Prices

In contrast to the classical cost (labor) theory of value, the so-called marginal revolution ushered in the modern, subjective theory, whereby market price is determined by the marginal utility of a good.

If the hallmark of conventional economics is unrealistic models, the hallmark of Austrian economics is a profound appreciation of the price system. Prices provide us with critical information about the relative scarcity of goods and services.

If the hallmark of conventional economics is unrealistic models, the hallmark of Austrian economics is a profound appreciation of the price system. Prices provide us with critical information about the relative scarcity of goods and services.

Jeff Booth says that fast-improving technology causes prices to fall, and that we would have a more prosperous world if government would step aside and embrace deflation rather than fight it.

Dr. Robert Murphy joins Jeff Deist to breakdown Rothbard's exposition of money in an Austrian framework.

Dr. Marion Mass and Dr. Rupali Chadha join the show to discuss the role of middlemen in healthcare, and how the recent White House executive order to eliminate middlemen will change the healthcare landscape.

George Reisman talks with Bob Murphy and shares anecdotes about his experiences with Mises and Rand.

All price changes have real effects on demand for goods, and therefore alter goods' prices relative to one another. For this reason changes in the money supply can't fail to affect resource allocation.

We need both prices and entrepreneurs to have a functioning and prosperous marketplace. Under socialism, though, we have none of the above.

AOC and Paul Krugman are wrong: we can't just pay people money to stay home and expect "stuff" to materialize around us. Dr. Shawn Ritenour shows how Man, Economy, and State explains why.