Saturday, June 24, 2006

Adam Smith turns Austrian

Here is a nice little observation usually expected in the writings of the Austrian School:

As many economists and philosophers have tried to point out, what people actually want is best discovered by observing what they actually do.
However, this is written on the Adam Smith Institute Blog, and that is refreshing.

Sometimes, attempts are made to avoid the necessary focus on the individual when it comes to preferences and choices. Adam Smith made many such attempts, he being a statist in number of aspects. We shouldn't be fooled by the arguments of the statists when they address their individual readers. The individual has preferences, makes choices and seeks to fulfil his needs. No other point can be legitimately made.

No comments: