While most economists admit that value is subjective, they still err by concentrating on scarcity and choice instead of purposeful action by individuals.
Original Article: The Objective Science of Subjective Value
Per Bylund, PhD, is a Fellow of the Mises Institute and Assistant Professor of Entrepreneurship & Records-Johnston Professor of Free Enterprise in the School of Entrepreneurship in the Spears School of Business at Oklahoma State University, and an Associate Fellow of the Ratio Institute in Stockholm.
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