Ludwig von Mises’ Human Action: A Tale of Two Analyses

Human Action, originally published in 1949, is regarded as Ludwig von Mises’s magnum opus. The work is gripping and engaging, and its commentary is wide reaching. Mises intersplices his famous work of political economy and action theory (praxeology), where he considers economics as a sub-discipline of praxeology), with evolutionary science, philosophy, political commentary, and literature. … Continue reading Ludwig von Mises’ Human Action: A Tale of Two Analyses

Game Theory 101: Dominant Strategy and Choice Conflict

Game theory is choice-theory in economics. We did a basic introduction to game theory by looking at one of the most common introductory games in Game Theory, the Prisoner’s Dilemma, here. In that introduction we briefly touched on dominant, or strong, strategy and non-dominant, or weak strategy. Now we’re continuing our understanding of economic theory … Continue reading Game Theory 101: Dominant Strategy and Choice Conflict

Economics 101: Game Theory, Prisoner’s Dilemma, and the Myth of “Rational Man”

Game Theory is a specific subset of economics that deals with strategic decision-making and seeks to understand decision-making in decision-making animals under the presumption of man being a rational economic agent. In economics, at least classical economic theory, homo economicus is the presuppositional starting anthropology. Homo economicus, derived from Locke, Smith, and Ricardo, is the … Continue reading Economics 101: Game Theory, Prisoner’s Dilemma, and the Myth of “Rational Man”