Value and Exchange

So many to choose from but Scott Trask picks ten of the most glaring economic errors that have bespotted the history of American economic policy.

The concept of diminishing marginal utility is the essential building block of economics. But there is a difference in the way this law is discussed by mainstream economics and the Austrian School.

Immense damage has been done to economic theory by the error of believing the "labor theory of value." Our work is not what gives value to goods and services. It's the other way around.

Because people strive to improve their condition, they exchange goods and, in this sense, they create the necessary conditions for the emergence of prices. Prices are simply an unintended consequence of the human quest to improve one's life.

Because people strive to improve their condition, they exchange goods and, in this sense, they create the necessary conditions for the emergence of prices. Prices are simply an unintended consequence of the human quest to improve one's life.

In a developed economy, the satisfaction of desires can be obtained not only by goods in use, but also by goods in exchange.

How should we address uncertainty when using NPV calculations? The answer is rooted in the Austrian school of thought rather than neoclassical finance theory.

In a developed economy, the satisfaction of desires can be obtained not only by goods in use, but also by goods in exchange. 

Recorded live at Mises University 2021!