In the economical changing and political disturbing times we are living a question concerns us all: Is this the society I want to live in? What are the opportunities I have to pursue in my socio-cultural environment? Which echoes the ancient Greek ethical questions: What is the best city to live in? What do I want to do with my live?In this book the author goes back to the primary reality of our lives: human action. From the analysis of the anthropological elements of human action -culture, society, individual action- the book will help the reader to understand the construction of our economic reality and how to approach the perennial ethical question: How can I develop excellence in my life?

2021 Hardcover Reprint of the 1949 Edition. Exact facsimile of the original edition, not reproduced with Optical Recognition Software. "Human Action: A Treatise on Economics" is the first comprehensive treatise on economics written by a leading member of the modern Austrian school of economics. Von Mises' contribution was very simple, yet at the same time extremely profound: he pointed out that the whole economy is the result of what individuals do. Individuals act, choose, cooperate, compete, and trade with one another. In this way Mises explained how complex market phenomena develop. Mises did not simply describe economic phenomena - prices, wages, interest rates, money, monopoly and even the trade cycle - he explained them as the outcomes of countless conscious, purposeful actions, choices, and preferences of individuals, each of whom was trying as best as he or she could under the circumstances to attain various wants and ends and to avoid undesired consequences. Hence the title Mises chose for his economic treatise, "Human Action."

Praxiology deals with working and doing from the point of view of effectiveness. It has three components: analysis of concepts involving purposive actions; critique of modes of action from the viewpoint of efficiency; and normative advisory aspects in recommendations for increasing human efficiency. This fifth volume of the Praxiology series is devoted to Human Action in Business: Praxiological and Ethical Dimensions. The adjective praxiological here means not only related to praxiology as human theory, but also assessed against the dimensions of effectiveness and efficiency. Adding also the ethical dimension, one defines the universe of the discourse about conduct characteristic of business, the economy, and management. Topics in business and management philosophy and theory are discussed by eminent contributors from different corners of the world: P. Ulrich (Switzerland); M. Bohata (Czech Republic); S. K. Chakreborty (India); J. Donaldson, H.E. Sternberg, and P. Graham (U.K.); H. van Lujik and H. Hummels (The Netherlands); O. Loukola (Finland); Y. Pesqueux and I. Tovey (France); T.A. Mathias (India); W. W. Gasparski, A. Lewicka-Strzalecka and J. Sojka (Poland); M. Tamari (Israel); R. E. Freeman, R. G. Kennedy, S. Natale, J. A. Matel, N. Bowie, D. McCann, L. V. Ryan, P. Werhane, and K. Goodpaster (United States). Selected speeches by Pope John Paul II addressed to managers, businessmen, and general audiences involved in the economy are also included in this volume. In Volume 5, invited specialists examine the praxiological and ethical aspects of human action under the rubric of the "Triple E": Efficiency, Effectiveness, and Ethics. The volume opens with contributions reflecting on the praxiological and ethical foundations for business followed by sections discussing human action from the perspectives of religious beliefs and cultural diversity. Another section illustrates the application of these principles to business. The concluding chapters examine praxiology and ethics as the moral agenda for professional education. The volume is a must read for economists, businesspeople, social scientists, and policymakers.

The theory of ethical economy analyses the ethical presuppositions of the market economy. It demonstrates that ethics is the pre-coordination in the motives of the economic agents anteceding the coordination of the price system in the market process. Ethical economy develops a positive theory of economic, ethical, and religious coordination of self-interested action described as a super-assurance game of prisoners' dilemma situations. It conceptualises ethics as the corrective of market failure and religion as the corrective of ethics failure. The formal ethics of coordination is then complemented by a theory of the material-substantive ethics of value qualities. One principle of ethical economy is the classical principle of double effect that is used for a theory of managerial and general decision-making. Unintended side-effects (externalities) are a central problem of decisions of large impact. Management decision making must exploit the potential for positive side-effects and control the negative side-effects of managerial decisions. The theory of ethical economy analyses the principles of just price and fair pricing and the relevance of the theory of just price for the pricing behaviour of the modern firm. Principles of Ethical Economy forms a theoretical synthesis of the market theory of modern economics and of the natural right tradition of ethics. It creates new insights into the ethics of the market as well as in the economics presuppositions and consequences of ethical duties, virtues, and goods.

This is a new release of the original 1949 edition.