Value and Exchange

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Why So Many Scholars Are Wrong About Consumer Psychology

EntrepreneurshipOther Schools of ThoughtValue and Exchange

Blog12/19/2019

The idea that people are driven by fear of losses more than they are by the potential for gain has attained a sort of dogmatic adherence among behavioral economists. But there's a problem: the theory isn't true.

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When Nassim Taleb Channels Ludwig von Mises

Philosophy and MethodologyValue and Exchange

Blog11/28/2019

Jeff Deist pithily describes Taleb’s prose as “Rothbard meets Hayek.” But Taleb shares some ideas in common with Ludwig von Mises as well.

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The Nobel Laureates Are Wrong: Of Course Financial Incentives Matter

Austrian Economics OverviewOther Schools of ThoughtValue and Exchange

Blog11/23/2019

There is a growing drumbeat from some high-profile economists to reassure Americans that large increases in income and wealth taxes won’t distort labor markets. Yet much of their arguments are very misleading.

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Why Austrian School Economists Have a Better Understanding of Goods and Services

Austrian Economics OverviewOther Schools of ThoughtValue and Exchange

Blog10/24/2019

What makes a good a good is not the physical thing itself, but the value we find in it because it is serviceable toward some valued end.

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Markets Rely on Accurate and Honest Information — But Governments Want the Opposite

PricesValue and Exchange

Blog10/03/2019

Market prices reveal critical information about sellers, buyers, and market demand. But government interference in markets substitutes a fake version of reality that leads to impoverishment.

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Do Consumers Know What's Best for Them?

Value and Exchange

Blog08/31/2019

The free-market doctrine does not rest on an assumption that consumers make wise choices. Like the mythical “economic man,” the Perfectly Wise Individual is a straw man created by the critics of the theory.

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Why Socialist Calculation Is Always Impossible

SocialismValue and Exchange

Blog08/28/2019

True economic value begins in the minds of individuals, and only individuals can predict, plan, and act in the marketplace.

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Recycling: Wasting Resources While Claiming to Conserve Them

Bureaucracy and RegulationValue and Exchange

Blog08/02/2019

Recycling isn't free. It requires the use of time and resources, many of which end up wasted. But politicians keep insisting that recycling is always a win-win, even though we have many examples to the contrary.

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Altruism vs. Materialism in Market Exchange

Philosophy and MethodologyValue and Exchange

Blog07/26/2019

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.

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Consumerism? Why People Spend on "Useless" Status Symbols

Value and Exchange

Blog07/23/2019

People buy things that reflect their value systems — values learned in homes and other non-market institutions. Meanwhile, markets don't force anyone to buy anything.

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