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- Search found 32 items for:
- Value and Exchange
- Joseph T. Salerno
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Joseph T. Salerno
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In this introduction to the basics of Austrian-school economic analysis, Joseph Salerno introduces a number of basic concepts including utility, exchange, psychic cost, choice, and marginal value. He also introduces a number of important topics such as Crusoe economics and the water-diamond paradox. Salerno lays the foundation for this series of
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Joseph T. Salerno
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All action is exchange, even forced exchange like slavery, taxes, eminent domain and conscription, where only one party gains. The Law of Marginal Utility tells us how many exchanges will be made. Demand is elastic if when you cut your price, demand goes up. Demand is inelastic when revenues remain strong even though prices have been raised.
Media Asset
Author:
Joseph T. Salerno
Online Publish Date:
In this introduction to the basics of Austrian-school economic analysis, Joseph Salerno introduces a number of basic concepts including utility, exchange, psychic cost, choice, value, and marginal utility. He also introduces a number of important topics such as Crusoe economics and the water-diamond paradox. Salerno lays the foundation for this
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Author:
Joseph T. Salerno
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Exchange is the foundation of the division of labor. Each party to an exchange must expect greater psychic benefit than what he is giving up. Thus, trades are not equal, they are win-win activities. Property and ownership are value-free and a pre-condition of a free market. All exchanges derive from appropriation or production. Social relations
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Joseph T. Salerno
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This completes the study of money and of the effects of changes in monetary relations on the economic system. Like all commodities, money has its own supply and demand and price: purchasing power . Everyone deals in money. The annual production of money is small compared to the total stock of money. Earning money is the name for buying money. The
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Joseph T. Salerno
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From “Choice in Currency: A Path to Sound Money”; the Mises Circle in Vancouver. Recorded 13 September 2008.
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Joseph T. Salerno
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Recorded at the Mises Institute Supporters Summit, 31 October 2008; Auburn, Alabama.
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Author:
Joseph T. Salerno
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1996 Mises Institute Supporters Summit, San Francisco, California; February 9-10, 1996.
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Author:
Joseph T. Salerno
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Presented at the Mises Institute’s first conference, November 16-17, 1983; in Washington, DC.