Carl Menger Explains the Nature of Goods
Menger's contribution is famous beyond Austrian economics, because it was one of the fundamental works of the subjective value theory and of marginal analysis.
Menger's contribution is famous beyond Austrian economics, because it was one of the fundamental works of the subjective value theory and of marginal analysis.
Human beings do not have constant value scales, but change their goals constantly as the world around them changes. This habit of changing goals does not make a consumer "irrational."
"Efficiency" has largely been demoted from a useful term of analysis and insight to little more than another warning that the government is about to rip you off with another redistribution scheme.
Do huge wealth redistribution schemes like Biden's new plan actually make people better off? Some people will get a net benefit. How numerous are they? How many millions will take a net loss? The government has no idea.
Do huge wealth redistribution schemes like Biden's new plan actually make people better off? Some people will get a net benefit. How how numerous are they? How many millions will take a net loss? The government has no idea.
The Marxist concept of exploitation arises from a deep question Marx asked: Why do capitalists earn interest?
Without the labor theory of value's assumption of a natural price that explains what is “really” going on beneath the veil of supply and demand, there is no mystification involved in capitalist production.
Using a recent Dave Smith interview of Michael Malice as a springboard, Bob elaborates his understanding of anarcho-capitalist principles to the thorny issues of vaccine passports, court rulings, and desegregation of the Old South.
On the one hand, the “no intrinsic value” skeptics are ignoring how Austrians deal with gold, while on the other hand, the “HODL forever” enthusiasts would never allow Bitcoin to become a money.
The assertion that “tax-financed public goods can make us all better off” is just that: an assertion. As Rothbard showed, there is no reason to just assume consumers would pay for these amenities were they not forced to through taxation.