There is a type of income effect in Austrian or causal-realist price theory, and the difference between neoclassical and Austrian microeconomics is smaller than has been portrayed, says Karl-Friedrich Israel.
Valuation of businesses must be based on appraisement, investment appraisal, and— terra incognita in Austrian economics—negotiation. Discounted cash flow and "relative valuation" methods are well-suited for negotiation purposes.
04/10/2019The Journal of Libertarian StudiesCarl Watner
The radicals advocated the right of the slaves to rebel, either individually or en masse , and to resort to violence in their own self-defense, and to call on those outside the slave system to come to their assistance.
The marginalist revolution posed a fundamental problem for economic theory. Mises’s approach not only solved the problem of economizing resources in a division of labor, but provides a robust framework for economic research.
Bastiat’s great themes — harmony rather than equilibrium, property versus spoliation, and property and value — have been almost completely neglected in professional economic science during the unfortunate twentieth century.