Friday, February 13, 2009

Menger on Foresight

This post is part of a series exploring Principles of Economics by Carl Menger.  The following explores content from chapter 2.

Previously in this series: Menger on Requirements

Man plans for the sake of satisfying his future needs. He may not know which needs he’ll end up having; even if he did, he may not know the exact quantities of goods required to satisfy those needs. Man has foresight, but not divination. 

But still he plans, using his reason and his senses to predict as best he can about his future needs.

Next in this series: Menger on Effective and Latent Requirements

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