“Two men suspected of a crime are arrested. Though there is no evidence to convict them on a principal charge, there is enough to convict them on a lesser charge. Each prisoner is put [...]

In the manors of feudal England there were some constituent lands that were available for shared use. One of the types of these common lands were common pastures. The commoners were not their owners, [...]

Money creation: described by many as the biggest scam in the history of mankind; for others it’s a blessing and a driving force of the economy. For John Maynard Keynes it was a process [...]

Imagine the following situations: 1) A young man enrolls in a tuition-free public university. From his point of view he gets the education for free. He will study in a field of [...]

When we refer to the Austrian School of Economics, we do not mean an institution located in a building in Vienna, nor we mean the Austrian economy. Instead, we mean a group of persons [...]

A Petition - Frédéric Bastiat. Animation of famous candlestick makers' petition by Frédéric Bastiat. It's a great lesson about free trade, and a big blow to the protectionist arguments. Learn Austrian Economics in [...]

In our previous videos entitled "The Value of Things" and "Scarce Resources" we have discussed how value is a subjective phenomenon. Two diverse people can estimate value of the same thing very differently. Every [...]

We live in a world of scarcity. This fact is beyond question. Our time, land, and work are scarce. Producer and consumer goods are scarce as well. Human needs, however, are limitless. Economics studies [...]

Without a question we can all remember the financial crisis of 2007–2008. Perhaps you learned of its effects the hard way. The media told us that greed and excessive risk were responsible. Some economists, [...]