69. Advanced Austrian Economics with Walter Block & Per Bylund





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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!