The Division of Labor and Social Order
"The free market and the division of labor does not promote hyper-atomized individuals. It creates social harmony and community."
"The free market and the division of labor does not promote hyper-atomized individuals. It creates social harmony and community."
In contrast to the imaginary way that mainstream economists present value, Austrian economists properly use ordinal rankings to determine value.
Wesley Schlemmer joins Good Money to discuss how Bitcoin Bay is helping Tampa residents convert Bitcoin into real goods and services, including locally raised beef.
Per Bylund joins Bob to discuss his new paper at the QJAE, which points out several flaws in the MMT claim that money is valued in order to pay taxes.
Bud Light executives thought customers wanted the beer to partner with a "transgender" celebrity. Or executives simply didn't care what customers thought. In any case, executives are now paying the price.
Modern Western culture is dominated by demands for "social justice." But how does one even define this term, and does social justice even produce justice in the end?
Other psychic factors being equal, it is to everyone's self-interest to maximize his monetary income on the market. But this maximum income can then be used for either “selfish” or for “altruistic” ends.
We're still living with the consequences of the massive monetary inflation by Trump and Biden. Prices are stubbornly high, and falling real wages are driving Americans to say things are getting worse.
Money is simple. The political program of monetary "policy" is not.
The roots of Austrian economics go back to the great theologian Saint Thomas Aquinas, whose view of what constitutes a good was a prototype of Menger's pathbreaking theory of the good.