Showing posts with label marginal utility. Show all posts
Showing posts with label marginal utility. Show all posts
Friday, April 11, 2025

TGIF: The Objectively Invaluable Menger

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Many people are uneasy with the free market. I think that's because they subscribe, implicitly if not explicitly, to the labor theory of...
Friday, April 04, 2025

TGIF: The Great Carl Menger

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There can be no doubt among competent historians that if ... the Austrian School has occupied an almost unique position in the development o...
Saturday, August 03, 2013

Bastiat and Subjective Marginal Utility

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Frederic Bastiat really was a precursor of the Austrian school.  Menger was indeed a revolutionary, but that does not mean that no one be...
Monday, April 30, 2012

The Question of Value

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Labor (including mental labor) does not bestow utility on an automobile; consumers do that. Rather, labor bestows utility on the disparate f...
3 comments:
Sunday, February 20, 2011

The Law of Cost, cont’d.

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More from Philip Wicksteed, The Common Sense of Political Economy : We can now see how "cost of production," which is simply ...
3 comments:
Monday, February 14, 2011

The Law of Cost

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For anyone who thinks that costs do not govern value and price, hear Philip Wicksteed, the British "Austrian," thoroughgoing subje...
9 comments:
Tuesday, January 18, 2011

TGIF: Value, Cost, Marginal Utility, and Bohm-Bawerk

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Does cost of production determine price or does price determine cost of production? In the world of economic caricatures, the classical econ...
Saturday, January 08, 2011

Value, Price, and Cost of Production

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[T]he less the material and labor that the production of a jacket costs, the more jackets, of course, can one produce with the means of prod...
6 comments:
Thursday, January 06, 2011

Setting the Price

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Someone once said that economics is about price formation. The price of a reproducible good is set between two boundaries. The upper limit i...
10 comments: