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Pastimes : Austrian Economics, a lens on everyday reality

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To: Don Lloyd who wrote (250)	9/10/2003 8:28:01 PM
From: Wildstar	Read Replies (1) of 445

Don, One of the things I like about the Austrian school is its exactness. The underlying methodology of praxeology proves principles of economics. Yes, but the significant thing is that an exchange that includes at least one direct use-value good virtually always produces a high degree of psychic profit for at least one of the participants and the exchange is effectively irreversible without coercion. If no direct use-value good is included, we effectively have a case of a kind of currency conversion, little significant profit of any kind and no great barrier to reversal. I don't see how this statement can be proven. From my perspective, I receive a 'lot' of psychic profit when I obtain those $1 FRNs for my wallet. I no longer have to worry about getting to the train but not having the right kind of money to get on board. Similarly, I receive a 'lot' of psychit profit having a small portion of my portfolio in gold-related investment vehicles. Wildstar

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