Scale of Values Violates Singularism
Dialogue, Vol. 3, 2009
11 Pages Posted: 6 Jul 2011
Date Written: July 5, 2011
There is at the very least a tension between the two basic building blocs of Austrian economics. The doctrine of singularism maintains that is inevitably and necessarily between two and only two things: that which is chosen, and the next best alternative, which is set aside. However, implicit in the concept of the scale of values is the claim that choice can take place over many, many alternatives. If one of these has to be jettisoned, and we argue that one must be, then we vote for the latter.
Keywords: scale of values, singularism, binary, transitivity, praxeology, market process, demand curve, Austrian economics
JEL Classification: A14, B4, B25
Suggested Citation: Suggested Citation