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The Theory of Objective Prices

M. Northrup Buechner

Presented at: IRM 2000

Date: Jul 02, 2000

This new course explains how objective prices coordinate all the functions of a free economy. Subjects include: how prices direct the economy's productive resources to their most highly valued uses; the meaning of "the margin" and where it is indispensable to grasping how the economy works; how men's values adjust to the physical conditions of production; and why, contrary to the Austrians, the first cause in determining prices is cost, not utility. Throughout, the theory of objective prices is contrasted with the law of supply and demand. (Some material given at prior conferences is repeated.)



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