Tag: Price theory
Do Individuals Measure Value? Ludwig von Mises vs. David Friedman

In a recent blog post, Bryan Caplan favorably quoted David Friedman, who claimed in his book Hidden Order that economists believed that everything—including happiness—can be measured in money, or in units of anything else, for that matter. Friedman and Caplan are deliberately trying to jolt the reader, but they believe the claim is defensible once put into…
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