Subjectivism
Social Pressure vs. Consumer Preferences
Anti-capitalists love to claim that consumers don't really have free choice — that advertisers and peers really dictate to others what they should buy. In truth, consumers choose freely, but use others to filter information and simplify the process.
Why It’s Important to Understand “Economic Costs”
The concept of economic cost seems to confuse people. It is not the price you pay for a good, but the reason you pay it.
How Human Action and Human Values Determine Prices
Prices are set by how much people value goods and services. And people value things based on what they think will improve their life and well-being.
Homogeneity, Heterogeneity, the Supply Curve, and Consumer Theory
What does it mean for two goods to be the "same good"? Wysocki and Block argue that Austrian subjectivism leads to the possibility of perfect economic homogeneity or heterogeneity.
The Rejection of Economics
All human action stems from the value judgments of individuals. Economics, properly understood, was never so foolish as to believe that all that people are after is higher incomes and lower prices.
Agree or Disagree? On the Role of Negotiations for the Valuation of Business Enterprises
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.
The Place of Economic Calculation in the Economic Theory of Ludwig von Mises
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.
Ebenezer Scrooge’s Tiresome Crusade against “Consumerism”
Scrooge was wrong, and his Nephew Fred was right. While it's true the benefits of feasting with friends and family can't be calculated in a ledger, that doesn't mean those things have no value.
Positivism and Behaviorism
For the positivist, a man is a machine like an automobile, and the positivist denies to his fellow men the faculty of choosing ends and the means to attain these ends.