Value and Exchange

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. 

The law of association as espoused by David Ricardo and generalized by Ludwig von Mises cannot directly convey what is at stake in exchanges involving specialization in uncertainty bearing. 

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. 

One of the most important areas in which Cantillon influenced J. B.

Professor Spengler refers to Richard Cantillon as the first of the modems. Professor Tarascio presents him from a current perspective.

The influence of moral philosophy on the rise of laissez faire is a topic that several scholars have examined.

Over the span of one hundred and fifty years, dissatisfaction with one or more of the fundamental postulates of theoretical economics has given imp