Subjectivism

All human action stems from the value judgments of individuals. Economics, properly understood, was never so foolish as to believe that all that people are after is higher incomes and lower prices.

The marginalist revolution posed a fundamental problem for economic theory. Mises’s approach not only solved the problem of economizing resources in a division of labor, but provides a robust framework for economic research.

Scrooge was wrong, and his Nephew Fred was right. While it's true the benefits of feasting with friends and family can't be calculated in a ledger, that doesn't mean those things have no value.

For the positivist, a man is a machine like an automobile, and the positivist denies to his fellow men the faculty of choosing ends and the means to attain these ends.

Those who oppose "consumerism" contend it is wrong to give consumers what they want if they want the wrong things.

Gentrification gets bad press. It would appear that the gentrifier (he who engages in gentrification) is a malign exploiter, a bully, someone who takes advantage of the weak and the poor. And these are the nice things said about him.

Contrary to the Austrian community’s former perception, we revealed value investing’s incompatibility with Austrian economics

Presented at Mises University 2018.

The prices of goods are not set mechanically by some kind of supply-demand curves but by the goal-seeking choices of individuals.

Thanks to markets, our unchanging desires are being satisfied more and more effectively over time.