Value and Exchange

“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.

The starting point for the development of all economic theory is “human action is purposeful behavior.” The following reading is chapter 4 from An Introduction to Austrian Economics by Thomas C. Taylor.

The following reading is selected from Principles of Economics, chapter I, “The General Theory of the Good,” by Carl Menger.

The following reading is selected from Principles of Economics, chapter I, “The General Theory of the Good,” by Carl Menger.

Wesley Schlemmer joins Good Money to discuss how Bitcoin Bay is helping Tampa residents convert Bitcoin into real goods and services, including locally raised beef.