Friday, September 17, 2004

A Little Advice to Phil Shapiro from Ludwig von Mises

Phil, your recent lament over the cost of a firewire cable, which I noted here, courtesy of Andy here, has awoken a concern for your reasoning in regards to achieving the ends you desire in matters of exchange.  I offer you the following guidance from Ludwig von Mises.

"The value of the price paid is called costs.  Costs are equal to the value attached to the satisfaction which one must forego in order to attain the end aimed at."

Ludwig von Mises, Human Action, A Treatise on Economics, Third Revised Edition 1963, IV A First Analysis of the Category of Action, 4.  Action as an Exchange, pg. 97

You can purchase the book here, for less the than the cost of the lamented firewall cable.

Posted by John Venlet on 09/17 at 03:27 AM
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