Self-radicalizing Harry wrote on May 22^nd, 2012 at 4:40pm:

I didn't say otherwise.

Quote:

But none of those four industries would be running without it.
Today without it they would come to a standstill and produce nothing.

Self-radicalizing Harry wrote on May 22^nd, 2012 at 6:34pm:


That's because you continue to focus on the four industries
themselves, overlooking the importance of the raw
element that makes them operate today. None of those
four industries today will run without it. That's why
I submit that it should have been the primary element
listed in the op.

Queshank wrote on May 22^nd, 2012 at 11:54am:


Is that right?

Is not the the propositions concerning human action irrefutable? Can we refute the idea that humans act with purpose without confirming it in the process?

And what about the the category of cost, profit and loss and time? Are not these categories inherent in the idea of purposeful action?

And if these propositions are the foundation of economics then how can we say that economics is not based on irrefutable truths?

Quote:


I think these propositions have much more behind them than mere assertion.

They are true a priori. We know their truthfulness through deductive reasoning. Quote:


In some sense it does. In others it doesnt.

Psychology and sociology are empirical sciences. They are based on a method that approaches theory from observation, hypothesis and falsification.

Mathematics and specifically Euclidean geometry is rooted in symbolic logic and a priori true propositions. So there is a great symmetry between the deductive approach of Euclid and that of Mises.

But the distinction between economics and the empirical sciences is huge. The problem is this distinction has been blurred in a vein attempt to recast economics along more scientific grounds. The result has been to sully the reputation and the quality of the science. Hayek coined the term scientism to refer to this attempt to cloak ones self in scientific legitimacy. Quote:


Not so. The logic and theory holds true the whole time.

What varies is the choices and values we hold at any given moment. So we cannot know anything
quantitatively as it regards value but we can use logic to illuminate the qualitative side of the process.

Economics is really nothing but a set of universal laws and their necessary implications.

glen65 wrote on May 22^nd, 2012 at 8:41pm:


Energy comes from these four industries, Glen. We get most from mining, which includes both coal and oil. Why can't you see that?

glen65 wrote on May 22^nd, 2012 at 8:50pm:


Energy is available because of those industries, Glen.