In the history of money, bartering was awkward because wants were not divisible. Direct exchange depended upon a double coincidence of wants. Demand for a medium of exchange grew until a general medium of exchange emerged, like gold and silver.
In If Men Were Angels Robert Higgs analyzes James Madison’s famous pass
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.
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.
Robert Nozick, 1938-2002, was a professor at Harvard whose best known book is Anarchy, State, and Utopia (1974) – a libertarian answer to Rawls’ A Theory of Justice (1971). Murray Rothbard, 1926-1995, wrote The Ethics of Liberty as his main political philosophy work.
John Rawls, 1921-2002, was the most influential figure among American philosophers. His first, and main, work, A Theory of Justice (1971), made him famous. It aimed to resolve the seemingly competing claims of freedom and equality.
John Stuart Mill, 1806-1873, was the most famous classical liberal. Herbert Spencer, 1820-1903, was a prominent classical liberal political theorist of the Victorian era. Lysander Spooner, 1808-1887, was an American individualist anarchist and abolitionist.
Jean-Jacques Rousseau, 1712-1778, influenced the French Revolution with his political philosophy and his social contract theory. The perspective of many of today’s environmentalists can be traced back to Rousseau, espousing that all degenerates in man’s hands. The Social Contract (1972), his most important work, outlines the basis for a legitimate political order within a framework of classical republicanism.
