Human Action - Part Four, Chapter XV. The Market

Authors

Keywords
human action, market

Summary
The market economy is the social system of the division of labor under private ownership of the means of production. Everybody acts on his own behalf; but everybody's actions aim at the satisfaction of other people's needs as well as at the satisfaction of his own. Everybody in acting serves his fellow citizens. Everybody, on the other hand, is served by his fellow citizens. Everybody is both a means and an end in himself, an ultimate end for himself and a means to other people in their endeavors to attain their own ends.

JEL:
Pages: 72
DOI: 

More titles

  • The State of Information Technology in the Arab World

    Information technology has become extremely important in the post-Cold War world. Developments in information technology have been described as a revolution due to their role in spurring human communities into a higher stage of development based in on knowledge and information. Information capital has become an essential resource given that ...

  • The Euro and its Introducing in Bulgaria - Prerequisites and Consequences

    -...

  • The Challenges in EU Business Environment: Possibilities or Problems for the Bulgarian Firms

    The paper focuses the attention upon some of the most significant challenges the Bulgarian business is to be faced with after joining with the EU. Highlighted the main areas and reasons for the difficulties and problems the country would probably suffer in the new business environment. The author’s concept is that amongst the many efforts the ...