1. Human Action | Robert P. Murphy

Robert Murphy
Mises Institute, 2015
Level: beginner
Perspective: Austrian Economics
Format: Lecture / Presentation
Duration: 00:37:14
Link: https://www.youtube.com/watch?v=YgMdjfz2QUo

  Murphy explains the Austrian understanding of action as purposeful behaviour and the Austrian conception of preferences. Following this the deductive methods that Austrian economics - and Mises in particular - uses are described and contrasted with the empirical methods of other sciences and other economic theories. Lastly,  the principle of diminishing marginal utility, which is an example of the successful application of the Austrian method, is presented.

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