Prices

Government officials have the incentive and the ability to manipulate economic statistics. The lesson is: don't be fooled by government statistics.

I heartily await other fortunes that discuss capital theory, interest rates, the business cycle, and perhaps even price controls.

The various sources of error that come into play in the social sciences suggest that the error in economic observations is substantial. Morgenstern shows that the solution of a system of economic mathematical equations or econometric models is, due to the quality of the data, completely devoid of meaning.

Recorded at Mises University 2006.

Prices are by definition determined by peoples' buying and selling or abstention from buying and selling.

This week’s eWeek features an article Micros

There is no debate that inflation is always and everywhere a monetary phenomenon. With the Fed's policy of deliberately manufacturing inflation we are playing with fire.

Barter – direct exchange- is inefficient because of the lack of a double coincidence of wants. Some third medium was sought to solve this. It is called money. Exchanges are not equal, they are win-win, with each party gaining more than he is giving or the exchange would not be made.

Factors of Production are economic goods: scarce means used to achieve an individual’s ends. They are land, labor and capital. Each is examined. Incomes are earned by factor owners as production takes place. There is no separated production and distribution.

What principles determine the formation of prices on the free market? The equilibrium price between supply and demand determines prices according to the value scales of sellers and buyers and their elastic or inelastic positions.