Austrian Economics Overview

Why is it that things like bread and water which have high use values are cheap while on the other hand luxury items like diamonds are very expensive? This paradox was not solved until it became understood that people choose only a marginal unit - this loaf or this diamond.

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From The Failure of the “New Economics”. Narrated by Josiah Schmidt.

From The Failure of the “New Economics”. Narrated by Josiah Schmidt.

Rothbard continues the Crusoe analogy. He covers subjectivity of value, and the concept of marginal utility.

From The Failure of the “New Economics”. Narrated by Josiah Schmidt.

The entrepreneur is the major risk bearer. Business return on capital is long run profits or losses. Real rate of interest is determined by time preferences. Government contracts are cost plus. Medical costs are higher because supply is so restricted by government intervention.

From The Failure of the “New Economics”. Narrated by Josiah Schmidt.