Subjectivism

Recorded at the Mises Institute in Auburn, Alabama, on 20 July 2015.

Many claim that great advances in technology come primarily through government spending on research. In fact, government tech spending crowds out other innovations while favoring certain interest groups at everyone else's expense.

We’re often told that some prices should be high, and some others should be low. But the real goal should not be high prices or low prices, but a price system that communicates what is valued in society.

The rich make new resource-intensive products economically feasible. Those wealthy early-adopters of new products act as mannequins on which new products are draped, increasing demand as producers attempt to bring those products to the mass market.

In recent months, the cry of ‘black power!’ has been heard resounding in the land.

This paper deals with the meaning and the limits of the subjective theory of value. Economists deploy this theory in such various areas as utility, marginalism, knowledge and expectations.

Though little known among the economics establishment during his lifetime, Ludwig M. Lachmann was always widely connected. The range of scholars whom he knew and with whom he communicated was truly impressive.

How rational are humans? Many important implications hinge on this seemingly innocuous question hinge, for not only economists, but all social scientists. 

We examine the strict preference approach to the interpretation of human action and the assertion that a choice cannot be made between actions in which the actor is indifferent to the outcomes.

This short note is a contribution to the solution of the problem of indifference in Austrian economics (“Nozick’s problem”). The problem is divided into two questions: