Value and Exchange

Without the labor theory of value's assumption of a natural price that explains what is “really” going on beneath the veil of supply and demand, there is no mystification involved in capitalist production.

Using a recent Dave Smith interview of Michael Malice as a springboard, Bob elaborates his understanding of anarcho-capitalist principles to the thorny issues of vaccine passports, court rulings, and desegregation of the Old South.

On the one hand, the “no intrinsic value” skeptics are ignoring how Austrians deal with gold, while on the other hand, the “HODL forever” enthusiasts would never allow Bitcoin to become a money.

The assertion that “tax-financed public goods can make us all better off” is just that: an assertion. As Rothbard showed, there is no reason to just assume consumers would pay for these amenities were they not forced to through taxation. 

The assertion that “tax-financed public goods can make us all better off” is just that: an assertion. As Rothbard showed, there is no reason to just assume consumers would pay for these amenities were they not forced to through taxation. 

Centrally planned economies often stick with terrible ideas for many years. But markets can take bad products, learn from them, and turn them into great products that give the public what it wants and needs.

Centrally planned economies often stick with terrible ideas for many years. But markets can take bad products, learn from them, and turn them into great products that give the public what it wants and needs.

It's not that we need to rid ourselves of the baggage of macrostatistics completely. Rather, we need to 1) critically assess whether they are appropriate, if so, 2) for what role, and finally 3) whether they are consistent as a tool we can use to tell the story we want.

Just as central planners cannot know how individuals will value a product or service, so too are central planners unable to calculate or plan for the endless array of risk assessments made by potential victims of covid-19.

With his Principles of Economics Carl Menger not only laid the foundation for the Austrian school itself but for its continuing development to this day.