Interacting-for-Benefit > Government & Prosperity > Ideas about «The Economy»

Ideas about «The Economy»

Markets are Essential

Only the Market-centred approach is dedicated to wealth creation. So primarily market-centred individuals, and especially entrepreneurs, are the source of prosperity for all. However, people whose mentalities lie on the well-being diagonal tend to dominate societies, including their economic activities.

The market provides discipline and demands responsibility. However, the brutal logic and insistent demands of a market are disliked by many, even those who are not anti-market-centred in principle.

Power-centred individuals, in particular, desire wealth without either responsibility or effort. Those power-centred individuals who end up in politics respond to social pressure—which in turn is a still greater power and largely irrational. They are forever in danger of sowing the seeds of economic impoverishment by distorting markets and economic signals «for the greater good».

A Reality-centred Approach to Economics

Adam SmithAdam Smith, The Wealth of Nations (1776) & The Theory of Moral Sentiments (1759). took the same common-sense approach to people and society that drove the discovery of THEE. His essential ideas have stood the test of time.

Ludwig von Mises’s account of economic factorsLudwig von Mises, Human Action: A Treatise on Economics (orig. 1949, 4th Rev. Ed. The Foundation for Economic Education, 1996 is based, like THEE, on the primacy of human action and the importance of responsibility. So it provides a practical and ethical framework for our societies in regard to economic management.

The lucid and unequivocal formulations below may lack flexibility, but that is simply a reflection of the nature of reality—a nature that resists being twisted to suit wishful thinking or support infantile feelings of entitlement.

Read some simple Mises-influenced explanations of essentials:


The confusion on these everyday topics is unnecessary. This material should be taught to all in primary school.

What is Wealth?

Back to Top

What is Money?

Back to Top

What are Prices?

Back to Top

What is Lending?

Back to Top

What is Competition?

Back to Top

All posted material is part of a scientific project and should be regarded as provisional. Visitors are encouraged to think through the topics and propositions for themselves. Copyright © Warren Kinston 2009-2016.
All Rights Reserved.

comments powered by Disqus