A Review of Capitalism

I have covered a lot of the subject of socialism before. I believe, however, that socialism deserves a lot more attention because of the rising popularity of socialism and socialist programs. But, explaining the pitfalls of socialism might not offer the best approach. Maybe, explaining capitalism might provide a better approach. Most of the advocacy … Continue reading A Review of Capitalism

Socialism: An Economic Ideal

A lot of discussion and debate revolves around socialism as a replacement for capitalism. It’s easy to see why socialism makes sense to many people. Socialists advocate for many of the things we all desire. Why shouldn’t we get free healthcare? Is it not an integral part of the right to life? It would be … Continue reading Socialism: An Economic Ideal

Conflicting Value Theories

Since the beginning of economics as a specialized study, economist have realized that the concept of value lies at the core of economic theory. They have developed several value theories over the years but most of those theories have suffered from fatal flaws. The only theory that holds up to logical scrutiny is the Subjective … Continue reading Conflicting Value Theories

A Return to Value Theory

After a prolonged hiatus, I want to return to my discussion of value theory. A workable theory for value plays such a fundamental part in economic theory, regardless of the school of thought, that it cannot be overemphasized. Because The Free Market Center Journal advocates the validity of the Subjective Theory of Value, which many … Continue reading A Return to Value Theory

Cost of Production Value Theory

Probably the most popular concept of value incorporates the cost of production. The idea here is that any economic good, whether a consumer good or production good, has value based on the sum of the costs of resources used to produce it. A loaf of bread, for example, would have the value of the sum … Continue reading Cost of Production Value Theory

Labor Theory of Value

Source Some people believe that, since all economic goods require some amount of labor to produce (even "free" goods require the labor to pick them up off the ground, pluck them off a bush, or capture them with one's hands,) economic goods get their value from the labor required for their production. Formal explanations of … Continue reading Labor Theory of Value