Value and Exchange

Every person has different goals for himself, which means everyone will value differently the means to attain those ends.

Every person has different goals for himself, which means everyone will value differently the means to attain those ends. No central planner can know these goals and values.

From The Review of Austrian Economics Vol. 1, No. 4, 1987.

Many people think that tipping is a results from stingy employers not paying a "living wage." But tipping solves multiple economic problems while making employers more likely to hire untried workers. 

The term “quid pro quo” has been twisted to now include government handouts and state-mandated exchanges, writes Gary Galles.

The terms "quid pro quo" has been twisted to now include government handouts and state-mandated exchanges, so long as the value of goods trading hands are deemed to be of "equal value." True voluntary exchange, on the other hand, is something quite different. 

Dan Sanchez examines Irwin Schiff's timeless comic book on how savings, innovation, and risk are the building blocks of productivity, progress, and wealth.

This lecture by Jeffrey Herbener was presented at the 2012 Mises University in Auburn, Alabama.

The occasional eruptions of anti-war positions from conservatives and progressives are more a function of what political party controls the White House than of any principled ideological stance. Don't expect sustained opposition to war to come from either side.

In this Mises View, which is an excerpt from a recent seminar lecture, Mark Thornton explains how our standards of living improve through real econ