Value and Exchange

In this Mises View, which is an excerpt from a recent seminar lecture, Mark Thornton explains how our standards of living improve through real econ

The modern health insurance industry, a by-product of government regulation and tax policy, has led to a system in which the consumer of medical se

In a free market, entrepreneurs profit by providing something of value that people will voluntarily purchase, writes Hans-Hermann Hoppe.

The television show American Pickers shows many economic concepts in action, such as comparative advantage and specialization and trade, and it also illustrates numerous Austrian insights such as subjective value and the role of the entrepreneur.

Soon you will no longer be able to purchase Switzerland’s finest watches for cash.

The economics profession acknowledges Menger’s place due to his contribution to the Marginalist Revolution in the 1870s, it otherwise ignores him because his theoretical framework does not lend itself to policy prescriptions.

Theorists of the Austrian School have long maintained that every realized price is market-clearing, in sharp contrast to the adherents of the neoclassical mainstream, who view realized prices as constituting a state of disequilibrium with a mismatch between demand and supply. The heart of these theoretical differences lies in the equilibrium constructs used by the members of the two schools of thought in their analysis of price formation.

Using McDonals’s Big Mac as the standard, the US Dollar looks relative firm compared to some other currencies.

Böhm-Bawerk is the most important Austrian economist after Ludwig von Mises.  The author says this on the basis of the fact that his writings provide by far the best and most comprehensive development

The Peace of Westphalia (1648), which closed out the era of wars “of”—or allegedly “about”—religion, established what might