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.
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.
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.
Presented at the Mises Circle in Southern California on 6 May 2006 in Costa Mesa, California.
Bettina-Bien Greaves took careful notes during Ludwig von Mises's New York seminars. Whenever he made a comment that suggested research paper or book, she jotted it down on a note card.
Murray Newton Rothbard (1926–1995) was one of the most important thinkers of the twentieth century.
