The “Mystery” of the Endowment Effect
Mainstream economists are puzzled by the endowment effect, demonstrating the inability of formal economics to explain what drives human action.
Subjectivism
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Clarifying Subjective Valuation
Freedom is not an endless battlefield of <i>caveat emptor</i>, where the bodies of the uninformed masses are stacked ten high, walletless and decapitated.
Subjective Value and Market Prices
Recorded at Mises University 2011. Includes an introduction by Mark Thornton.
In Defense of Tomb Robbing
The grave robber joins the bootlegger, the gunrunner, the drug dealer, and the ivory poacher as another phony criminal created by laws that shouldn
Subjective-Value Theory
Value is in the eye of the beholder, and hence voluntary trades are win-win activities.
Problems with the Cost Theory of Value
The cost theory could not explain what actually forms spot prices on any given day. The Austrians had a better theory. This was an unambiguous advance in the science of economics, analogous to the superiority of Einsteinian relativity over Newtonian mechanics.
The Economics of Slushy Drinks
At $3 a pop, these little things seem like a rip-off. Yet consumers keep buying under the right conditions: mostly sports events for kids. What's more, competition isn't pushing the price down. Let us see how this all makes sense from an economic point of view.
The Discovery of the Self: The Theory of Subjective Value
Menger went on to accomplish a radical break with tradition: a thoroughly individualistic view of humanity and of the world, writes Eugen-Maria Sch
