Value and Exchange

Robert Murphy explains how traders make money in a world of uncertainty and diabolical risk.

Robert Murphy explains how traders make money in a world of uncertainty and diabolical risk.

In contrast to the imaginary way that mainstream economists present value, Austrian economists properly use ordinal rankings to determine value.

Recorded at the Mises Institute on 27 July 2023.

“Our civilization is inseparably linked with our methods of economic calculation."

"We would not expect money to be paper, national, or under the control of any entity."

"The free market and the division of labor does not promote hyper-atomized individuals. It creates social harmony and community."

This concept of economic calculation is really the foundation of all economic theory, and price theory is the cornerstone of economic calculation.

Menger discovered much more than the principle of marginal utility—he created an entire system of economics based on subjective value and individual choice.

In contrast to the imaginary way that mainstream economists present value, Austrian economists properly use ordinal rankings to determine value.