Subjectivism

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Robert P. Murphy

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.

Robert P. Murphy

Precisely because value is subjective, voluntary trades are win-win situations. At the same time, market prices are objective measures of wealth, and these allow for rational economic calculation.

Murray N. Rothbard

It was the physiocrats who broke with centuries of sound economic reasoning and contributed to what would become, in the hands of Smith and Ricardo, a reactionary and obscurantist destruction of the correct analysis of value.

Mark R. Crovelli
Human beings do not possess a mystical property of “probability” inside them; rather, they always act on their subjective beliefs and values. Probability in the human world is thus merely a measure of man’s uncertainty about the subjective beliefs and values that influence the actions of other men.