Prices

One of the fallacies of modern academic neoclassical economics is that we can take cardinal measures of value. Austrian economists, beginning with Carl Menger, know better.

The Austrian School of economics traces its roots to the School of Salamanca in medieval times. The scholastics of Salamanca, in turn, were influenced by the canon jurists from the University of Bologna, demonstrating the rich and historic roots of Austrian economics.

Contrary to anti-freedom myths, "greedy" business owners don't decide what prices will be for goods and services. 

A few years ago, I bought a unique item.

Contrary to anti-freedom myths, "greedy" business owners don't decide what prices will be for goods and services. 

Dr. Jonathan Newman joins Bob to analyze Kamala Harris's proposals against price gouging, and how some mainstream economists defend Government price controls. 

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.