Tag Archive: consumers

  • We’re Still Haunted By the Labor Theory of Value

    This post by Professor Steve Horwtiz originally appeared on the Foundation for Economic Education’s blog back in November of 2015. The following are excerpts. What Menger and others argued was that value is subjective. That is, the value of a good is not determined by the physical inputs, including labor, that helped to create it. […]

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  • Every Flaw in Consumers Is Worse in Voters

    I have been making a mistake for most of my life. See, I’m an economist, and one of the things that attracted me to economics is the notion of the “ideal economy.” Of course, there are valid objections to the use of markets. There are people who cheat and commit fraud, and there are problems […]

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