Value and Exchange

The Swedish welfare state long ago created a rigid and dysfunctional labor market. But now, the influx of immigrants is highlighting just how poorly the Swedish labor market works.

Rather than a cold estimate of the probability of future returns, the Powerball actually illustrates the subjective theory of value.

In his book Never Let a Serious Crisis Go to Waste, Philip Mirowski correctly diagnoses many problems with neoclassical economics. The reader soon notices, however, that Mirowski doesn't know the difference between Austrian economists and neoliberals.

The world waits to see if next week is finally the week that the Fed announces its rate hike. Can the economy survive whatever small bump the Fed deals out? Perhaps, but that won’t change the inherent instability of our current monetary regime.

The sugar industry and the corny syrup industry have been fighting in court. But don't be fooled. Ultimately, the two industries are happy to help each other out in order to keep their own crony-capitalist arrangements in place.

Nell says that Austrians are too often motivated—and constrained—by the search for free-market conclusions, leading them to neglect both the problems of unregulated markets and the promise of alternative forms of organization.

The true lessons of Thanksgiving are that private property, the market economy, and personal responsibility lead to prosperity, while government intervention makes us all poorer.

Everything in human life is organized around how we make decisions about three things: scarcity, property, and relationships.

Amazon has developed a new way to help people do easy work for a little extra cash. The jobs involve repetitive tasks that computers can't do. But, since the jobs pay below minimum wage, we're told the whole thing should be outlawed.

New York State Attorney General says that fantasy football is just as bad for you as the State Lottery. The lottery is actually much worse!