Editing Human Action (section)

=== Part Seven: The Place of Economics in Society ===
'''Chapter 37''', "The Nondescript Character of Economics", argues that economics is [[Difference (philosophy)|different]] from other [[Science|branches of knowledge]] because its theories cannot be proven or [[Falsifiability|falsified by experience]].<ref>{{Cite web |title=The Singularity of Economics |url=https://mises.org/library/human-action-0/html/pp/919 |access-date=2023-02-24 |website=Mises Institute |language=en |archive-date=February 24, 2023 |archive-url=https://web.archive.org/web/20230224161156/https://mises.org/library/human-action-0/html/pp/919 |url-status=dead }}</ref> It is also noted that convincing the majority of the public is necessary for the insights of [[Economist|economic theorists]] to improve civilization.<ref>{{Cite web |title=Economics and Public Opinion |url=https://mises.org/library/human-action-0/html/pp/920 |access-date=2023-02-24 |website=Mises Institute |language=en |archive-date=February 24, 2023 |archive-url=https://web.archive.org/web/20230224161150/https://mises.org/library/human-action-0/html/pp/920 |url-status=dead }}</ref> The chapter concludes by criticizing the old liberals for assuming that the majority would support capitalism based on its benefits and their ability to [[reason]] correctly, without anticipating the success of [[Anti-capitalism|anticapitalist]] propaganda.<ref>{{Cite web |title=The Illusion of the Old Liberals |url=https://mises.org/library/human-action-0/html/pp/921 |archive-url=https://web.archive.org/web/20170206202229/https://mises.org/library/human-action-0/html/pp/921 |url-status=dead |archive-date=February 6, 2017 |access-date=2023-02-24 |website=Mises Institute |language=en }}</ref>

'''Chapter 38''', "The Place of Economics in Learning", explains, firstly, that the establishment of an institute for business-cycle research is not sufficient to find cures for business cycles.<ref name=":104">{{Cite web |title=The Study of Economics |url=https://mises.org/library/human-action-0/html/pp/927 |access-date=2023-02-24 |website=Mises Institute |language=en |archive-date=February 24, 2023 |archive-url=https://web.archive.org/web/20230224161153/https://mises.org/library/human-action-0/html/pp/927 |url-status=dead }}</ref> Clear thinking and sound [[Economics|economic theory]] are needed.<ref name=":104" /> Secondly, the rise of [[Economist|economics as a profession]] is due to [[Interventionism (politics)|interventionism]], and many [[Economist|professional economists]] only [[Privilege (law)|advance the interests of a small group]].<ref>{{Cite web |title=Economics as a Profession |url=https://mises.org/library/human-action-0/html/pp/928 |access-date=2023-02-24 |website=Mises Institute |language=en |archive-date=February 24, 2023 |archive-url=https://web.archive.org/web/20230224161434/https://mises.org/library/human-action-0/html/pp/928 |url-status=dead }}</ref> Thirdly, economists can only [[Prediction|predict]] the general timing of [[Business cycle|boom-bust cycles]], and successful entrepreneurs need to have better [[Forecasting|forecasts]] than their [[Rivalry|rivals]].<ref>{{Cite web |title=Forecasting as a Profession |url=https://mises.org/library/human-action-0/html/pp/929 |access-date=2023-02-24 |website=Mises Institute |language=en |archive-date=February 24, 2023 |archive-url=https://web.archive.org/web/20230224161218/https://mises.org/library/human-action-0/html/pp/929 |url-status=dead }}</ref> Fourthly, although economics is a unified whole, university professors engage in [[Division of labour|compartmentalized]] [[Analysis|analyses]], and the fallacies of [[Interventionism (politics)|interventionism]] preached by professors may lead some students to support [[socialism]].<ref>{{Cite web |title=Economics and the Universities |url=https://mises.org/library/human-action-0/html/pp/930 |access-date=2023-02-24 |website=Mises Institute |language=en |archive-date=February 24, 2023 |archive-url=https://web.archive.org/web/20230224161404/https://mises.org/library/human-action-0/html/pp/930 |url-status=dead }}</ref> Fifthly, the conflict between different [[Philosophy of history|interpretations of history]] and economics exists in [[school]]s, but most students are too [[Maturity (psychological)|immature]] to [[Choice|choose]] among them, and teachers cannot present them [[Neutrality (philosophy)|neutrally]].<ref>{{Cite web |title=General Education and Economics |url=https://mises.org/library/human-action-0/html/pp/931 |access-date=2023-02-24 |website=Mises Institute |language=en |archive-date=February 24, 2023 |archive-url=https://web.archive.org/web/20230224163219/https://mises.org/library/human-action-0/html/pp/931 |url-status=dead }}</ref> Lastly, modern [[government]]s [[Censorship|suppress freedom of economic thought]], but citizens have a [[duty]] to familiarize themselves with basic economic theory, as modern [[Political scandal|political controversies]] revolve around the [[Conflict (process)|conflict]] between socialism and the market economy.<ref>{{Cite web |title=Economics and the Citizen |url=https://mises.org/library/human-action-0/html/pp/932 |access-date=2023-02-24 |website=Mises Institute |language=en |archive-date=February 24, 2023 |archive-url=https://web.archive.org/web/20230224161242/https://mises.org/library/human-action-0/html/pp/932 |url-status=dead }}</ref><ref>{{Cite web |title=Economics and Freedom |url=https://mises.org/library/human-action-0/html/pp/933 |access-date=2023-02-24 |website=Mises Institute |language=en |archive-date=February 24, 2023 |archive-url=https://web.archive.org/web/20230224161616/https://mises.org/library/human-action-0/html/pp/933 |url-status=dead }}</ref>

'''Chapter 39''', "Economics and the Essential Problems of [[Human condition|Human Existence]]", explores the [[Relations (philosophy)|relationship]] between science and life,<ref name=":105">{{Cite web |title=Science and Life |url=https://mises.org/library/human-action-0/html/pp/934 |access-date=2023-02-24 |website=Mises Institute |language=en |archive-date=February 24, 2023 |archive-url=https://web.archive.org/web/20230224161551/https://mises.org/library/human-action-0/html/pp/934 |url-status=dead }}</ref> economics and [[Value judgment|judgments of value]],<ref name=":106">{{Cite web |title=Economics and Judgements of Value |url=https://mises.org/library/human-action-0/html/pp/935 |access-date=2023-02-24 |website=Mises Institute |language=en |archive-date=February 24, 2023 |archive-url=https://web.archive.org/web/20230224161411/https://mises.org/library/human-action-0/html/pp/935 |url-status=dead }}</ref> and economic [[cognition]] and [[Action (philosophy)|human action]].<ref name=":107">{{Cite web |title=Economic Cognition and Human Action |url=https://mises.org/library/human-action-0/html/pp/936 |access-date=2023-02-24 |website=Mises Institute |language=en |archive-date=February 24, 2023 |archive-url=https://web.archive.org/web/20230224161207/https://mises.org/library/human-action-0/html/pp/936 |url-status=dead }}</ref> Critics argue that science is sterile because it is [[value-free]], but Mises argues that science provides humans with the information they need to properly form their valuations and choose the proper means to achieve their desired ends.<ref name=":105" /> He also addresses criticisms that economics smuggles value judgments into its analyses, and that it assumes [[Economic materialism|people are only concerned with material well-being]], stating that economics deals with action as such and does not make assumptions about the objectives of action.<ref name=":106" /> Finally, Mises discusses the three restrictions on human freedom to act and choose, with the third restriction – the regularity of phenomena due to the connection between means and ends – being the subject of [[praxeology]].<ref name=":107" /> If people ignore praxeology's teachings, "they will not annul economics", but "they will [[Human extinction|stamp out society and the human race]]."<ref name=":107" />