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.
All action is really exchange. What the actor prefers less is exchanged for something he prefers more, including gift giving. It is a fallacy to say that the goods exchanged have equal value.
What determines market prices? Buyers and sellers must know of feasible trades. They can learn from their mistakes. They prefer higher profits to lower profits. They think in discreet terms. Both participants win in market exchanges.
In this first lecture of a series of lectures covering the basics of applied Austrian economics, Joseph Salerno introduces a number of basic concepts including utility, exchange, psychic cost, choice, value, and marginal utility.
The following thoughts on the current economic and financial environment formed part of a recent commentary sent to our firm’s clients.
Paleolibertarism: Il pensiero di Hans-Hermann Hoppe , by Piero Vernaglione, was published just a few weeks ago in Italian.
What does Mises mean by saying, "The revolt against reason was directed against another target. It did not aim at natural sciences, but at economics"?
Originally broadcast on the “Liberty Forum” television program, hosted by Michael Probst; Montgomery, Alabama.
