mises]]. [http://mises.org/humanaction/chap4sec2.asp IV. A First Analysis of The Category of Action], 2. The Scale of Value, [[Human Action]], online version, referenced 2011-02-06.</ref>

Given that every action is an attempt to establish a more satisfactory state of affairs, viz., to remove a ''felt uneasiness'', all actions are in a sense an [[exchange]]. We [[exchange]] one state for another, hopefully better, state. Lastly, value judgments arrange wants, but do not measure them. They are expressive of sequence and order rather than of measurement and weight.<ref name="humanaction_ch4sec4">[[Ludwig von Mises]]. [http://mises.org/humanaction/chap4sec4.asp IV. A First Analysis of The Category of Action], 4. Action as Exchange, [[Human Action]], online version, referenced 2011-02-06.</ref>

===V. Time===

Time is a [[praxeological]] category: all action is in time and is subject to time.<ref name="humanaction_ch5sec2">[[Ludwig von Mises]]. [http://mises.org/humanaction/chap4sec4.asp V. Time], 2. Past, Present and Future, [[Human Action]], online version, referenced 2011-02-07.</ref>As humans, our time is [[scare]] and we must economize it accordingly. Our scales of [[value]] and therefore our actions are always with reference to time. As we will see later, time is important in the determination of [[interest]] and consumption.<ref name="humanaction_ch5sec3">[[Ludwig von Mises]]. [http://mises.org/humanaction/chap5sec3.asp V. Time], 3. The Economization of Time, [[Human Action]], online version, referenced 2011-02-07.</ref>

===VI. Uncertainty===

All action is speculative. We never know exactly what will occur. The natural sciences make it possible to foretell results from specific actions. They do not make the future predictable.<ref name="humanaction_ch6sec1">[[Ludwig von Mises]]. [http://mises.org/humanaction/chap6sec1.asp VI. Uncertainty], 1. Uncertainty and Acting, [[Human Action]], online version, referenced 2011-02-08.</ref> But, [[Mises]] tells us, probability is a primary concern of [[praxeology]].

He distingushish between two types of propability: [[class probability]] and [[case probability]].

<blockquote>"''[[Class probability]] means'': We know or assume to know, with regard to the problem concerned, everything about the behavior of a whole class of events or phenomena; but about the actual singular events or phenomena we know nothing but that they are elements of this class."<ref name="humanaction_ch6sec3">[[Ludwig von Mises]]. [http://mises.org/humanaction/chap6sec3.asp VI. Uncertainty], 3. Class Probability, [[Human Action]], online version, referenced 2011-02-08.</ref></blockquote>

For example, car insurance works on the premise that with a large pool of policies, they can use class probability to decide upon an approriate premium given the ''class probability'' of accidents. But, they know nothing about the probability of the individual policy holder getting into an accident.

<blockquote>"''[[Case probability]]'' means: We know, with regard to a particular event, some of the factors which determine its outcome; but there are other determining factors about which we know nothing."<ref name="humanaction_ch6sec4">[[Ludwig von Mises]]. [http://mises.org/humanaction/chap6sec4.asp VI. Uncertainty], 4. Case Probability, [[Human Action]], online version, referenced 2011-02-08.</ref></blockquote>

For example, foreign policy experts may make predictions about the settlement of foreign disputes. They are well informed but it is impossible for them to predict the outcome perfectly because they can not grasp all the data and all the opinions of individuals shaping decisions. Therefore, the may know some of the factors that will shape the future, but never perfectly.

For [[Mises]], we make decisions with incomplete knowledge. To say it again, all action is speculative in character. To this difficulty in decisions, specifically in social cooperation where selection occurs, competition serves as a function to select the most able person for specific positions. It assigns every member of society to the position where they best serve society.<ref name="humanaction_ch6sec6">[[Ludwig von Mises]]. [http://mises.org/humanaction/chap6sec6.asp VI. Uncertainty], 6. Betting, Gambling, and Playing Games, [[Human Action]], online version, referenced 2011-02-08.</ref>

===VII. Action Within the World===

Each person possesses one scale of valuations, which is visible through action.<ref name="humanaction_ch7sec1">[[Ludwig von Mises]]. [http://mises.org/humanaction/chap7sec1.asp VII. Action Within The World], 1. The Law of Marginal Utility, [[Human Action]], online version, referenced 2011-02-13.</ref> Goods and modes of action are chosen based on their utility, or their causal relevance for the removal of felt ''uneasiness''.<ref name="humanaction_ch7sec1"></ref> Here [[Mises]] discusses the [[paradox of value]]: why is ''gold'' more valuable than ''iron''? Despite the many uses of iron, gold is valued more on the market because of its value in exchange. Iron may have more technological prospects or ''objective use-value'' but it lacks ''subjective use-value'', that is, gold is valuable in exchange due to scarcity, appearance and its tradition as a form of money. [[Mises]], however, dismisses the question as one which never occurs in reality.<ref name="humanaction_ch7sec1"></ref>

The [[Law of Marginal Utility]] is implied by the category of action: If a supply increases from quantity ''n'' to ''n + 1'' the extra unit provides less utility than unit ''n''. This is because ''n'' is satisfying a more urgent want than unit ''n + 1''. Conversely, unit ''n + 1'' is satisfying a want less urgent than ''n'' because we satisfy more urgent wants first by their definition. Unit ''n'' is satisfying the more urgent want, ''n + 1'' is satisfying a less urgent want. Therefore, the [[law of marginal utility]], "does not deal primarily with the [[value]] of things, but with the [[value]] of the services a man expects to get from them."<ref name="humanaction_ch7sec1"></ref>

"[[Labor]]," says [[Mises]], "is preferred to leisure only insofar as the yield of [[labor]] is more urgently desired than the enjoyment of leisure."<ref name="humanaction_ch7sec3">[[Ludwig von Mises]]. [http://mises.org/humanaction/chap7sec3.asp VII. Action Within The World], 3. Labor as Means, [[Human Action]], online version, referenced 2011-02-13.</ref> Work involves disutility. To this note, [[labor]] is more scarce than other material factors of production:

<blockquote>"In our world there is no abundance, but a shortage of manpower, and there are unused material factors of production, i.e. land, mineral deposits, and even plants and equipment."<ref name="humanaction_ch7sec3"></ref></blockquote>

Labor saving devices reduce want, they do not bring about "technological unemployment." Man economizes both labor and material factors.<ref name="humanaction_ch7sec3"></ref>

Action is successful it it produces the intended result: it produces the product. The human mind directs [[action]] with a purpose and production is creative. It is not something physical, natural, and external; it is a spiritual and intellectual phenomenon. All material actions within the world are a product of the mind. "In this sense," [[Mises]] tells us, "[[praxeology]] can be called a moral science."<ref name="humanaction_ch7sec4">[[Ludwig von Mises]]. [http://mises.org/humanaction/chap7sec4.asp VII. Action Within The World], 4. Production, [[Human Action]], online version, referenced 2011-02-13.</ref>

== Part Two: Actions Within the Framework of Society ==

<ol style="list-style-type:upper-roman;" start="8">
<li> Human Society</li>
<li> The Role of Ideas</li>
<li> Exchange Within Society</li>
</ol>

== Part Three: Economic Calculation ==

<ol style="list-style-type:upper-roman;" start="11">
<li> Valuation Without Calculation</li>
<li> The Sphere of Economic Calculation</li>
<li> Monetary Calculation as a Tool of Action</li>
</ol>

== Part Four: Catallactics or Economics of the Market Society ==

<ol style="list-style-type:upper-roman;" start="15">
<li> The Market</li>
<li> Prices</li>
<li> Indirect Exchange</li>
<li> '''Action in the Passing of Time'''</li>
For humans considering [[action]], time matters: there is a ''too late'' and a ''too early''. [[Time preferences]] affect all action (see [[Value]]).<ref name="mises_action_in_passage_of_time_2">[[Ludwig von Mises]]. [http://mises.org/humanaction/chap18sec2.asp XVIII. Action in the Passing of Time], 2. Time Preference as an Essential Requisite of Action, [[Human Action]], online version, referenced 2011-02-04.</ref>

Postponements of consumption, or [[saving]], is always embodied in concrete goods. "The act of saving," [[Mises]] tells us, "always has its counterpart in a supply of goods produced and not consumed...Man's savings are always embodied in concrete capital goods."<ref name="mises_action_in_passage_of_time_3">[[Ludwig von Mises]]. [http://mises.org/humanaction/chap18sec9.asp XVIII. Action in the Passing of Time], 9. Money and Capital; Saving and Investment, [[Human Action]], online version, referenced 2011-02-08.</ref>

The discussion of [[time preference]], and the postponment of consumption, is a lead in to [[interest]].

<li> '''Interest'''</li>

Time preference manifests itself in the phenomenon of [[originary interest]], i.e., the discount of future goods as against present goods.<ref name="mises__human_action_chap19sec1">[[Ludwig von Mises]]. [http://mises.org/humanaction/chap19sec1.asp XIX. The Rate of Interest], The Phenomenon of Interest, [[Human Action]], online version, referenced 2011-02-13.</ref> Originary interest is a ratio, like profit and loss, and not a price.<ref name="mises__human_action_chap19sec2">[[Ludwig von Mises]]. [http://mises.org/humanaction/chap19sec2.asp XIX. The Rate of Interest], Originary Interest, [[Human Action]], online version, referenced 2011-02-13.</ref> It is the ratio between the value assigned to presents goods against the value assigned to future goods. This discounting explains, for example, the reason why there is finite prices on usable land:

<blockquote>"If the future services which a piece of land can render were to be valued in the same way in which its present services are valued, no finite price would be high enough to impel its owner to sell it."<ref name="mises__human_action_chap19sec2"></ref></blockquote>

We [[discount]] future services and [[goods]] because of [[time preference]]. The fact that we can purchase land which is usable into the foreseeable future is proof of this. Furthermore, [[originary interest]] is not determined by supply and demand of [[loanable funds]]. Time preference, manifesting in the discount of future goods against present goods (i.e., originary interest) determines both the demand and supply of capital and capital goods.<ref name="mises__human_action_chap19sec2"></ref>

Interest rates in loans, in a changing economy, always have an element of entrepreneurial profit. The lender, taking a risk and and making a prediciton about the future state of the market, is engaging in an entrepreneurial venture. Therefore, interest rates on loans are never pure [[originary interest]] but also entrepreneurial profit.<ref name="mises__human_action_chap19sec4">[[Ludwig von Mises]]. [http://mises.org/humanaction/chap19sec4.asp XIX. The Rate of Interest], Originary Interest in the Changing Economy, [[Human Action]], online version, referenced 2011-02-13.</ref>

<li> Interest, Credit Expansion, and the Trade Cycle</li>
<li> Work and Wages</li>
<li> The Nonhuman Original Factors of Production</li>
<li> The Data of the Market</li>
<li> Harmony and Conflict of Interests</li>
</ol>

== Part Five: Social Cooperation Without a Market ==

<ol style="list-style-type:upper-roman;" start="25">
<li> The Imaginary Construction of a Socialist Society</li>
<li> The Impossibility of Economic Calculation Under Socialism</li>
</ol>

== Part Six: The Hampered Market Economy ==

<ol style="list-style-type:upper-roman;" start="27">
<li> The Government and the Market</li>
<li> Interference by Taxation</li>
<li> Restriction of Production</li>
<li> Interference with the Structure of Prices</li>
<li> Currency and Credit Manipulation</li>
<li> Confiscation and Redistribution</li>
<li> Syndicalism and Corporativism</li>
<li> The Economics of War</li>
<li> The Welfare Principle Versus the Market Principle</li>
<li> The Crisis of Interventionism</li>
</ol>

== Part Seven: The Place of Economics in Society ==
<ol style="list-style-type:upper-roman;" start="38">
<li> The Nondescript Character of Economics</li>
<li> The Place of Economics in Learning</li>
<li> Economics and the Essential Problems of Human Existence</li>
</ol>

==References==
{{Reflist}}

==Links==
''{{Store|http://www.mises.org/store/Human-Action-The-Scholars-Edition-P119.aspx|Human Action (Scholar's Edition)}}''
* ''[http://www.mises.org/resources/3250 Human Action]'' complete text ([http://mises.org/humanaction/pdf/humanaction.pdf pdf])
* ''[http://mises.org/media.aspx?action=category&ID=139 Human Action]'' audiobook, read by Jeff Riggenbach
* ''[http://www.mises.org/books/humanactionstudy.pdf Human Action Study Guide]''(pdf), also [http://www.mises.org/store/Human-Action-Study-Guide-P547.aspx for sale]

{{See also|Human Action Comics}}
[[Category:Writings of Ludwig von Mises]]
[[Category:Writings on economics]]

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