The television show American Pickers shows many economic concepts in action, such as comparative advantage and specialization and trade, and it also illustrates numerous Austrian insights such as subjective value and the role of the entrepreneur.
Soon you will no longer be able to purchase Switzerland’s finest watches for cash.
The economics profession acknowledges Menger’s place due to his contribution to the Marginalist Revolution in the 1870s, it otherwise ignores him because his theoretical framework does not lend itself to policy prescriptions.
Theorists of the Austrian School have long maintained that every realized price is market-clearing, in sharp contrast to the adherents of the neoclassical mainstream, who view realized prices as constituting a state of disequilibrium with a mismatch between demand and supply. The heart of these theoretical differences lies in the equilibrium constructs used by the members of the two schools of thought in their analysis of price formation.
Using McDonals’s Big Mac as the standard, the US Dollar looks relative firm compared to some other currencies.
Nonetheless, Rothbard and Mises have been criticized by Nozick (1977) and Caplan (1999), for inconsistency in admitting the concept of indifference into economic analysis after all, even if only indirectly.
To analyze the feasibility of applying the Coase Theorem, this article uses two traditional arguments, economic calculation and non-neutral effects, found in the Austrian literature.
Supporters of Kaldor-Hicks believe it useful to have a quantitative measure to assess the efficiency of different situations. Although it may appear convenient to be able to judge policies
In this paper I clarify the long-running debate between Block and Demsetz over the potential impact of psychic income on the Coase Theorem. Each of the protagonists appear to have erred on how to integrate
Transitivity in economics maintains that if a is preferred to b, and b to c, then a must also be preferred to c.
