The Birth of the Austrian School
Menger discovered much more than the principle of marginal utility—he created an entire system of economics based on subjective value and individual choice.
Menger discovered much more than the principle of marginal utility—he created an entire system of economics based on subjective value and individual choice.
This concept of economic calculation is really the foundation of all economic theory, and price theory is the cornerstone of economic calculation.
"The free market and the division of labor does not promote hyper-atomized individuals. It creates social harmony and community."
In contrast to the imaginary way that mainstream economists present value, Austrian economists properly use ordinal rankings to determine value.
Wesley Schlemmer joins Good Money to discuss how Bitcoin Bay is helping Tampa residents convert Bitcoin into real goods and services, including locally raised beef.
Per Bylund joins Bob to discuss his new paper at the QJAE, which points out several flaws in the MMT claim that money is valued in order to pay taxes.
Bud Light executives thought customers wanted the beer to partner with a "transgender" celebrity. Or executives simply didn't care what customers thought. In any case, executives are now paying the price.
Modern Western culture is dominated by demands for "social justice." But how does one even define this term, and does social justice even produce justice in the end?
Other psychic factors being equal, it is to everyone's self-interest to maximize his monetary income on the market. But this maximum income can then be used for either “selfish” or for “altruistic” ends.