Micro economics starts with the basic fact that each person has short term and long term goals, like buying a ham sandwich and graduating from college. People act in the world to accomplish something. Human action is purposive. You employ diffe

6. Conservation and Property Rights

Mar 1st, 2004

Free markets shift resources from where they are less valued to where they are most valued, benefiting consumers. When private property and free markets are allowed to operate, a natural conservation of resources occurs. Nothing is a resource u

7. Banking and the Business Cycle

Mar 1st, 2004

One of the most difficult things to understand about banking is how money is created out of thin air. Current commercial bank liabilities are immediate. The banks do not have the reserves to redeem all demand notes. Thus, banks are inherently

5. Labor and Unions

Mar 1st, 2004

Rothbard covers the principles of demand and supply curves. Prices are at the seat of the whole system. Use the logic of reality. The most mobile labor force is teenagers. Over time, capital equipment per laborer increases. Real wage rates incr

3. Capital, Interest, and Profit

Mar 1st, 2004

Profit is total revenue minus total costs. Ours is not just a profit system, it is a profit and loss system. Losses are a sign that you wasted land, labor, or capital, yet those who make profits are criticized.Entrepreneurship is an art not a c

8. Mises in One Lesson

Mar 1st, 2004

Austrian economics has nothing to do with the economics of Austria. Austrian Economics (AE) began with Carl Menger in 1871. It is based on an analysis of individual action, not aggregates or groups.Economics predated Adam Smith. The British cla

4. Labor

Mar 1st, 2004

Minimum wage laws force unemployment up. All of those with few skills looking for an entry position will be denied because they cannot add enough value to the business labor field to be paid minimum wage. Unemployment follows minimum wage hikes

2. Money and Prices

Mar 1st, 2004

Many believe that if governments would just issue greater quantities of money then all problems would be solved. In truth that would create unsurmountable problems by lowering the purchasing power of each money unit. Money is the one good that

Rate