Austrian Economics Overview

Presented by Llewellyn H. Rockwell, Jr. at “The Failure of the Keynesian State,” the Mises Circle in Houston, sponsored by Jeremy S.

Price is determined by the equilibrium price and the equilibrium quantity. If your good is not selling, you lower the price. If your goods fly off the shelves you are selling too cheaply and you raise prices.

Why is it that things like bread and water which have high use values are cheap while on the other hand luxury items like diamonds are very expensive? This paradox was not solved until it became understood that people choose only a marginal unit - this loaf or this diamond.

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From The Failure of the “New Economics”. Narrated by Josiah Schmidt.

Costs are always ex ante. There are no such things as social costs or social benefits. Costs are determined by how much entrepreneurs think consumers will pay. Costs are not determined by supply and demand. Nobody waits for costs to raise prices

From The Failure of the “New Economics”. Narrated by Josiah Schmidt.

From The Failure of the “New Economics”. Narrated by Josiah Schmidt.