Value and Exchange

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Rothbard's Underappreciated Contributions to Public Goods Analysis

Taxes and SpendingSubjectivismValue and Exchange

The assertion that “tax-financed public goods can make us all better off” is just that: an assertion. As Rothbard showed, there is no reason to just assume consumers would pay for these amenities were they not forced to through taxation. 

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How Markets Turn Lousy Products into Great Ones

CoordinationThe EntrepreneurValue and Exchange

Blog02/09/2021

Centrally planned economies often stick with terrible ideas for many years. But markets can take bad products, learn from them, and turn them into great products that give the public what it wants and needs.

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Unintended Consequences: Some Problems with National Income Accounting

Value and Exchange

Blog01/20/2021

It's not that we need to rid ourselves of the baggage of macrostatistics completely. Rather, we need to 1) critically assess whether they are appropriate, if so, 2) for what role, and finally 3) whether they are consistent as a tool we can use to tell the story we want.

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Carl Menger and the Sesquicentennial Founding of the Austrian School

History of the Austrian School of EconomicsPraxeologyValue and Exchange

Blog01/14/2021

With his Principles of Economics Carl Menger not only laid the foundation for the Austrian school itself but for its continuing development to this day.

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Covid-19 and the Socialist Calculation Problem

Value and Exchange

Blog01/13/2021

Just as central planners cannot know how individuals will value a product or service, so too are central planners unable to calculate or plan for the endless array of risk assessments made by potential victims of covid-19. 

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Subjective Value Is Not the Same as Arbitrary Value

Value and Exchange

Blog01/05/2021

Why do individuals pay much higher prices for some goods versus other goods? The answer requires understanding the law of diminishing marginal utility. 

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The Problem of Measuring the Utility Gained from Taxes

Philosophy and MethodologySubjectivismValue and Exchange

Blog12/04/2020

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. 

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How Modern Economics Has Lost Its Way: It's All About the "Unseen"

Bureaucracy and RegulationValue and Exchange

Blog05/19/2020

The difference between modern economics and proper economic thinking lies in taking the step that comes after arriving at the "unseen," to the "unrealized."

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Money Velocity and Prices

Production TheoryValue and Exchange

Blog05/09/2020

Prices and purchasing power are determined by how individual consumers value goods and services. The "velocity of money" won't help us understand prices or the money supply.

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What Is the Good Entrepreneur to Do?

The EntrepreneurValue and Exchange

Blog04/04/2020

Some anticapitalists have tried to claim "good" entrepreneurs don't make profit the primary goal. Yet, without profit, an entrepreneur cannot serve the people who depend on him or her for goods and services.

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