Over the years, economics has taken on many different roles than the intended scientific discipline of human action. The study of economics has been broken up into separate, and often competing “schools” of thought. Specifically, the understanding of what economics describes, how it is used to understand certain activity and how to apply economics in…
A few days ago, I had a discussion with a co-worker about the need for the government to regulate “The Market”. Consistently, the definition of terms, most certainly economic terms, leads the discussion to devolve into a debate. Each side arguing past the other as definitions of words or terms are taken for…
The recent passing of Nobel Laureate Gary Becker had me reflecting on some of his work. Specifically, his thought on how time is our most scarce resource. In his Nobel lecture he begins by explaining that economics impacts more than just the financial decisions that people make. Economics, when properly applied, allows the student to study…
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.
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.
The debate over whether Bitcoin is a money or not has cooled down quite a bit. But it’s still worth understanding what all the fuss was about. To do that, we first need to understand what constitutes a money.
The Blue Collar Economist 