Value and Prices - (Austrian Econ Basics #2)
Channel: Ceadda of Mercia (was Anglo Libertarian)
Date: 2020-08-12

Before getting into the nitty-gritty of how markets and prices are necessary to create a prosperous society, we need to know why prices even exist in the first place, which is value. In classical economic history, value was taught to be an intrinsic aspect which is placed within a good by labouring on it, but this explanation was always full of holes and only adopted as there was no better explanation around. At least until the Austrian school changed everything.

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