Human Action and Prices

The Austrian School of Economics has been at the forefront of price theory. Beginning with Carl Menger, the founding patriarch, through others such as, Böhm-Bawerk, Mises, Hayek, Rothbard, Lachmann, Kirzner and more have advanced the theory of prices. It is generally accepted that prices are a function of supply and demand. But, there’s more. Advertisements

Schiff was Right and Wrong

It is apparent that some who advocate for the Austrian School of Economic Theory haven’t quite grasped the basics tenants of Austrianism. One of the basic tenants is the Mengarian theory of subjective value. One of those advocates is none other than Peter Schiff.