As Murray N. Rothbard explained in his masterful economic treatiseMan, Economy, and State with Power and Market,The distinctive and crucial feature in the study of man is the concept of action. Human action is defined simply as purposeful behavior. . . . The entire realm of praxeology and its best developed subdivision, economics, is based on an analysis of the necessary logical implications of this concept.All the laws of economics are derived from the fundamental facts of human action. For example, one of the most important laws of economics is the law of supply and demand. This law states that as prices of a good or service rise, demand falls and supply rises. Conversely, as prices of a good or service fall, demand rises and supply falls. The equilibrium price of a good or service is
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