Value and Exchange
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1.05. Further Implications: Ends and Values & The Law of Marginal Utility
From Man, Economy, and State. Narrated by Jeff Riggenbach.
The Austrian School in Brief
The Austrian School of economics, also called the Viennese School of economics, was founded by Carl Menger in Vienna during the last third of the 1
Government Paper Money
The world had never seen government paper money until the colonial government of Massachusetts, 1690, writes Murray N. Rothbard (1926–1995).
Human Nature and the “Perfect” Society
Man the producer must have freedom, while man the predator puts limitations on freedom, writes Frank Chodorov (1887–1966).
56. The Gold-Exchange Standard, Not Gold
From Part IV of A History of Money and Banking in the United States: The Colonial Era to World War II: “The Gold-Exchange Standard i
Francis Hutcheson: Teacher of Adam Smith
Hutcheson brought to Scottish philosophy a solid belief in natural rights and in the beneficence of nature, writes Murray N.
Subjective Value and Market Prices
Precisely because value is subjective, voluntary trades are win-win situations. At the same time, market prices are objective measures of wealth, and these allow for rational economic calculation.
‘Objective’ Value and Cost of Production
It was the physiocrats who broke with centuries of sound economic reasoning and contributed to what would become, in the hands of Smith and Ricardo
