Value and Exchange

Presented at Mises University 2018.

Despite its great appeal because of its simplicity, the supply-demand graphic as employed by mainstream economics is a tool that is detached from the facts of reality.

The division of labor is what made the West rich and has kept it rich. It's telling that Marx planned to abolish the division of labor altogether.

The prices of goods are not set mechanically by some kind of supply-demand curves but by the goal-seeking choices of individuals.

Workplace raids against employers of non-government-approved workers make a mockery of private property rights.

This article offers an entirely realistic account of equilibrium analysis, thus closing a disturbing gap in economic science.  Human choice involves a dichotomy of success and failure.

As Mises knew, economics "concerns everyone and belongs to all" — and this definitely includes business owners. 

The purpose of economic science is not to resolve all social problems, nor does it have appropriate tools for this. 

Thanks to markets, our unchanging desires are being satisfied more and more effectively over time.

If the "pay gap" narrative were true, "greedy" employers would hire more women to get the same work done at lower wages.