Does the state have a role to play in making “rational” decisions on behalf of individuals? In the spirit of Jane Hamsher’s recent bold outreach to the libertarian community (kudos again, Jane!), what follows is a brief intro to a handful of the critical components of Austrian economics: subjective value theory, praxeology, and choice. In this case, Austrian economics (a major libertarian school of political philosophy), argue that it is impossible for the state to decide what choices are rational, let alone optimal, for an individual.
|By: barredrock Wednesday December 30, 2009 7:33 pm|