Prices

The aim of the law should not be to constrict but to maximize price freedom and market freedom.

In that epoch of virtually unchallenged Keynesian ascendancy, Hutt's work was a beacon for those who defended the truth that economics is about the choices and actions of real human beings.

Once public opinion is convinced that the increase in prices will continue, everybody becomes eager to buy as much as possible and to restrict his cash holding to a minimum size. 

The "price" or purchasing power of money is the array of goods and services for which a unit of money can be exchanged.

In the case of both athlete and teacher, the rarity of the skill and the number of people who benefit from the individual determines how much they're paid. 

We're often told that it is too difficult to access healthcare services in America. So why are "certificate of need" laws being enacted making it harder to create new healthcare facilities? 

The prices of goods are not set mechanically by some kind of supply-demand curves but by the goal-seeking choices of individuals.

In contrast to the classical cost (labor) theory of value, the so-called marginal revolution ushered in the modern, subjective theory, whereby market price is determined by the marginal utility of a good.

In contrast to the classical cost (labor) theory of value, the so-called marginal revolution ushered in the modern, subjective theory, whereby market price is determined by the marginal utility of a good.

If the hallmark of conventional economics is unrealistic models, the hallmark of Austrian economics is a profound appreciation of the price system. Prices provide us with critical information about the relative scarcity of goods and services.