Finance Behind the Veil of Money: Response to Dr. Braun’s Comment

Howden, David (2016): Finance Behind the Veil of Money: Response to Dr. Braun’s Comment. Published in: Quarterly Journal of Austrian Economics , Vol. 1, No. 19 (2016): pp. 124-128.

Abstract

What is the relationship between opportunity cost, choice and action? In my review of Eduard Braun´s Finance Behind the Veil of Money (2014), I took exception with his view that opportunity costs are not only unnecessary, but even detrimental to understand decision making. The most substantial difference between our views comes from Braun´s treatment of the relationship between opportunity cost and choice.

• Item Type: MPRA Paper
• Language: English
• Keywords: opportunity cost
• Subjects: A - General Economics and Teaching > A1 - General Economics; D - Microeconomics > D0 - General; D - Microeconomics > D0 - General > D00 - General

References

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Ferraro, Paul J., and Laura O. Taylor. 2005. Do Economists Recognize an Opportunity Cost When They See One? A Dismal Performance from the Dismal Science. The B.E. Journal of Economic Analysis & Policy 4(1): 7.

Howden, David. 2015. Review of “Finance Behind the Veil of Money: An Essay on the Economics of Capital, Interest, and the Financial Market”. The Quarterly Journal of Austrian Economics 18(4), pp. 578-583.

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Menger, Carl. [1976] 2007. Principles of Economics, (trans.) James Dingwall and Bert F. Hoselitz. Auburn, AL: Ludwig von Mises Institute.

Rothbard, Murray N. [1956] 1997. “Toward a Reconstruction of Utility and Welfare Economics” reprinted in The Logic of Action. Vol. 1. Cheltenham, U.K.: Edward Elgar.