Prices

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.

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.

Jeff Booth says that fast-improving technology causes prices to fall, and that we would have a more prosperous world if government would step aside and embrace deflation rather than fight it.

Dr. Robert Murphy joins Jeff Deist to breakdown Rothbard's exposition of money in an Austrian framework.