Subjectivism

In 1871, Carl Menger gave what still is the best explanation of diminishing marginal utility. What was true in 1871 is true today.

Take the entrepreneur out of the picture, Mises said, and the entire market economy grinds to a halt. Peter Klein on why bearing uncertainty is the most fundamental act in economics.

Shawn Ritenour shows how the division of labor turns our inequalities into the glue of society, and why the only way to profit in a market is to serve someone else first.

Jeffrey Herbener builds Austrian price theory from the ground up.

There are several interesting economic lessons to learn from Pokémon cards.

One of the prevailing myths today is the belief that AI can help to “automate” the economy. That is impossible, given that only humans can determine the value of something.

In 1871, the “discovery” of marginal economic analysis soon took a wrong turn, moving towards quantification, data, and mathematics. It is time to “rediscover” the margin, this time the margin as explained by Carl Menger.

In 1871, the “discovery” of marginal economic analysis soon took a wrong turn, moving towards quantification, data, and mathematics. It is time to “rediscover” the margin, this time the margin as explained by Carl Menger.

We are reminded time and again that prices emerge from subjective valuation, not objective criteria.

We are reminded time and again that prices emerge from subjective valuation, not objective criteria.