Thursday, July 29, 2010

Herbener on Value, Utility, and Price

As mentioned earlier, Mises University is going on this week at the Ludwig von Mises Institute in Auburn, Alabama. I know of no better one-week introduction to economics from the Austrian causal-realist perspective. This year's lecture, "Value, Utility, and Price," was given by my department chair, Jeffrey Herbener. You'll find no better introduction to the topic than this:

Herbener lays the foundation of price theory by explaining the nature of value as it relates to our preferences and choice, as well as economic appraisement in the pricing process. Along the way he also distinguishes the causal-realist approach from other alternative frameworks, such as classical and neoclassical economics.

For those looking for a good overview, Herbener has written this brief primer on Austrian, causal-realist economics. It was published as a White Paper for the Center for Vision and Values.

Very few people are able to explain economic theory with the clarity and logical order of Herbener. One of the great blessings of being on faculty at Grove City College is learning from this economist.

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