La teoría de los costos no pudo explicar lo que realmente forma los precios puntuales en un día determinado. Los austriacos tenían una teoría mejor. Este fue un avance inequívoco en la ciencia de la economía, análogo a la superioridad de la relatividad de Einstein sobre la mecánica de Newton.
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.
Privacy rests on the assumption that an individual has a right to shut his front door and tell other people (including the government) to mind their own business. This is a presumption of innocence. It is also the bedrock of civil society.
Beauty is something most everyone wants more of. And while there is plenty of handwringing about healthcare not being affordable in the United States, cosmetic surgeons are doing fine, despite the recession. These doctors, by the way, are paid directly by the patient.
The danger looming before the Western world is a possible outcome of the gradual drift of traditionally free-enterprise countries toward a totalitarian concentration of economic power due to reactions to "stagflation."
The first self-conscious school of economic thought developed in France shortly after the publication of Cantillon's <i>Essai</i>. They called themselves "the economists" but later came to be called the "physiocrats," after their prime politico-economical principle: physiocracy (the...