Value and Exchange

As Mises knew, economics "concerns everyone and belongs to all" — and this definitely includes business owners. 

The purpose of economic science is not to resolve all social problems, nor does it have appropriate tools for this. 

Thanks to markets, our unchanging desires are being satisfied more and more effectively over time.

If the "pay gap" narrative were true, "greedy" employers would hire more women to get the same work done at lower wages.

Noah Smith has written yet another "popular" column challenging established economics assumptions. But he's really only appealing to his reader's established biases.

Notwithstanding its endorsement by Mises, many modern Austrians reject the notion of consumer sovereignty as an inaccurate political metaphor. 

Mises stressed the primacy of consumer preferences in the determination of precisely which kinds of goods will be produced with society's scarce resources. 

Newspapers apparently have a very high opinion of the quality of the product they're turning out. Many consumers seem to disagree. 

Forcing people to wait days in a line to buy your product may not be the most efficient way to distribute goods.