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, [...]

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 [...]

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 [...]

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 [...]

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 [...]

The Great Depression of the 1930s is still considered by many to be a failure of the free market and of the laissez-faire capitalism. At a first glance, [...]

What do we pay with for the products and services we need? With money, of course. But if we realize that money is merely a medium of exchange, [...]

How hard would it be for one man to live if he had to do everything by himself? Let me rephrase the question. Imagine if the [...]