Value and Exchange

The notion that AI can take over an economy is fantasy. A market economy is not made up of competing algorithms but rather sets of prices that lead to discovery.

Can silver be called a Giffen Good? Probably not, although that fact doesn’t discourage some from looking for the equivalent of a unicorn in economic thinking.

Drawing on Man, Economy, and State, Dr. Jonathan Newman walks through Rothbard's theory of price formation and competition, showing that prices reflect subjective preferences, not seller greed, and that the only consumer-harming monopolies are those created by the state.

A century after Ludwig von Mises exposed the fundamental weakness in the socialist economy, Jesús Huerta de Soto demonstrates why Mises was right and his detractors were wrong. In Friday Philosophy, Dr. David Gordon explains why Huerta de Soto is right.

Contrary to what the Modern Monetary Theory advocates and their Chartalist allies are claiming, the 1690 colonial Massachusetts issuance of fiat money did not create an enlightened moment in U.S. monetary history. Instead, it was a monetary bait-and-switch.

Over the past weekend, from February 12 until February 15, Polymarket—in conjunction with the Food Bank For NYC—organized a pop-up grocery store in

Mainstream economists want us to believe that money gains its value from state decrees. Yet, Austrian economists more than a century ago explained why money has value.

Like so many intellectuals, Hilary Putnam is a good philosopher but a poor judge of good economics. In this week’s Friday Philosophy, Dr. David Gordon dissects Putnam’s confusion between facts and values.

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.