Most human beings cling to the ancient superstition that they are not self-controlling and not responsible for their own acts.

In any given market for a good, there will always be four people whose valuations put them in a special position. Böhm-Bawerk called these four people the "marginal pairs." It is these marginal pairs that directly determine prices. In this article, I will walk the reader through how this occurs.

In any given market for a good, there will always be four people whose valuations put them in a special position. Böhm-Bawerk called these four people the "marginal pairs." It is these marginal pairs that directly determine prices. In this article, I will walk the reader through how this occurs.

Most human beings cling to the ancient superstition that they are not self-controlling and not responsible for their own acts.

Böhm-Bawerk's work inspired a generation.

A policy of currency devaluation can only make things much worse.

A policy of currency devaluation can only make things much worse.

Böhm-Bawerk's work inspired a generation.

According to some experts, what is required to "fix" the eurozone is not tighter fiscal policies but a strong devaluation of the euro. Austerity, they warn, won't let eurozone countries grow their way out of their predicament. They are wrong: a policy of currency devaluation can only make things much worse.

No economist of note agreed with Böhm-Bawerk on every point. But for decades his work continued to have an unusually inspiring and fruitful impact.

Rent-control laws cause housing shortages.

The current policies of the Fed are a sharp departure from the old way of performing monetary policy.

The current policies of the Fed are a sharp departure from the old way of performing monetary policy.

Rent-control laws cause housing shortages.

The question if 2012 is 1980 all over again tells us why returning to gold is imperative.

My online course on logic at the Mises Academy has one main emphasis: how to analyze arguments.

The question if 2012 is 1980 all over again tells us why returning to gold is imperative.

My online course on logic at the Mises Academy has one main emphasis: how to analyze arguments.

The market wage rate tends toward a height at which those eager to earn wages get jobs and those eager to employ workers can hire as many as they want.

Rather than utilize the suspicious paper chits issued by the Khan's local governor, Tabrizian merchants refused to transact or trade; tents in bazaars stood empty.