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Human Action Part Three with Dr. Per Bylund

We continue our series on Human Action with Professor Per Bylund of Oklahoma State University.

Dr. Bylund and Jeff Deist consider Part Three of the book, “Economic Calculation,” considering Mises’s conception of value and the folly of attempting to define a “unit of value” in a highly subjective world. They discuss socialism and the elementary theory of value and prices; inputs and outputs in barter vs. under monetary exchange; prices as exchange ratios; why change is constant and price “stabilization” efforts fail; why mathematical calculation of money prices may rival the wheel as among the most important human inventions; and why Mises thought praxeology emerged when man started thinking about monetary calculation.

Use the code HAPOD for a discount on Human Action from our bookstore: Mises.org/BuyHA.

Human Action: Mises.org/HumanAction
Bob Murphy’s Study Guide to Human Action: Mises.org/Study

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Per Bylund
Per Bylund, PhD, is a Fellow of the Mises Institute and Assistant Professor of Entrepreneurship & Records-Johnston Professor of Free Enterprise in the School of Entrepreneurship in the Spears School of Business at Oklahoma State University, and an Associate Fellow of the Ratio Institute in Stockholm.
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