Austrian Economics Overview / Joseph T. Salerno

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Biography of Gottfried Haberler (1901-1995)

BiographiesAustrian Economics Overview

08/01/2007Articles of Interest
Gottfried Haberler was one of the first economists to make a case for the productivity of free trade in terms of the modern subjective theory of value.
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9. Money and Prices

Money and BanksAustrian Economics OverviewPhilosophy and MethodologyPrices

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.
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7. Capital, Interest and the Structure of Production

Austrian Economics OverviewCapital and Interest TheoryProduction Theory

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.
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4. Price Controls: Case Studies

Austrian Economics OverviewInterventionismPrices

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.
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2. Exchange and Demand

Austrian Economics OverviewMonetary TheoryPhilosophy and MethodologyProduction Theory

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.
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1. Scarcity, Choice, and Value

Austrian Economics OverviewPhilosophy and MethodologyValue and Exchange

The causal-realist approach began with Menger who based all of his observations upon reality that was intimately tied to the price system. Humans ceaselessly seek to remove unease. They consciously use means to attain their ends. Scarcity implies desirability and limitation.
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Taxation, Inflation, and War

Taxes and SpendingWar and Foreign PolicyAustrian Economics OverviewPolitical Theory

From the 2006 Supporters Summit: Imperialism: Enemy of Freedom, 27-28 October 2006, Auburn, Alabama.
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