Because people strive to improve their condition, they exchange goods and, in this sense, they create the necessary conditions for the emergence of prices. Prices are simply an unintended consequence of the human quest to improve one's life.
In a developed economy, the satisfaction of desires can be obtained not only by goods in use, but also by goods in exchange.
How should we address uncertainty when using NPV calculations? The answer is rooted in the Austrian school of thought rather than neoclassical finance theory.
In a developed economy, the satisfaction of desires can be obtained not only by goods in use, but also by goods in exchange.
"The free market and the division of labor does not promote hyper-atomized individuals. It creates social harmony and community."
Menger discovered much more than the principle of marginal utility—he created an entire system of economics based on subjective value and individual choice.
On the fiftieth anniversary of Nixon's gold shock, The Fiat Standard is an amazing explication of how the West fell to its current state. You don't want to miss this show, especially Saifedean's epic takedown of fiat academia at the end!
