This article discusses the complementarities between New Institutional Economics and Austrian economics, which can advance our understanding of the relationship between institutions and entrepreneurship.
Contra Marx, Mises understood that human desires and needs are not determined merely by biology.
Interpersonal utility can't be measured. After all, if you can't measure a single person's utility, it makes no sense at all to measure one person's utility against that of another.
Contra Marx, Mises understood that human desires and needs are not determined merely by biology.
Mises thought that social cooperation through the free market resulted in peace and prosperity, regardless of whether people or societies accepted this or not.
Some people use the concept of negative externalities to argue for government to force people toward "what is best for them." An example of this is the call for a consumption tax.
A given goal dictates the specific means that an individual will choose for the attainment of that end. People make choices that they think will help them achieve an end.
Some anti-Brexit pundits tried to frame the Brexit debate as one of savvy economics-minded people against economic illiterates. These people missed the point.
