Subjective Value and Market Prices

Jeffrey Herbener builds Austrian price theory from the ground up—starting with the single acting person weighing ends against means, and arriving at Mises’s calculation argument. Value is purely subjective, he shows, so no producer can gauge whether he’s serving consumers well by feeling alone. What makes economizing across a division of labor possible is money prices—and the profit-and-loss accounting they enable.

Recorded at the Mises Institute in Auburn, Alabama, on July 20, 2025.

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