Diff: Ludwig von Mises

 In his magnum opus, Human Action, Mises proposes that economic truths are derived from self-evident axioms and cannot be empirically tested. Mises points out that the whole economy is the result of what individuals do. Individuals act, choose, cooperate, compete, and trade with one another. In this way Mises explains how complex market phenomena develop. In Human Action, Mises does not simply describe economic phenomena -- prices, wages, interest rates, money, monopoly and even the trade cycle -- he explains them as the outcomes of countless conscious, purposive actions, choices, and preferences of individuals, each of whom is trying as best as he or she can under the circumstances to attain various wants and ends and to avoid undesired consequences. 

  

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