All Value Is Subjective, and That’s a Good Thing

All value is subjective, and no good or service has any intrinsic value. This subjectivity of value is one of the most significant concepts in economics. In this simple but profound insight, we discover how buyers and sellers can both come out ahead on a deal. Some things seem to have intrinsic value. Take water, for example, which is objectively necessary to life. That is indeed why water is valuable, but just how valuable is it? We find the ...

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Beyond material prosperity, economic freedom fosters virtue and relationship

In defending the cause of economic freedom, it can be easy to focus only on the material fruits, whether it be new innovations and efficiencies or the ongoing expansion of opportunity and abundance. Continue Reading...

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Principles, Not Coercion, Are the Source of Unity

Living in rural America requires my wife and I to travel several hours to make a major shopping trip. About 3 or 4 times a year, we head down the interstate to Costco, Trader Joe’s, Whole Foods, and the Co-op. The bounty we are used to was less plentiful on a most recent trip. At the Co-op, many bulk bins were empty; their wholesale suppliers have been out of stock for over a month. At Whole Foods, Costco, and Trader Joe’s, staples we ...

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Learning about Liberty and Its Loss

I am now in my 70s. No longer a spring chicken but not a dead duck yet either, with, I hope, a few good years left. When I was in my mid 20s, I had the opportunity and good fortune to meet and interact for most of two summers with the noted Austrian economist and Nobel Prize winner Friedrich A. Hayek (1899–1992). He was in his mid 70s at the time, and he seemed ancient to me. Over the summers of 1975 and 1977, I had research fellowships ...

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A Brief Lesson on Manufacturing, Mercantilism and Economic Resilience

Scott Lincicome If you were to listen to certain politicians and pundits, the U.S. economy would be stronger today — more “resilient” — if we manufactured more and imported less. Many of these same folks point to Germany, which has an economy more focused on manufacturing and exports, as a model for a new American industrial policy that would allegedly strengthen the national economy in the face of future economic shocks like ...

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Quotation of the Day…

(Don Boudreaux) Tweet… is from page 11 of the soon-to-be-published 2021 35th anniversary edition of Steven Rhoads’s 1985 book, The Economist’s View of the World: And the Quest for Well-Being: The opportunity cost to society of taking from expanding industries the scarce investment capital needed to modernize declining textile and apparel industries is likely to be so high that the use of antiquated machinery by declining firms is ...

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Three Forces That Threaten Liberalism and How to Counter Them | Discourse

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The “Fortune of the Commons”: Why Are There Still Blueberries in the Fields?

I live in quite a sparsely-populated place, with lots of wilderness and nature. This time of year, we have plenty of late-summer berries in season, and it isn’t uncommon to find stray hikers hunched over bushes eagerly picking blueberries and crowberries. This is what most people, economists included, would expect: Mother Nature provides us with free stuff, stuff that most people highly value, and all you have to do is reach out your hand ...

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“You tell me the rules and I’ll tell you what outcomes to expect.”

We hear a lot about the Chicago and Austrian schools of economics, but what about the UCLA school? In this episode, EconTalk host Russ Roberts welcomes EconLog’s David Henderson, who recently co-authored The Essential UCLA School of Economics with Steven Globerman. The theme of the conversation might as well be, as the title above suggests, Armen Alchian‘s famous dictum about understanding the role of incentives in economics and in everyday ...

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The Misuse of Knowledge in Society: Intervention Means Prices are Lying

In his excellent book The Undercover Economist, Tim Harford referred to a competitive market as a “world of truth.” The free market’s invisible hand leads us to produce the right things the right way in the right proportions and for the right people. In other words, competition, which Friedrich Hayek called “a discovery procedure,” leads people to produce the highest-value goods and services. People don’t systematically make too ...

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Corporate Welfare: Where’s the Outrage?

A new documentary, Corporate Welfare: Where’s the Outrage?, tells the personal stories of how people are affected by the tax exemptions, subsidies, government regulations, and bailouts used to help big business. Hosted by Free to Choose Executive Editor and Cato Institute Senior Fellow Johan Norberg and featuring former CEO of BB&T John Allison, the documentary reveals the government’s role in the 2008 financial crash.Please join us for ...

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The Inevitable Failure of Socialism

Among the most important articles ever written in economics is Ludwig von Mises’s 1920 paper “Die Wirtschaftsrechnung im sozialistischen Gemeinwesen” – which is normally translated as “Economic Calculation in the Socialist Commonwealth.” In this paper Mises argued that socialism will not only fail to achieve improved living standards for ordinary people, it will impoverish them. Inevitably. Socialism that is meant to outperform ...

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Opinion | Notable & Quotable: Miraculous Economics

Sept. 16, 2021 6:51 pm ET Fund for American Studies president Roger Ream. Photo: TFAS From remarks by Fund for American Studies president Roger Ream, a recipient of the 2021 Bradley Prize, in Washington, Sept. 13: Taught properly, economics provides a lens to understand the way the world works. It is about how humans interact and make choices, and how an undirected market process unleashes the forces of invention, innovation, ...

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‘Win-win denial’: The roots of zero-sum thinking

One of the basic insights of economics is that trade is mutually beneficial, making both parties better off than they were before. It’s a proposition about human exchange that stretches back to Adam Smith’s foundational treatise, “The Wealth of Nations.” Continue Reading...

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Entrepreneurial Economies

Academic institutions increasingly are recognizing the importance of entrepreneurship to the performance of an economy, and in response, many (including my own institution, Florida State University) have established entrepreneurship programs to give students some skills that can help them succeed as entrepreneurs. I’m supportive of these efforts, but the degree to which individuals in an economy are entrepreneurial is affected more by an ...

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Milton Friedman’s Long-Run Impact

The truth is somewhere between the two extremes. While Milton Friedman has not had as much effect on economic thinking and policy as many of us free market advocates would like, he has nevertheless had a huge impact. On economic thinking, the following of Friedman’s ideas have held up well: that monetary policy is potent; that a contraction in the money supply between 1929 and 1933 helped put the “Great” in “the Great Depression”; ...

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Economics in Three I’s: Incentives, Institutions, and Intentions

Recently, I asked my students to submit questions they had about Principles of Macroeconomics. A lot of students asked, “What’s the major takeaway?” I will be thrilled if students understand three I’s: Incentives, Institutions, and Intentions. Specifically, they should know… Incentives Matter.Institutions Matter.Intentions Don’t Matter. Obviously, I write “Intentions Don’t Matter” with tongue in cheek–I sincerely hope that ...

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‘Paw Patrol’ Might Be the Most Libertarian Kids Movie Ever

Is Paw Patrol the most libertarian movie since Disney rolled out Robin Hood, the 1973 classic that depicted the wonderfully evil Prince John (Peter Ustinov) punitively raising taxes to “squeeze every last drop out of those insolent musical peasants" in Nottingham?

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The Outlook for the Future of Capitalism (Part 10 of 10)

Let the advocates of capitalism proceed in the knowledge not only that socialism is dead, but also that what the world still needs to learn is why capitalism deserves to live.

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Don’t Forget to Celebrate Capital on Labor Day, Too

Editor's note: This article also appeared in El American and The Epoch Times. From Mexico to the south and everywhere in between, Labor Day falls on May 1 each year. In Canada and the United States, it’s always the first Monday of September—which in 2021 means September 6. Over the past century, the holiday’s purpose and meaning have changed somewhat. Early in its history, its advocates used the day to push for better working conditions, ...

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The Voluntary Exchange Concept

NFT’s are a new opportunity for individuals and nonprofit organizations, such as university centers, think tanks, and museums, to monetize their intellectual assets, ranging from historical manuscripts and books, to articles, research papers, videos, and podcasts.


Voluntary Exchange is the NFT marketplace where collectors can invest in non-fungible tokens, while also financially support authors, scholars, and creative individuals who work to promote their common ideals.


Our vision is to create the NFT ecosystem for current and classic works in the fields of history, law, science, economics and political thought.

What are NFT’s?

Non-fungible tokens allow buyers to purchase and claim ownership of a digital good. The proof of ownership element takes the form of a digital token, which lives on the blockchain.


Because every NFT is unique, it can be used to authenticate ownership of collectible digital assets like artworks, recordings, books, and documents.


These tokenized assets that do not, generally, carry intellectual property grants or licenses, but instead are valued for their uniqueness, rarity, and their historical significance.

Benefits to Content Creators

Content Creators and archivists can monetize assets without giving up property rights.


NFT ownership creates a sense of “patronage” among supporters.


Curated catalogue auctions and collector gallery exhibits increase creator brand awareness.

The Process

Voluntary Exchange will curate content, mint NFTs, market auctions and sales, and oversee transactions on the exchange platform.


Gallery events, both virtual and in-person, will be hosted to showcase the work of individual content creators and institutions.


“Anyone who has a book collection and a garden wants for nothing”- Cicero


The Uffizi Gallery in Italy raised $170,000 by auctioning an NFT Copy of Michelangelo’s Doni Tondo to support a revenue shortfall during the Covid pandemic.


University of California Berkeley raised $54,000 by auctioning an NFT Copy of a Nobel Prize Winning Cancer Treatment.