Monday, September 7, 2015

Israel Kirzner Explains the Role of Consumer Demand

Professor Israel Kirzner explains how Austrian economist Carl Menger advanced economics by explaining that consumer demand determines the price of land, labor and production goods.


1 comment:

  1. Once this point is understood, Socialism becomes incoherent and "wealth inequality" makes a whole lot of sense.

    As Joseph Salerno says, if diamonds were to have no value, then diamond mines and diamond miners would have no value.