7.02. Determination of the Discounted Marginal Value Product
From Man, Economy, and State, narrated by Jeff Riggenbach.
Value and Exchange
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McDonald’s as the Paradigm of Progress
This great company keeps reinventing itself to serve the public: real people, not abstractions, writes Jeffrey A. Tucker.
Mises on Marginalism
Mises explained how modern value theory shattered the analytical limitations that severely hampered the classical economists.
Subjective-Value Theory
Value is in the eye of the beholder, and hence voluntary trades are win-win activities.
Problems with the Cost Theory of Value
The cost theory could not explain what actually forms spot prices on any given day. The Austrians had a better theory. This was an unambiguous advance in the science of economics, analogous to the superiority of Einsteinian relativity over Newtonian mechanics.
3.01. The Pattern of Indirect Exchange: The Limitations of Direct Exchange
From Man, Economy, and State, narrated by Jeff Riggenbach.
