Source: Cobden Centre
by Dr. Frank Shostak
“Contrary to the mainstream framework, Murray N. Rothbard held that valuations do not exist apart of the things to be valued. Whenever an individual is confronted with a good, he assesses it in accordance with it expected benefits to his life and well-being. These benefits are likely to vary given changes in individual’s circumstances. From this, it follows that an unchanged scale of preferences does not comply with the reality. Obviously, human beings do change their minds, so it is not surprising that the [behavioral economics] practitioners have ‘discovered’ that human beings’ behavior systematically deviates from the one depicted by the mainstream economics. … Since in the BE framework reason is not the key driver of individuals’ choices; individuals’ evaluations of goods are arbitrary i.e. not connected to the facts of reality.” (10/13/26)
https://www.cobdencentre.org/2026/10/emotions-versus-reason-in-economics-2/