The more abundant something becomes, the less each unit matters to us. This is the law of marginal utility. It’s … Read the rest
Category: Subjective Value
The Illusion of Equal Exchange
All trade is unequal in value. That’s why it happens. Each person gives up something they value less to get … Read the rest
The Error of the Equation
The error begins when man is mistaken for a number, he isn’t. He chooses. He acts. He changes his mind. … Read the rest
The Illusion of Value
Resistance to direct taxation is widespread, yet counterfeiting by another name—money printing—faces little opposition. The truth is stark: printing more … Read the rest
The Subjective Nature of Value
Value judgments reveal preferences unique to each individual. Every action is an attempt to replace one state of affairs with … Read the rest
From Paradox to Principle
Why does water, essential for life, often cost less than diamonds? The answer lies in a deceptively simple but profound … Read the rest
The Hidden Destruction of Wealth
The depreciation of money’s value isn’t caused by gold. It’s driven by fiat currency and the relentless use of the … Read the rest
Violent Changes in the Value of Money
The changes in value haven’t come from gold. The change is due to fiat money and the printing press. Gold … Read the rest
Barter with a Medium
Modern day exchange is barter done with a medium. This is called a money. When you buy something, you are … Read the rest
The Nonvoluntary Price of Labor
Labor is a scarce factor of production. It must be economized. Labor is bought and sold on the market. The … Read the rest