Bob quotes from David Ricardo to show that the classical economists understood that utility was essential to explaining market value, but then he also explains why the Marginalist Revolution was a scientific advancement.
Prompted by a listener request, Bob gives the standard economic analysis of tariffs and other types of taxes.
What better way to explain the relationship between higher-order and lower-order goods than with food? Here, we look at the falafel sandwich.
What better way to explain the relationship between higher-order and lower-order goods than with food? Here, we look at the falafel sandwich.
Richard Cantillon, whom Austrians consider to be the real father of modern economics, noted that new money creation has uneven effects. Jonathan Newman demonstrates how those effects take place.
Mainstream economists turned climate warriors use cost-of-production methods to determine the “true” social cost of carbon. They appeal to a discredited methodology falsely attributed to medieval Scholastics.
Mainstream economists turned climate warriors use cost-of-production methods to determine the “true” social cost of carbon. They appeal to a discredited methodology falsely attributed to medieval Scholastics.
While F.A. Hayek's famous 1945 essay effectively critiques the "perfect information" hypothesis, it is an inadequate explanation of the issue of economic calculation.
University of Rochester economist Steve Landsburg joins Bob to discuss the abysmal performance of ChatGPT on his undergraduate exam.
Can prices be "wrong" (i.e. in disequilibrium) if they are "sticky?" Jonathan Newman joins Bob to discuss.
