• Unit 2: Human Action

    In the second unit, we introduce Ludwig von Mises' concept of human action, and how it is the basis for our analysis of economics. Human action is defined as purposeful behavior directed at the attainment of ends in the future. Only humans act, because humans are endowed with reason. The real mover in the affairs of the world is the action of humans, and according to the Austrians, economics can only be understood if the unit of analysis is individual action.

    Completing this unit should take you approximately 3 hours.

    • 2.1: Production and Marginal Utility Lecture

    • 2.2: Production and Marginal Utility Discussion

    • 2.3: Production and Marginal Utility Review