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- Search found 8 items for:
- Prices
- Joseph T. Salerno
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Joseph T. Salerno
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Prior to Mises there had been nothing written on the theory of monopoly price. Mises felt there could be some limited times of monopoly on the free market, e.g. diamond mines, but Rothbard felt that there could not be monopolies. Both theories developed out of Menger’s original thoughts. Lecture 4 of 10 from Joseph Salerno’s Revisionist History
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Author:
Joseph T. Salerno
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What principles determine the formation of prices on the free market? The equilibrium price between supply and demand determines prices according to the value scales of sellers and buyers and their elastic or inelastic positions. As the price increases, new suppliers with higher minimum selling prices are brought into the market, while demanders
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Author:
Joseph T. Salerno
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Factors of Production are economic goods: scarce means used to achieve an individual’s ends. They are land, labor and capital. Each is examined. Incomes are earned by factor owners as production takes place. There is no separated production and distribution. The price of a factor is determined by its diminishing general (discounted) marginal value
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Author:
Joseph T. Salerno
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Barter – direct exchange- is inefficient because of the lack of a double coincidence of wants. Some third medium was sought to solve this. It is called money. Exchanges are not equal, they are win-win, with each party gaining more than he is giving or the exchange would not be made. An increase in the supply of all commodities is good, except for
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Author:
Joseph T. Salerno
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As with all government intervention, price controls do not achieve what their originators think they will. Trying to maintain a supply of milk by putting a price control on it will cause shortages, which are the very situations the price manipulators said they wanted to avoid. Rent control seems great to the snug renter, but it will assure that no
Media Asset
Author:
Joseph T. Salerno
Online Publish Date:
In the history of money, bartering was awkward because wants were not divisible. Direct exchange depended upon a double coincidence of wants. Demand for a medium of exchange grew until a general medium of exchange emerged, like gold and silver. A medium of exchange should display these characteristics: must be generally acceptable, widely demanded