Displaying 71 - 80 of 167

Problems with the Cost Theory of Value

SubjectivismValue and Exchange

05/23/2011Mises Daily Articles
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.

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The Economics of Slushy Drinks

Free MarketsEntrepreneurshipSubjectivism

05/02/2011Mises Daily Articles
At $3 a pop, these little things seem like a rip-off. Yet consumers keep buying under the right conditions: mostly sports events for kids. What's more, competition isn't pushing the price down. Let us see how this all makes sense from an economic point of view.

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The Discovery of the Self: The Theory of Subjective Value

BiographiesSubjectivismValue and Exchange

Menger went on to accomplish a radical break with tradition: a thoroughly individualistic view of humanity and of the world, writes Eugen-Maria Schulak and Herbert Unterköfler. This audio Mises Daily is narrated by Paul Strikwerda.

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Everyone Has the Right to __________

Media and CultureSubjectivism

Social justice actually refers to an intention to use force to acquire one's desires. Not to earn desirable goods by rational thought and action, production and voluntary exchange, but to go in there and forcibly take goods from those who can supply them, writes Ben O'Neill. This audio Mises Daily...

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I Watch Westerns

Media and CulturePhilosophy and MethodologySubjectivism

The characters are rugged individuals — ingenious in their ability to fend for themselves, under all manner of adverse conditions — and asking for help from nobody, writes Frank Chodorov (1887–1966). This audio Mises Daily is narrated by Steven Ng.

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Subjective Value and Market Prices

SubjectivismValue and Exchange

02/07/2011Mises Daily Articles
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.

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Blame the Physiocrats for Objective-Value Theory

History of the Austrian School of EconomicsSubjectivism

01/27/2011Mises Daily Articles
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, a reactionary and obscurantist destruction of the correct analysis of value.

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Why the Definition of Probability Matters

Calculation and KnowledgeSubjectivism

Human beings do not possess a mystical property of "probability" inside them; rather, they always act on their subjective beliefs and values. Probability in the human world is thus merely a measure of man's uncertainty about the subjective beliefs and values that influence the actions of other men...

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