<![CDATA[Human Action Part Three with Dr. Per Bylund]]>
We continue our series on Human Action with Professor Per Bylund of Oklahoma State University. </p>
<p>Dr. Bylund and Jeff Deist consider Part Three of the book, "Economic Calculation," considering Mises's conception of value and the folly of attempting to define a "unit of value" in a highly subjective world. They discuss socialism and the elementary theory of value and prices; inputs and outputs in barter vs. under monetary exchange; prices as exchange ratios; why change is constant and price "stabilization" efforts fail; why mathematical calculation of money prices may rival the wheel as among the most important human i...
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