Value and Exchange

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A Medical Revolt Is Coming

CapitalismEconomic FreedomInterventionismPricesValue and Exchange

Blog05/17/2022

The absence of market discipline in medicine cannot last. Governments and the medical cartel have successfully used fear to maintain control.  Fear has kept the masses from rising up. Until now. 

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Are Equal Pay Arguments Based upon the Labor Theory of Value?

Free MarketsLabor and WagesPraxeologyValue and Exchange

Blog04/19/2022

Arguments for equal pay are popular in our body politic, but what happens if some of those arguments are based upon the faulty logic of the labor theory of value?

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Why Gold Is More Expensive than Bread

Value and Exchange

Blog02/05/2022

The concept of diminishing marginal utility is the essential building block of economics. But there is a difference in the way this law is discussed by mainstream economics and the Austrian School.

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Leaving behind the Labor Theory of Value

Value and Exchange

Blog11/16/2021

Immense damage has been done to economic theory by the error of believing the "labor theory of value." Our work is not what gives value to goods and services. It's the other way around.

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Where Prices Come From: Menger Explains

Value and Exchange

Blog08/24/2021

Because people strive to improve their condition, they exchange goods and, in this sense, they create the necessary conditions for the emergence of prices. Prices are simply an unintended consequence of the human quest to improve one's life.

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Using Goods vs. Exchanging Them: Menger Explains the Difference

Value and Exchange

Blog08/07/2021

In a developed economy, the satisfaction of desires can be obtained not only by goods in use, but also by goods in exchange. 

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What Is the Purpose of the Economy? Carl Menger Explains.

Value and Exchange

Blog07/15/2021

The goal of the human economy is to gain greater control over the means of satisfying human needs. We start with the most immediate needs, but thanks to saving and investment, we can move onward and upward from there. 

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Carl Menger Explains the Nature of Goods

Value and Exchange

Blog07/14/2021

Menger's contribution is famous beyond Austrian economics, because it was one of the fundamental works of the subjective value theory and of marginal analysis. 

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People Change Their Minds. That Doesn't Make Them Irrational.

SubjectivismValue and Exchange

Blog06/16/2021

Human beings do not have constant value scales, but change their goals constantly as the world around them changes. This habit of changing goals does not make a consumer "irrational."

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Why the Misuse of the Word "Efficiency" Is Such a Problem

Value and Exchange

Blog05/21/2021

"Efficiency" has largely been demoted from a useful term of analysis and insight to little more than another warning that the government is about to rip you off with another redistribution scheme. 

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