Quarterly Journal of Austrian Economics

Human Action and Socially-Optimal Conservation: A Misesian Inquiry into the Hotelling Principle

The Quarterly Journal of Austrian Economics
Downloads

 

Volume 3, No. 1 (Spring 2000)

 

The Hotelling Principle defines socially-optimal conservation of an exhaustible resource i a mathematically-defined, equilibrium environment in which no human action can occur.  Nevertheless, the economics profession generally tends to view the Hotelling Principle as offering the promise of being operational and to have potentially sufficient empirical content to serve as the basis of prescriptive policies for the socially-optimal conservation of an exhaustible resource.  We have examined the Hotelling Principle from the Misesian perspective of praxeology and the axioms of human action.

All Rights Reserved ©
What is the Mises Institute?

The Mises Institute is a non-profit organization that exists to promote teaching and research in the Austrian School of economics, individual freedom, honest history, and international peace, in the tradition of Ludwig von Mises and Murray N. Rothbard. 

Non-political, non-partisan, and non-PC, we advocate a radical shift in the intellectual climate, away from statism and toward a private property order. We believe that our foundational ideas are of permanent value, and oppose all efforts at compromise, sellout, and amalgamation of these ideas with fashionable political, cultural, and social doctrines inimical to their spirit.

Become a Member
Mises Institute