This note has shown that the possibility of the income effect of a price change is implied by the Misesian pure logic of choice. This note has not assumed that our individual must consume more than four loaves of bread to survive.
The law of one price is one of the most basic laws of economics and yet it is a law observed in the breach. That a given commodity can have only one price, except for the briefest of disequilibrium transitions
Gary G.
Lawrence H. White
Morgan O. Reynolds discusses W. H.
Recorded at the Mises Institute in Auburn, Alabama, on 21 July 2014.
Jeff Deist discusses how the Fed creates a perilous landscape in which there is no honest pricing—everything has been distorted—even at the consumer level.
The cut-wages-through-inflation strategy is part of Krugman’s heads-I-win-tails-you-lose way of arguing.
Distrust nominal prices; they will only land you in an inextricable labyrinth.
Two questions as we go to the marketplace: whether or not to exchange, and if so, on what terms.
