Value and Exchange

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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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The Fundamental Economic Problem with Biden's Rescue Plan

Political TheoryValue and Exchange

Blog04/30/2021

Do huge wealth redistribution schemes like Biden's new plan actually make people better off? Some people will get a net benefit. How how numerous are they? How many millions will take a net loss? The government has no idea.

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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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