Value and Exchange

Each physical unit of a means that enters into human action is valued separately.

We think the state is taking only our money, but it is also taking our time.

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.

Many seem to mistakenly think that economic growth has to do with GDP or producing stuff. It does not.

If allowed to function freely, capitalism is hard-wired to distribute resources to as many people as possible at affordable prices. You don't have to be rich to participate in the bounty.

The concept of "productive complements" shows us how capitalists have long sought to make as much use as they can of every part of the materials they use to make goods.

Private entrepreneurs have solved many environmental problems by finding ways to turn garbage into something people were willing to pay for.

Unlike a moralistic schoolmarm or a government, markets do not punish or tax anyone. They merely reflect the choices we make and the values we hold.

The unintended consequences of government regulation lead to even more government coercion.

When people change cities, they are likely to change their consumption patterns — which means a simple cost-of-living index doesn't tell us what it should.