Masterful - permit me to add a bit of humble insight however...

books:


	• Human Action: A Treatise on Economics Ludwig von Mises Liberty Fund Inc., 2007 - 1128 pages average customer review:based on 36 reviews view larger image
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highly recommended

The magnum opus of Austrian economics

~Human Action: A Treatise on Economics~ is the magnum opus of economist Ludwig von Mises, and the Austrian School of economics. Therein, Mises presents a sound case for a laissez-faire free-market, unimpeded by encroachments of the state. Based on Mises' praxeology, or rational investigation of human decision-making, his book offers a cogent case for the market economy which rests on a prudent understanding of human action. I have never adequately confirmed in my own mind the validity of his epistemology (i.e., framework/methodology for the dissemination of knowledge,) and economics seems like a strictly inductive science on the surface. Mises embraces a priori reasoning, and laws of apodictic certainty, advances what is called praxeology.

Anyway, Mises argues persuasively that the free-market economy not only surpasses any government-planned system in terms of efficiency of productivity and output, but ultimately serves as the foundation of civilization itself. To the extent, we as a society tolerate socialistic ideology and notions of central planning, we abdicate the moral foundations for a healthy functioning of human society.

Human Action, written by Austrian-born economist Ludwig von Mises, builds on the legacy of German Austrians like Eugen von Böhm-Bawerk. To Mises, economists served a role in the political life of the nation to inform about the limits and practicalities of certain public policies. He warned of the perilous consequences that result from state intervention in the economy such as price fixing (which leads to shortages,) state ownership of enterprises (which leads to inefficiencies,) and subsidies which stifle the accumulation of private capital and cause distortions in the market economy. Beyond providing for a civil and legal framework for upholding private property rights, enforcement of contracts, deterrence and prosecution of acts of force and fraud, state intervention is seldom advantageous or efficient.

This is one of the definitive economics treatises of all time in my humble opinion. Adam Smith's 1776 Wealth of Nations treatise was certainly a good start, as it elaborated upon concepts like the division of labor and comparative advantage. Where Smith fell short was his theory of surplus labor, which Karl Marx took license with, in formulating his labor theory of value. The Austrians corrected some of the errors of classical economists like Adam Smith and David Ricardo.

Myself, I am a bigger fan of German-born Swiss economist Wilhelm Roepke, because Wilhelm delved deeper into the moral dimension of economics, and the interplay of political economy, which explains why a federal polity is desirable.

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The best economic treatise ever written

Although not for the novice (especially you Socialists out there who have never even bothered to study basic economics), this economic treatise is the first of the two greatest economic treatises ever written (the other being Murray Rothbard's "Man, Economy and State"). If you believe (1) in the sovereignty of the individual, (2) in the freedom of association and contract between individuals, and (3) if you DON'T believe in people such as Hitler, Stalin, Mao, Roosevelt, Nixon, Reagan, Clinton, etal., then this book is required reading. Take note, a basic understanding of economics is essential. May I suggest Carl Menger's "Principles of Economics" as the best place to start.

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human action

This book should be, and have been since it was written in 1949 manditory reading for all students. Especially in the disciplines of economy and phychology. The fact that 80% of teachers and 90% of bankers could not tell you who Ludvig von Mises is is evidenced by our collective discusting public education, and our soon to melt down economy.
Possibly the most informative book I've ever read or will read.

Masterful - permit me to add a bit of humble insight however...

Other reviewers have posted excellent commentaries on this masterpiece of Ludwig Von Mises for which I have nothing to add. However, I will offer a humble insight into the mind of the collectivist, which we see manifested in the organized political and economic systems we've either directly experienced or have known others to have experienced. The collectivist mind is at it's very core sociopathic. Sociopaths are egocentric individuals with no empathy for others, and they are incapable of feeling remorse or guilt. When sociopaths organize they give rise to systems that reflect that egocentrism, lack of empathy, remorse or guilt. That they can be quite charming and persuasive, there is no disagreement. They are however exclusively manipulative of human weaknesses, which include the need for revenge, envy, jealousy, etc.. Their leaders typically suffer from Narcissistic Personality Disorder whose symptoms should sound familiar.

1. has a grandiose sense of self-importance
2. is preoccupied with fantasies of unlimited success, power, brilliance, beauty, or ideal love
3. believes that he or she is "special" and unique and can only be understood by other special people
4. requires excessive admiration
5. strong sense of entitlement
6. takes advantage of others to achieve his or her own ends
7. lacks empathy
8. is often envious or believes others are envious of him or her
9. arrogant behavior

To keep this brief, and to state the purpose of this comment succinctly, the principle reason collectivist and/or totalitarian systems of any flavor, do not work for the average person, is that it is not designed to benefit the average person in the first place. It is to make you the personal property of an organized group of sociopaths lead by profoundly ill narcissists.

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An unknown gem

In a world when millions of people buy bestselling authors, true intellectual gems are often gathering dust. I don't know how many copies this book sells, but I know it's less than Harry Potter. And that's a shame, because the insights (written in a clear language) in this book are useful for many, maybe even most people who don't want to live on the sidelines, merely watching life unfurl.

reviews: page 1, 2, 3, 4, 5, 6, 7, 8

Human Action, Mises' seminal work, lays out the principles of economics, political economy and the social sciences with a meticulous logic which has prompted many to hail it as the "bible" of economics. This fourth revised edition, features a new hardcover and a new foreword and index by Bettina Bien Greaves.

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