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.