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- Joseph T. Salerno
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Media Asset
Author:
Joseph T. Salerno
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Recorded at the Mises Institute, 7–8 October 2005. [35:13]
Media Asset
Author:
Joseph T. Salerno
Online Publish Date:
In this introduction to the basics of Austrian-school economic analysis, Joseph Salerno introduces a number of basic concepts including utility, exchange, psychic cost, choice, and marginal value. He also introduces a number of important topics such as Crusoe economics and the water-diamond paradox. Salerno lays the foundation for this series of
Media Asset
Author:
Joseph T. Salerno
Online Publish Date:
All action is exchange, even forced exchange like slavery, taxes, eminent domain and conscription, where only one party gains. The Law of Marginal Utility tells us how many exchanges will be made. Demand is elastic if when you cut your price, demand goes up. Demand is inelastic when revenues remain strong even though prices have been raised.
Media Asset
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
Media Asset
Author:
Joseph T. Salerno
Online Publish Date:
The immediate effect of price controls or any government intervention upon the market is shortage of goods. Price controls discourage production just when it is needed most. The economy approaches full socialization. Rent control is the easiest way to destroy a city besides bombing it. A maximum price control prohibits all exchanges of a good
Media Asset
Author:
Joseph T. Salerno
Online Publish Date:
Capitalist-entrepreneurs must anticipate supply and demand conditions of future market conditions. It is the future price - the appraisement – that must be compared to the costs of factors of production (land, labor, and capital). There is no going rate of profit. The basic rate is the rate of interest. Profits are the outgrowth of uncertainty.
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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
Media Asset
Author:
Joseph T. Salerno
Online Publish Date:
The seventh of ten lectures from Joseph Salerno’s Introduction to Austrian Economic Analysis seminar. All action takes time. Humans use time as a tool. Time preference ranking is now, not later, although time preferences will differ over time and for different people, like children who want things right now. Capitalists give up present money in
Media Asset
Author:
Joseph T. Salerno
Online Publish Date:
The eighth of ten lectures from Joseph Salerno’s Introduction to Austrian Economic Analysis seminar. Naturally occurring monopolies do not last long. Competition emerges to upset them. The sovereignty of the individual defines the free market. The only monopolies that do persist are those maintained by government interventions. Cartels are not