Show Notes
Evenly Rotating Economy (ERE)
-ERE is a "hueristic device"
-To learn more about Schumpeter's "creative destruction," check this out
Law of Marginal Utility
-Be sure to check out Dr. Block's illustration on Patreon!
-Per Bylund's article, The "Mystery" of the Endowment Effect
High vs. Low Time Preference
-Time & Interest
-Time Preference, Culture, & Hoppe
-Be sure to check out Dr. Block's illustration on Patreon!
Monopoly & Competition
-Austrians define monopoly by coercion, not concentration!
-Be sure to check out Dr. Block's illustration on Patreon!
-Per Bylund stresses a lack of consumer sovereignty as a key indicator that a monopoly is present*
Nature & Role of the Firm
-Per Bylund literally wrote the book on this one -
-"an island of specialization"
-Coase, Nature of the Firm
Automation
-I vaguely remembered Rothbard tying automation & job loss to elasticity & figured I'd never have a better opportunity to get a better explanation so I went for it.
-See more on Automation in Chapter 10 of Science, Technology & Government
-Be sure to check out Dr. Block's illustration on Patreon!