Human Action, Part Four, Chapter XXIII. The Data of the Market

Authors

Keywords
human action, markets, data

Summary
Catallactics, the theory of the market economy, is not a system of theorems valid only under ideal and unrealizable conditions and applicable to reality merely with essential restrictions and modifications. All the theorems of catallactics are rigidly and without any exception valid for all phenomena of the market economy, provided the particular conditions which they presuppose are present. It is, for instance, a simple question of fact whether there is direct or indirect exchange. But where there is indirect exchange, all the general laws of the theory of indirect exchange are valid with regard to the acts of exchange and the media of exchange. As has been pointed out1, praxeological knowledge is precise or exact knowledge of reality. All references to the epistemological issues of the natural sciences and all analogies derived from comparing these two radically different realms of reality and cognition are misleading. There is, apart from formal logic, no such thing as a set of "methodological" rules applicable both to cognition by means of the category of causality and to that by means of the category of finality.

JEL:
Pages: 13
DOI: 

More titles

  • The Law of Value and the Global Financial Crisis

    The modern world is in the vortex of an unprecedented as yet crisis. Nobody is capable of predicting neither the scope of the Slump nor its depth. Not to mention its duration. Most publications related to the global financial crisis concern only the external symptoms of the Slump without looking into its deep reasons and driving forces. Given ...

  • On the Corporate Investments in Human Capital

    The focus of the material is put on examining and defining the problems with risk management on the corporate investments in human capital....

  • Development and Competitiveness of Retail Chains in Bulgaria

    The development of commercial chains in Bulgaria was caused by the benefits they provide to customers. In the last two - three years there is strong interest of foreign retail chains to the Bulgarian market. National chains, in turn, expand its network of stores in various cities throughout the country, and some of them even think of expansion ...