Value and Exchange

The labor theory of value cannot explain the price of a single commodity. Can it, however, explain the pattern of such prices? No.

Life is a series of choices by which we seek to exchange something we have for something we prefer.

Today’s worldwide fiat-money regime has effects that extend beyond what most people would imagine, writes Thorsten Polleit.

Devaluation means monetary expansion. The resulting bubble is misinterpreted as the success of devaluation. There ensues a disastrous race to the bottom.

According to the prejudice of many thinkers, "science is measurement."

This lecture was presented on 22 February 2012 as part of the the Mises Academy 

Austrians understand that state intervention in the monetary system is an abuse.

Benjamin Anderson was among a handful of economists who set out to integrate monetary theory into a general theory of value. At last his treatise is back in print. 

There is no necessary connection between the value of present consumer goods and the value of currently available capital goods.