The rich make new resource-intensive products economically feasible. Those wealthy early-adopters of new products act as mannequins on which new products are draped, increasing demand as producers attempt to bring those products to the mass market.
In recent months, the cry of ‘black power!’ has been heard resounding in the land.
We examine the strict preference approach to the interpretation of human action and the assertion that a choice cannot be made between actions in which the actor is indifferent to the outcomes.
This short note is a contribution to the solution of the problem of indifference in Austrian economics (“Nozick’s problem”). The problem is divided into two questions:
Ingo Pellengahr’s doctoral dissertation, The Austrian Subjectivist Theory of Interest, focuses on one small aspect of these ongoing debates.
In response to Block and Barnett (2012), this paper clarifies some misunderstandings about the concept of transitivity and shows its relation to rationality, asynchronicity of choice
Boettke, Leeson and Subrick (Boettke and Leeson 2004; Leeson and Subrick 2006) describe institutional robustness as the ability of a given system of social organization to stand up to the test
Transitivity in economics maintains that if a is preferred to b, and b to c, then a must also be preferred to c.
Neoclassical utility functions are an invalid means of analyzing consumer behavior for three reasons: first, and most important, because such functions, and their attendant rankings, are cardinal, not ordinal in nature;
This paper deals with the meaning and the limits of the subjective theory of value. Economists deploy this theory in such various areas as utility, marginalism, knowledge and expectations.
