Adam Smith and Karl Marx’s basic and monumental (in consequences) error
What could these two thinkers, considered to be opposites, have in common?
Value and Exchange
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Is the Open Source Movement Libertarian?
Yesterday the president of the Open Source Initiative attempted to show how the philosophy underscorin
1. Scarcity, Choice, and Value
In this first lecture of a series of lectures covering the basics of applied Austrian economics, Joseph Salerno introduces a number of basic concepts including utility, exchange, psychic cost, choice, value, and marginal utility.
