Praxeology

From Man, Economy, and State, narrated by Jeff Riggenbach.

From Man, Economy, and State. Narrated by Jeff Riggenbach.

From Man, Economy, and State. Narrated by Jeff Riggenbach.

From Man, Economy, and State, narrated by Jeff Riggenbach.

From Man, Economy, and State, narrated by Jeff Riggenbach.

From Man, Economy, and State. Narrated by Jeff Riggenbach.

This is your one-article guide to understanding a core idea of economics.The law of diminishing marginal utility plays a crucial role in showing that socialism is economically and ethically inferior to capitalism. It also has surprising implications for every area of policy, including money, interest rates, and property rights.

[This speech was delivered at the offices of the Mises Institute, September 14, 1999, the date on which

Weighing in on the side of John Locke, not only on interest rates but also in a general and comprehensive vision of economic laissez-faire that even surpassed Locke, were two brothers, Dudley and Roger North.

It is a hopeless task to interpret a symphony, a painting, or a novel. The interpreter at best tries to tell us something about his reaction to the work. He cannot tell us with certainty what the creator's meaning was or what other people may see in it.