Episode Synopsis "1. Scarcity, Choice, and Value"

In this introduction to the basics of Austrian-school economic analysis, Joseph Salerno introduces a number of basic concepts including utility, exchange, psychic cost,  choice, and marginal value. He also introduces a number of important topics such as Crusoe economics and the water-diamond paradox. Salerno lays the foundation for this series of lectures which will cover all the basics of Austrian analysis in more detail.   The first of ten lectures from Joseph Salerno's Introduction to Austrian Economic Analysis seminar.

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More episodes of the podcast Introduction to Austrian Economic Analysis

• 1. Scarcity, Choice, and Value
• 2. Exchange and Demand
• 3. The Determination of Prices
• 4. Price Controls: Case Studies
• 5. Profit, Loss and the Entrepreneur
• 6. Pricing of the Factors of Production and the Labor Market
• 7. Capital, Interest and the Structure of Production
• 8. Competition and Monopoly
• 9. Money and Prices
• 10. Banking and the Business Cycle