Value and Exchange

"The free market and the division of labor does not promote hyper-atomized individuals. It creates social harmony and community."

Menger discovered much more than the principle of marginal utility—he created an entire system of economics based on subjective value and individual choice.

"We would not expect money to be paper, national, or under the control of any entity."

This concept of economic calculation is really the foundation of all economic theory, and price theory is the cornerstone of economic calculation.

In contrast to the imaginary way that mainstream economists present value, Austrian economists properly use ordinal rankings to determine value.

The following reading is selected from Principles of Economics, chapter I, “The General Theory of the Good,” by Carl Menger.

The starting point for the development of all economic theory is “human action is purposeful behavior.” The following reading is chapter 4 from An Introduction to Austrian Economics by Thomas C. Taylor.

The following reading is selected from Principles of Economics, chapter I, “The General Theory of the Good,” by Carl Menger.

Wesley Schlemmer joins Good Money to discuss how Bitcoin Bay is helping Tampa residents convert Bitcoin into real goods and services, including locally raised beef.

Per Bylund joins Bob to discuss his new paper at the QJAE, which points out several flaws in the MMT claim that money is valued in order to pay taxes.