How People Determine the Value of a Good
In contrast to the imaginary way that mainstream economists present value, Austrian economists properly use ordinal rankings to determine value.
Value and Exchange
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The Subjective Theory of Value
The starting point for the development of all economic theory is “human action is purposeful behavior.” The following reading is chapter 4 from An Introduction to Austrian Economics by Thomas C. Taylor.
The Laws Governing Goods-Character
The following reading is selected from Principles of Economics, chapter I, “The General Theory of the Good,” by Carl Menger.
The Causal Connections Between Goods
The following reading is selected from Principles of Economics, chapter I, “The General Theory of the Good,” by Carl Menger.
Tampa Group Declares Independence from the Dollar
Wesley Schlemmer joins Good Money to discuss how Bitcoin Bay is helping Tampa residents convert Bitcoin into real goods and services, including locally raised beef.
Do People Value Money Because They Need It to Pay Taxes?
Per Bylund joins Bob to discuss his new paper at the QJAE, which points out several flaws in the MMT claim that money is valued in order to pay taxes.
The Bud Light Boycott and Clueless Corporate Executives
Bud Light executives thought customers wanted the beer to partner with a "transgender" celebrity. Or executives simply didn't care what customers thought. In any case, executives are now paying the price.
Is Social Justice Just? A Review
Modern Western culture is dominated by demands for "social justice." But how does one even define this term, and does social justice even produce justice in the end?
Altruism vs. Materialism in Market Exchange
Other psychic factors being equal, it is to everyone's self-interest to maximize his monetary income on the market. But this maximum income can then be used for either “selfish” or for “altruistic” ends.
Money versus Monetary Policy
We're still living with the consequences of the massive monetary inflation by Trump and Biden. Prices are stubbornly high, and falling real wages are driving Americans to say things are getting worse.
