Value and Exchange

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.

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. 

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?

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.

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.

Money is simple. The political program of monetary "policy" is not.

The roots of Austrian economics go back to the great theologian Saint Thomas Aquinas, whose view of what constitutes a good was a prototype of Menger's pathbreaking theory of the good.

The roots of Austrian economics go back to the great theologian Saint Thomas Aquinas, whose view of what constitutes a good was a prototype of Menger's pathbreaking theory of the good.

Contrary to myth, businesses can't just set prices at whatever level they want. "Greedy" capitalists can ask for higher prices, but prices mean little if people are unable or unwilling to pay them.

Standard neoclassical definitions of money call it a means of exchange and a store of value. But is this correct?