Subjective Value Is Not the Same as Arbitrary Value
Why do individuals pay much higher prices for some goods versus other goods? The answer requires understanding the law of diminishing marginal utility.
Why do individuals pay much higher prices for some goods versus other goods? The answer requires understanding the law of diminishing marginal utility.
Interpersonal utility can't be measured. After all, if you can't measure a single person's utility, it makes no sense at all to measure one person's utility against that of another.
Monetary inflation helped bring on the Terror and set French progress back a generation.
Hayek’s last proposal for monetary reform calls for privately issued, competing fiat currencies. It's debatable whether or not this is a good idea.
Bob shows how the movie "A Beautiful Mind" got game theory wrong.
Dr. Robert Murphy joins Jeff Deist to breakdown Rothbard's exposition of money in an Austrian framework.