I’m starting to think that there are enormous mainstream and even lay conclusions about the economy that are imbeded within A.E. and are deducible from it.
Firstly A.E.s subjective theory allows one to create a coherent cost of production theory -as the cost of a good rises the most valuable goods are choosen by the acting individual. So to an extent cost determines value indeed not by opposing consumer sovereignty but as an influence on consumer choice.
Secondly, AEs emphasis on savings as a cause of macroeconomic growth and the time structure of production also implies that consumption is a driver of economic growth -primarily it is consumption of savings during the lenghtening of the production period which makes it possible to increase output and capital later on.
So I see certain things like Keynesianism or Marxism as simple heresies of austrian economics -they take a part of the full theory and expand it too far.
But do you think that my conclusions on this head are true? Am I merely mistaken?