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An abridgement of 
 Human Action, a treatise on economic
s1
An abridgement of 
 
 Human Action a Treatise on Economics
 
 by Ludwig von Misesselected and arranged by Gérard Dréan
 
An abridgement of 
 Human Action, a treatise on economic
s2
Table
An abridgement of 
 Human Action a Treatise on Economics
...................................................1Table.........................................................................................................................................2Preface......................................................................................................................................5The Austrian school of economics.......................................................................................5
 Human Action
......................................................................................................................7This abridgement: why and how........................................................................................10The structure of this abridgment........................................................................................11The place of economics in the sciences..................................................................................13The scope of economics.....................................................................................................13The physical sciences and the human sciences..................................................................14Praxeology.........................................................................................................................16Human reason....................................................................................................................18Economics as a discipline.......................................................................................................20The procedure of economics..............................................................................................20The method of imaginary constructions............................................................................21The states of rest................................................................................................................22The imaginary construction of the evenly rotating economy............................................23The imaginary construction of the stationary economy.....................................................25Logical economics versus mathematical economics.........................................................25Judgments of value............................................................................................................28Economics and the citizen.................................................................................................28Economics as a profession.................................................................................................30Human action..........................................................................................................................32The definition of human action..........................................................................................32Methodological individualism...........................................................................................33Goals..................................................................................................................................33Ends and means.................................................................................................................34Value..................................................................................................................................35Utility.................................................................................................................................37Exchange and profit...........................................................................................................38Time...................................................................................................................................40The valuation of time periods............................................................................................41
 
An abridgement of 
 Human Action, a treatise on economic
s3
Uncertainty.........................................................................................................................43Rationality..........................................................................................................................44Freedom.............................................................................................................................45Labor..................................................................................................................................46The division of labor..........................................................................................................48Money and economic calculation...........................................................................................50Indirect exchange and money............................................................................................50The demand for money......................................................................................................51The purchasing power of money.......................................................................................52The supply of money.........................................................................................................53The money-substitutes.......................................................................................................55Economic calculation.........................................................................................................57The market as a condition for economic calculation.........................................................58Capital and interest.................................................................................................................61Capital goods.....................................................................................................................61Capital................................................................................................................................61Capital accounting.............................................................................................................62The convertibility of capital goods....................................................................................64The mobility of the investor...............................................................................................65Originary interest...............................................................................................................66The market rates of interest...............................................................................................67Business cycles.......................................................................................................................70Credit expansion................................................................................................................70The boom...........................................................................................................................70The breakdown..................................................................................................................72The consequences..............................................................................................................73The market..............................................................................................................................76The market process............................................................................................................76The formation of prices......................................................................................................77The market economy.........................................................................................................79The entrepreneur................................................................................................................80The sovereignty of the consumers.....................................................................................82The prices of the factors of production..............................................................................84Entrepreneurial profit and loss...........................................................................................85
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