Is the Market a Test of Truth and Beauty?

Chapter ǴǸ: Ļe Moral Element in Mises’sHuman Action ȃȄȈ

ŏśŚŏŘšşŕśŚ

Ļe fact/value or is/ought distinction, which I introduced at the begin-
ning, is indeed a sound one. Nevertheless, “ought” judgments can be dis-
cussed and soundly made (except only for fundamental value judgments,
and even for them, considerations can be adduced that incline people
to accept them; MillȀȇȅȂ/ȀȈȅȇ, chap.Ȁ). Ļe soundest, most appealing
approach to value judgments and to their use, as in policy recommenda-
tions, has been shown by Hume, Mises, Hazlitt, and other writers in their
tradition (or in parallel, as by R.M. Hare). Ļis approach is indirect utili-
tarianism.
Mises was forthright, even courageous, in espousing utilitarianism and
repudiating intuitionist alternatives. For this his reputation continues to
suffer even among disciples who otherwise are carrying on his work. I urge
them to reconsider. I am not saying that Mises developed the distinction
between the act version and the rules or indirect version of utilitarianism
and fully articulated the latter. I am not saying that he anticipated and
demolished in advance the axiomatic or intuitionist rights approach that
some of his disciples would urge. Doing all that was not possible in his
time and was not necessary for his work in economics. However, a sophis-
ticated utilitarianism does fit in with and extend his philosophical frame-
work. Henry Hazlitt, for one, extended it. Mises was on the right track.

ŞőŒőŞőŚŏőş

Epstein, Richard A. “Ļe Utilitarian Foundations of Natural Law” and “Post-
script: Subjective Utilitarianism.”Harvard Journal of Law & Public PolicyȀȁ
(ȀȈȇȈ):ȆȀȂ–ȆȄȀ,ȆȅȈ–ȆȆȂ.

.Simple Rules for a Complex World. Cambridge, Mass.: Harvard Univer-

sity Press,ȀȈȈȄ.

Hare, R.M.Essays on Political Morality.Oxford: Clarendon Press,ȀȈȇȈ.

Hazlitt, Henry.Ļe Foundations of Morality.Princeton, N.J.: D. Van Nostrand,
ȀȈȅȃ.

Hoppe, Hans-Hermann. “From the Economics of Laissez Faire to the Ethics
of Libertarianism.” InMan, Economy, and Liberty: Essays in Honor of Murray
N. Rothbard, edited by Walter Block and Llewellyn H. Rockwell, Jr.,Ȅȅ–Ȇȅ.
Auburn, Ala.: Ludwig von Mises Institute,ȀȈȇȇa.