Value and Exchange

Competition and cooperation and not two things in conflict. They are both essential ingredients in a society based on voluntary action instead of violence.

If the Wal-Mart CEO were to take a $1 salary and the company were to spread that over each of the company's workers, each worker would receive a one-time bonus of $10.

Prices are set by how much people value goods and services. And people value things based on what they think will improve their life and well-being. 

Truckers are paid less now than in the 1970s because government regulators once tightly controlled competition, thus driving up the cost of living for everyone else.

Valuation of businesses must be based on appraisement, investment appraisal, and—terra incognita in Austrian economics—negotiation. Discounted cash flow and "relative valuation" methods are well-suited for negotiation purposes.

Being resentful about a business transaction after the fact isn't the same thing as being exploited or abused.

Dr. Jeffrey Herbener joins The Human Action Podcast for an extended discussion of Mises's seminal work.

Millennials are the focus of everyone’s attention in the housing business.

When Mises noted that a manager is a "junior partner" of the entrepreneur, he did not mean to downplay the role of management in the economy.

By disparaging and ultimately ignoring Say's Law, many scholars have done great damage to economic theory.