Factors of Production are economic goods: scarce means used to achieve an individual’s ends. They are land, labor and capital. Each is examined. Incomes are earned by factor owners as production takes place. There is no separated production and distribution.
All action is really exchange. What the actor prefers less is exchanged for something he prefers more, including gift giving. It is a fallacy to say that the goods exchanged have equal value.
What determines market prices? Buyers and sellers must know of feasible trades. They can learn from their mistakes. They prefer higher profits to lower profits. They think in discreet terms. Both participants win in market exchanges.
In this first lecture of a series of lectures covering the basics of applied Austrian economics, Joseph Salerno introduces a number of basic concepts including utility, exchange, psychic cost, choice, value, and marginal utility.
Originally broadcast on the “Liberty Forum” television program, hosted by Michael Probst; Montgomery, Alabama.
Here’s a fantastic video dramatizing the fact that pirates and emperors are really the same thing.
Randall G. Holcombe presents “Entrepreneurship and Economic Progress” at the 2007 Austrian Scholars Conference Authors Forum.
Thomas J. DiLorenzo presents “Lincoln Unmasked” at the 2007 Austrian Scholars Conference Authors Forum.
Maybe I’m the only person in the world who hasn’t seen this, but who can’t be completely riveted by this interview with Ayn Rand?
Presented to Mr. Robert L. Luddy, Founder and President of Captive-Aire Systems, Inc., on 2 March 2007. Includes remarks by Llewellyn H.
