Consumer Sovereignty: What Mises Meant

[RS Davis]

[glow=red,2,300]Robert P. Murphy Wrote:[/glow]The modern Austrian School of economics, as descended from the authoritative work of Ludwig von Mises, stresses the primacy of consumer preferences in the determination of precisely which kinds of goods will be produced with society's scarce resources. Mises himself adopted the term (popularized by W.H. Hutt) "consumer sovereignty" to describe this state of affairs. Subsequent Austrians, in particular Murray Rothbard, disdained the term, both because of its technical inaccuracy and its unfortunate political connotations. In this article I will focus on Mises's position

- Rick