Prices

Displaying 1 - 10 of 483

How the Covid Crisis Exposed the Absurdity of "Certificates of Need"

Bureaucracy and RegulationHealthPrices

Blog01/26/2021

We're often told that it is too difficult to access healthcare services in America. So why are "certificate of need" laws being enacted making it harder to create new healthcare facilities? 

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"Equilibrium Prices" and Real Prices

Prices

Blog12/14/2020

The prices of goods are not set mechanically by some kind of supply-demand curves but by the goal-seeking choices of individuals.

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A Critique of the Labor Theory of Value

Prices

Blog10/10/2020

In contrast to the classical cost (labor) theory of value, the so-called marginal revolution ushered in the modern, subjective theory, whereby market price is determined by the marginal utility of a good.

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The Core of Austrian Theory

Prices

If the hallmark of conventional economics is unrealistic models, the hallmark of Austrian economics is a profound appreciation of the price system. Prices provide us with critical information about the relative scarcity of goods and services.

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Why "Price Stability" Policies Fail

InflationPrices

Blog08/17/2020

All price changes have real effects on demand for goods, and therefore alter goods' prices relative to one another. For this reason changes in the money supply can't fail to affect resource allocation.

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Why We Need Entrpreneurs and Market Prices for a Healthy Economy

SocialismPrices

Blog08/11/2020

We need both prices and entrepreneurs to have a functioning and prosperous marketplace. Under socialism, though, we have none of the above.

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Does the Free Market Corrupt People?

Free MarketsPhilosophy and MethodologyPrices

Blog06/19/2020

Michael Sandel doesn't like capitalism. But he can't seem to manage an economic argument for why. He's content to claim that capitalism is morally corrupting, converting anticapitalism into a sort of pseudoreligious faith.

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The Quantity Theory of Money and the Equation of Exchange

InflationOther Schools of ThoughtPrices

Bad theories have a long life in the social sciences, and the crude quantity theory of money is one that refuses to go away.

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Defining "Inflation" Correctly

InflationPricesProduction Theory

Blog05/30/2020

The real problem with inflation, properly understood is that it is essentially a wealth transfer away from the most productive parts of the economy. This causes bubbles and economic fragility.

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Why an Economy Can't Work without Market Prices

Calculation and KnowledgePrices

Blog05/21/2020

Prices determined in the marketplace are absolutely essential to a functioning economic system.  This is no less true if today's property was redistributed unjustly in the past. Market prices today are the path to recovery.

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