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- Austrian Economics Overview
- Peter G. Klein
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Peter G. Klein
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Recorded at the 2003 Supporters Summit: Prosperty, War, and Depression . (29:32)
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Author:
Peter G. Klein
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From the 2006 Supporters Summit: Imperialism: Enemy of Freedom, 27-28 October 2006, Auburn, Alabama.
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Author:
Peter G. Klein
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What determines market prices? Buyers and sellers must know of feasible trades. They can learn from their mistakes. They prefer higher profits to lower profits. They think in discreet terms. Both participants win in market exchanges. Prices allocate resources to their highest uses. It is welfare-maximizing in any meaningful way. Prices are
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Peter G. Klein
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Factors of Production are economic goods: scarce means used to achieve an individual’s ends. They are land, labor and capital. Each is examined. Incomes are earned by factor owners as production takes place. There is no separated production and distribution. Consumer goods and producer goods are subjectively determined by how they are used. Factor
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Peter G. Klein
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Causal-realist analysis allows imaginary constructs like the ERE — Evenly Rotating Economy — in order to isolate certain factors like interest. There would be no profit or loss in the ERE, because those can only exist under conditions of uncertainty. Klein explains profit as a category, not a line item. The entrepreneur’s function is to
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Author:
Peter G. Klein
Online Publish Date:
Competition can mean rivalry or freedom. All firms must serve the preferences of consumers in order to exist. Monopoly has historically been an artificial privilege granted by the state. Monopolies do not last for long in free markets unless maintained by government interventions. Antitrust policies were generally not demanded by consumers, but