Value, Utility, and Price | Jeffrey M. Herbener

Presented by Jeffrey M. Herbener at the 2009 Mises University. Recorded 27 July 2009 at the Ludwig von Mises Institute; Auburn, Alabama.

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[szol2005]

Keep posting :D I luv it all!!!

[scatpornpooboy]

The cost of this video to me is almost nothing, but the value...wow! A main stream economist friend of mine claimed that the Austrian school doesn't know how to do math. I argued that they realize you cant quantify human choices. However this guy puts it so much more succinctly starting at around the 13 minute mark.

[selfrealizedexile]

This is by far the best explanation I've seen for this topic.

[Nintendomanwill]

So in that sense socialism's destruction of the incentive to accumulate property and the calculation which arises from individuals following that creative incentive, in what we call the spontaneous order, is a combined destruction which is complete when occupation is decided by arbitrary decree and when men become like pieces on a chess board.

So all economic order is based on the rationality of individuals, another reason why we shouldn't subsidise failure; malinvested capital must reintegrate

[Nintendomanwill]

Saying that, two years before I'd even heard of the Austrian school I debated (discussing Marxism) that a market is absolutely necessary to ordain a division of labour and the destructiveness of the command economy is the destruction of society: that's another way of putting the Misesian insight that if you destroy the individual's agency over his property and centralise all property rights to be reallocated you destroy the catallactic order through profit seeking, of the d. of labour.

[Nintendomanwill]

Saying that I certainly didn't have the key Misesian insights before I started to learn about the Austrian school, such as the ordinal values of individuals which only make cardinal values and prices through exchange, so economic calculation essential to an exchange economy comes before it, raises that economy into the division of labour with quantifiable profit from assessing one's marginal utility to others by seeking to gain higher prices for one's labour. Without Mises I wouldn't understand.

[Nintendomanwill]

I'm really pissed off at this because well before I'd even heard of Mises, Rothbard and the Austrian School I used to talk of 'purposive action' directing integration into the division of labour and what we somewhat fallaciously call 'economic' activity, and furthermore I used to go on about how society works on the foundation of individual minds which selfishly integrate via their profit motive, and which provide any and all purpose rather than some interpersonal mind Such theoryalreadyexisted!

[manoman0]

More, more, more!

[Anon1696]

- - - Silence Breaker - - -

[AtheistThatsATheist]

I think they have. Search for "The Marginalist Revolution" and you should get one.

[Leoninmiami]

This is awesome! Are the other lectures he refers to (from Salerno and others) also posted?