Subjectivism

Social institutions matter most, and they are very wrong now: a huge improvement is possible, and freedom is the answer.

Although Menger is acclaimed primarily for his role in developing what is now known as marginal-utility theory, his writings on methodological individualism, subjective value, and the economic character of goods ("Menger's Law") deserve more attention.

If pushed too far, Cowen's line of thought could lead to an undue subjectivism, in which people's perceptions and classifications, rather than what actually occurs, would be the sole issues of importance.

While mining doesn't have much impact on the gold price, the reverse is not true: the gold price has significant influence on the mining industry.

Market prices turn incomprehensibly complex relationships into very simple ones.

In a market economy, whether it is domestic or international in scope, everyone's standard of living can rise at once.

If the critics are right, then Fowler Foods has missed an opportunity to turn a tidy profit by selling grilled chicken.

It is time for highway privatization, with MADD taking a lead role in this initiative.

Dr. Block is interviewed by Ron Smith, WBAL AM1090, Baltimore, 14 November 2008.

Economics is not about goods and services; it is about the actions of living men.