Using Goods vs. Exchanging Them: Menger Explains the Difference
In a developed economy, the satisfaction of desires can be obtained not only by goods in use, but also by goods in exchange.
Value and Exchange
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The Division of Labor and Social Order
"The free market and the division of labor does not promote hyper-atomized individuals. It creates social harmony and community."
Subjective Value and Market Prices
This concept of economic calculation is really the foundation of all economic theory, and price theory is the cornerstone of economic calculation.
The Birth of the Austrian School
Menger discovered much more than the principle of marginal utility—he created an entire system of economics based on subjective value and individual choice.
The Fiat Standard with Dr. Saifedean Ammous
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!
What Is the Purpose of the Economy? Carl Menger Explains.
The goal of the human economy is to gain greater control over the means of satisfying human needs. We start with the most immediate needs, but thanks to saving and investment, we can move onward and upward from there.
Carl Menger Explains the Nature of Goods
Menger's contribution is famous beyond Austrian economics, because it was one of the fundamental works of the subjective value theory and of marginal analysis.
People Change Their Minds. That Doesn’t Make Them Irrational.
Human beings do not have constant value scales, but change their goals constantly as the world around them changes. This habit of changing goals does not make a consumer "irrational."
