Economics Deals with the Acts of Men to Satisfy Their Desires

Economics, therefore, is not a science that deals particularly with “material goods” or “material welfare.” It deals in general with the action of men to satisfy their desires, and, specifically, with the process of exchange of goods as a means for each individual to “produce” satisfactions for his desires. These goods may be tangible commodities or they may be intangible personal services. -Rothbard; Man,Economy, and State with Power and Market p. 162
This insight is important for the definition of ‘economics’ and for the layman who might wrongly think economics is just an overly materialistic subject.

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(Also, men = men and women, Rothbard is not being sexist here)

Photo Credit: zoetnet via Compfight cc

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Posted on September 20, 2013, in Economics and tagged , , , , , . Bookmark the permalink. Leave a comment.

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