Ownership, Scarcity, and Economic Decision Making
By improving our understanding of scarcity, we can greatly improve our understanding of economics overall.
By improving our understanding of scarcity, we can greatly improve our understanding of economics overall.
This paper elaborates and defends the concept of owner's rent as a return to the technical decision-making function of the owner of the firm. It argues that owner's rent is a return to unhirable labor and is separate and distinct from the profit earned by the owner in his entrepreneurial function as a forecaster of uncertain future market conditions.
This article discusses the changes in Austrian economics stimulated by the Second Socialist Calculation Debate and suggests a direction for future research.
The Economic Theory of Costs contains valuable criticism of the standard neoclassical approach and some original ideas on how to develop causal-realist economics in the Mengerian tradition.
Dr. Salerno discusses his intellectual roots and scholarly work, as well as his funny adventures with Murray Rothbard.
Consumer reviews demonstrate one of the important ways that the market itself provides people with more important information in making purchasing decisions.
What is called economic progress is the effect of an accumulation of capital goods exceeding the increase in population.
Politicians and bureaucrats often fail to deliver what's promised because the very nature of government makes it impossible for them to succeed.
Why are there many firms in the world, and not just one, big mega-corporation? The answer lies in the problem of calculating costs and prices.
Behavioral economics claims it has shown that people behave irrationally — often make mistakes, and have problems with self-control. But is this really irrational behavior?