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- Austrian Economics Overview
- Joseph T. Salerno
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Joseph T. Salerno
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An Interview with Joseph Salerno Joseph Salerno at Mises University 2006 as interviewed by Jeffrey Tucker, 07-31-2006 [37:12]
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Joseph T. Salerno
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From the 2006 Supporters Summit: Imperialism: Enemy of Freedom, 27-28 October 2006, Auburn, Alabama.
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Joseph T. Salerno
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In this introduction to the basics of Austrian-school economic analysis, Joseph Salerno introduces a number of basic concepts including utility, exchange, psychic cost, choice, value, and marginal utility. He also introduces a number of important topics such as Crusoe economics and the water-diamond paradox. Salerno lays the foundation for this
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Joseph T. Salerno
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All action is really exchange. What the actor prefers less is exchanged for something he prefers more, including gift giving. It is a fallacy to say that the goods exchanged have equal value. Salerno also covers elastic and inelastic demand. The second in a series of ten lectures, from Fundamentals of Economic Analysis: A Causal-Realist Approach .
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Joseph T. Salerno
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As with all government intervention, price controls do not achieve what their originators think they will. Trying to maintain a supply of milk by putting a price control on it will cause shortages, which are the very situations the price manipulators said they wanted to avoid. Rent control seems great to the snug renter, but it will assure that no
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Joseph T. Salerno
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Time preference says that individuals prefer satisfaction now to later, present to future. This explains the loan market. In the structure of production, the capitalist pays wages now, despite the fact that he himself does not get paid until the final stage when the product actually comes to market. Consumption, saving, investment and spending
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Joseph T. Salerno
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In the history of money, bartering was awkward because wants were not divisible. Direct exchange depended upon a double coincidence of wants. Demand for a medium of exchange grew until a general medium of exchange emerged, like gold and silver. A medium of exchange should display these characteristics: must be generally acceptable, widely demanded