Value and Exchange

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

The supply of money, Rothbard answers, essentially does not matter.

If dollars are things in themselves, why may not everyone manufacture them?

Egalitarians mock Adam Smith's invisible hand as free-market superstition, then explain every billionaire with an invisible hand of their own. Joshua Mawhorter on the luck argument for redistribution.

Build a model no real market could ever match, call it the ideal, then diagnose every real market as a failure for falling short. Jonathan Newman on the equilibrium trap Mises warned against.

A book so dangerous it couldn't be printed: it passed hand to hand in manuscript for twenty-five years. Mark Thornton on the underground text that founded modern economics.

Two of the best American Austrians feuded over a book review, trained no successors, and their school quietly died out. Paul Cwik and Shawn Ritenour on the Austrians you may not know, and the ones we almost lost.

Lolcows, part of the world of internet personalities, would seem well beyond the world of economic analysis. Yet, much of what happens can be explained by the paradigm of Austrian economics.

Lolcows, part of the world of internet personalities, would seem well beyond the world of economic analysis. Yet, much of what happens can be explained by the paradigm of Austrian economics.

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.