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33 sats \ 8 replies \ @Rothbardian_fanatic 14 Apr \ parent \ on: "Americans would be better off working in a factory" vs "I would" econ
Isn’t this the way a lot of political decisions in the economy work? I thought that is why economics was originally called political economy. The politicians will always make the wrong decisions, that is just baked into the cake, as it were. They have no skin in the game, so they make decisions someone with something to gain or lose would never make. Just take a look at Obama’s Nevada solar project that just went belly up!
Technically, political economy is the branch of economics that deals with economic consequences of policy interventions. There's a whole lot of human action to study aside from political bull shittery.
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What is it that was the original name for what we now call economics?
In praxeology there is a lot more than catallactics for study. I think that politics is another study of human action, too. You could even study war as a sub area of praxeology, couldn’t you?
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Modern economics basically covers all of what's covered by praxeology.
The Greek root word was more like estate management or household finance.
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Perhaps my memory of these thing is incorrect but isn’t catallactics the Misesian name for economics? Where the broader study of human action is praxeology? It has been a while since I read Human Action and Man, Economy, and State with Power and Market so my memory may be less than accurate.
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You remember that correctly. Catallactics is the study of human action in market settings, which is also what the academic field focused on during Mises' time.
Modern day economists study things beyond market contexts.
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Of course, they are also studying state action which is, precisely, not human action. It is an institutional program of pillaging, according to Bastiat and others.