Among the key insights of Austrian economics are that humans act and value is subjective. These observations seem obvious and uncontroversial…essentially truisms. But they’re often forgotten, neglected, or misunderstood. Each person’s perspective is informed by innumerable variables that influence his values. An Englishman thinks a hundred miles is a long way. An American believes a hundred years is a long time. Is either, neither, or each of them right? Who’s to say? Would a woman rather receive a diamond ring or a gallon of water? As a former president of Harvard might put it, context matters. Is the lady sitting with her … Continue reading
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