Value and Exchange

From the 2006 Supporters Summit: Imperialism: Enemy of Freedom, 27-28 October 2006, Auburn, Alabama.

N.J.

Recorded at Mises University 2006.

Those who wish to use government power to redistribute income in directions they choose (almost everyone, today) must abuse others’ rights, b

In recent years there have been growing complaints over slow growth in wages compared to profits.

One truism has never been successfully challenged: Government interventions lead to a less efficient, less well-ordered society.

Praxeology is a set of conceptual tools about the theory of action. It is the basis of economic theory. Whereas much has been fleshed out about the economics of human action, there is little about the ethics and natural rights of human action.

To combat climate change, we need to break our addiction to consuming oil, while developing countries need to break their addiction to sel

All action is exchange, even forced exchange like slavery, taxes, eminent domain and conscription, where only one party gains. The Law of Marginal Utility tells us how many exchanges will be made.

In this introduction to the basics of Austrian-school economic analysis, Joseph Salerno introduces a number of basic concepts including utility, exchange, psychic cost,  choice, and marginal value.