Monday, April 9, 2012
Western Tradition on Chapter Three
Dr. J at the tremendous Western Tradition has an excellent summary of Chapter 3 of my book, Foundations of Economics: A Christian View. In Chapter 3 I follow Murray Rothbard's example in deriving both the law of marginal utility and the law of returns from the fact of human action. As such, these laws are general laws of human action, and not of economics in the narrow sensed. However these laws, precisely because they apply to all human action, under gird a number of economic laws.