Prices

"The problems of poor relief are problems of the arrangement of consumption, not of the arrangement of production activities."

There is a type of income effect in Austrian or causal-realist price theory, and the difference between neoclassical and Austrian microeconomics is smaller than has been portrayed, says Karl-Friedrich Israel.

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.

This Christmas, countless workers will profit when others spend freely on "unnecessary" luxury goods.

The unintended consequences of government regulation lead to even more government coercion.

If local prices are sending the message that everything's perfectly normal, residents may be overly optimistic about the risks they face during natural disasters.

Even if everyone were totally charitable, we still could not build a complex economy without the price mechanism provided by markets.

The challenge from now on for OPEC and for oil producers is not to seek artificial price inflation, but to improve efficiency. 

The purpose of economic science is not to resolve all social problems, nor does it have appropriate tools for this. 

The crude oil “daisy chain” reseller boom is just one example of the absurdity of the 1970s price controls on the oil and gas sector.