Value and Exchange
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Mises on Marginalism
Mises explained how modern value theory shattered the analytical limitations that severely hampered the classical economists.
Subjective-Value Theory
Value is in the eye of the beholder, and hence voluntary trades are win-win activities.
Problems with the Cost Theory of Value
The cost theory could not explain what actually forms spot prices on any given day. The Austrians had a better theory. This was an unambiguous advance in the science of economics, analogous to the superiority of Einsteinian relativity over Newtonian mechanics.
3.01. The Pattern of Indirect Exchange: The Limitations of Direct Exchange
From Man, Economy, and State, narrated by Jeff Riggenbach.
2.02. Types of Interpersonal Action: Voluntary Exchange and the Contractual Society
From Man, Economy, and State, narrated by Jeff Riggenbach.
2.07. Speculation and Supply and Demand Schedules
From Man, Economy, and State, narrated by Jeff Riggenbach.
