Value and Exchange

Murray Rothbard recounts how during the French and Indian War (1754–63), Americans continued the great tradi­tion of trading with the enemy.

Economists consider probability to be central to economic analysis, but, as Ludwig von Mises wrote, economic action involves unique and purposeful events, not random ones.

The Austrian School of economics isn’t a 20th century or even 19th century creation. Instead, Austrian economics is rooted in the logical thought, as developed by Aristotle and Thomas Aquinas.

The Austrian School of economics isn’t a 20th century or even 19th century creation. Instead, Austrian economics is rooted in the logical thought, as developed by Aristotle and Thomas Aquinas.

The Austrian economics framework shows that subjective valuation is not shown to be arbitrary, but rather purposeful, as people place values on things via a means-end framework.

Losing one’s money, credit cards, and passports in a New York City cab could have been a disaster. Thanks to trust and cooperation among people who didn’t know each other, this story had a happy ending.

When studying praxeology, something as trivial as the recipe for chocolate cake can become a way to better teach us Austrian economics.

When studying praxeology, something as trivial as the recipe for chocolate cake can become a way to better teach us Austrian economics.

Dr. Joe Salerno argues we shouldn't fear falling prices: productivity-driven deflation raises living standards, while “deflation phobia” props up inflation targeting.

Austrian economists differ with the economic mainstream in many ways, but the break on utility theory is especially critical in understanding the split between the two schools of economic thought.