Value and Exchange

Crystal meth is a horrible drug, but it is also a cheap date, the poor man’s cocaine.

Past expenses incurred during the production of a good are completely irrelevant to the determination of the current price of a good. The market price of a good is determined solely by the relative valuations of goods and money by the buyers and sellers of the good.

Charles, the third Viscount Townshend (1700–1764), has been shamefully neglected by virtually all historians of economic thought.

Recorded at the Mises Circle at Furman Universityon November 13th, 2010.

John Locke, the Protestant Scholastic, was essentially in the hard-money, metallist, anti-inflationist tradition of the Scholastics; his opponents,

If we were to award a prize for “brilliancy” in the history of economic thought, it would surely go to Anne Robert Jacques Turgot, the

Jeffrey Tucker interviews Stephan Kinsella, instructor of the Mises Academy’s forthcoming course, “Rethinking Intellectual Property: Hi

Thomas Mun set forth what would become the standard mercantilist line.

The question of the relation of cost to value is properly only a concrete form of a much more general question — the question of the regular relations between the values of such goods as in causal interdependence contribute to one and the same utility for our well-being.

In the conviction of the inadequacy of the classical political economy, the Austrian economists and the adherents of the historical school agree. But in regard to the final cause of the inadequacy, there is a fundamental difference of opinion that has led to a lively contention over methods.