Value and Exchange

Using McDonals’s Big Mac as the standard, the US Dollar looks relative firm compared to some other currencies.

Böhm-Bawerk is the most important Austrian economist after Ludwig von Mises.  The author says this on the basis of the fact that his writings provide by far the best and most comprehensive development

Teaching Microeconomic Principles well, a blend of good pedagogy and good economics, is the professional obligation of many economists. Since such courses are conventionally grounded in neoclassical theory,

In response to Block and Barnett (2012), this paper clarifies some misunderstandings about the concept of transitivity and shows its relation to rationality, asynchronicity of choice

The circular-flow approach is decidedly Neoclassical, and suffers from many problems which traditional Austrians would notice. The circular-flow diagram’s greatest problem is, in fact, its circularity. 

There are two Coase theorems. The simplistic one deals with the unrealistic world of zero transactions costs. The more important one addresses itself to the real world, where transactions costs are positive, 

Hoppe's response to Block’s foregoing criticism of his previously published notes on the subject of preference and indifference in economic analysis, including a summary of agreements and reconstruction of differences.

This short note is a contribution to the solution of the problem of indifference in Austrian economics (“Nozick’s problem”). The problem is divided into two questions:

The times are past in which one could naively teach the cost theory without getting involved in more precise explanations concerning in particular the origin of the value of the cost goods

Mises created an artificial construct, the evenly rotating economy (ERE), from which to ascertain the source of entrepreneurial profit and loss. In particular, the ERE is characterized by two distinct elements.