• 00:01    |    
    Initial credits
  • 00:16    |    
    Introduction by Julio Cole
  • 01:50    |    
    Explanation of the contents of the conference
  • 02:48    |    
    Arguments against Economic Theory
    • The selfishness argument
    • The scientific argument
    • The attacks to Gary Becker
  • 12:15    |    
    Arguments defending the Economic Theory
    • The assumption of selfishness
    • Individuals try to achieve their goals
      • The desire to reach efficiency
      • Self interest
      • The advantages of the argument
      • The disadvantage of the argument
    • Ludwig von Mises' The Human Action
      • Comparison between Lionel Robbins and Ludwig von Mises
      • Rationality as purposefulness
  • 28:16    |    
    The Austrian view of the market process
  • 29:42    |    
    The Microeconomic Theory
  • 32:07    |    
    Tautology in economics
  • 38:17    |    
    The difference between purposefulness and efficiency
  • 39:55    |    
    The application of the economical instruments
  • 42:20    |    
    The Economic Theory assumptions
  • 43:06    |    
    Austrian arguments against Historicists
  • 46:58    |    
    Methodological implications
    • Ludwig von Mises' economics as a logical system
    • Friedrich A. Hayek's empirical aspect of the Economic Theory
    • Rationality in the market process
  • 54:21    |    
    The importance of economic understanding
  • 56:29    |    
    Questions from the audience
    • How did utilitarian philosophy influence classical economics?
    • How does the empirical part of the Economic Theory affect the learning process?
    • Does empirical knowledge allow entrepreneurs to benefit from opportunities?
    • How do we know people are purposeful?

The role of self-interest in Economic Theory

New Media  | 08 de enero de 1996  | Vistas: 4193

Economic theory has been widely criticized since the beginnings of economic science in the eighteenth century due to the confusion between self-interest and selfishness. Israel Kirzner presents arguments that both support and oppose economics. He concludes that many of those that oppose economic theory confuse self-interest, meaning the freedom to do what one wants, and selfishness, meaning an exclusive concern with oneself. Kirzner compares the ideas put forth by Lionel Robbins, which hold that economics depends on the search for efficiency, and Ludwig von Mises, who develops the idea of rationality of purposefulness. He also describes the Austrian view of the market process, misunderstandings within microeconomics, and the importance of economic understanding.


Israel Kirzner is a leading economist of the Austrian School of…


Nuestra misión es la enseñanza y difusión de los principios éticos, jurídicos y económicos de una sociedad de personas libres y responsables.

Universidad Francisco Marroquín