Using Goods vs. Exchanging Them: Menger Explains the Difference
In a developed economy, the satisfaction of desires can be obtained not only by goods in use, but also by goods in exchange.
In a developed economy, the satisfaction of desires can be obtained not only by goods in use, but also by goods in exchange.
How should we address uncertainty when using NPV calculations? The answer is rooted in the Austrian school of thought rather than neoclassical finance theory.
In a developed economy, the satisfaction of desires can be obtained not only by goods in use, but also by goods in exchange.
Menger discovered much more than the principle of marginal utility—he created an entire system of economics based on subjective value and individual choice.
"The free market and the division of labor does not promote hyper-atomized individuals. It creates social harmony and community."
On the fiftieth anniversary of Nixon's gold shock, The Fiat Standard is an amazing explication of how the West fell to its current state. You don't want to miss this show, especially Saifedean's epic takedown of fiat academia at the end!
The goal of the human economy is to gain greater control over the means of satisfying human needs. We start with the most immediate needs, but thanks to saving and investment, we can move onward and upward from there.