Understanding Economics Series
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Common sense economic lessons for the interested layman. How a free market economy works, from an Austrian School perspective.
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Lesson One: The Basics of Human Action
Starting from the very beginning, founding economic theory on absolutely true axioms and deriving universal economic law from them. Major principles: Human Action, Means & Ends, Goods, Production, Time, Scarcity, Choice, Cost, The Margin
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A brief comment on why theory and first principles are most important for libertarians to explain to nonlibertarians.
