Investors and real estate agents often tell people to “buy land, they’re not making any more!” But in truth, land is heterogeneous, and whether or not it increases in value depends on many factors that can transform nearly worthless land into valuable land.
Recorded at the Mises Institute in Auburn, Alabama, on 20 July 2015.
Many claim that great advances in technology come primarily through government spending on research. In fact, government tech spending crowds out other innovations while favoring certain interest groups at everyone else's expense.
We’re often told that some prices should be high, and some others should be low. But the real goal should not be high prices or low prices, but a price system that communicates what is valued in society.
The rich make new resource-intensive products economically feasible. Those wealthy early-adopters of new products act as mannequins on which new products are draped, increasing demand as producers attempt to bring those products to the mass market.
In recent months, the cry of ‘black power!’ has been heard resounding in the land.
Don Bellante discusses the fallacies of government intervention into the labor market, and ho
Neoclassical utility functions are an invalid means of analyzing consumer behavior for three reasons: first, and most important, because such functions, and their attendant rankings, are cardinal, not ordinal in nature;
This paper deals with the meaning and the limits of the subjective theory of value. Economists deploy this theory in such various areas as utility, marginalism, knowledge and expectations.
How rational are humans? Many important implications hinge on this seemingly innocuous question hinge, for not only economists, but all social scientists.
