Uploaded July 2026 | Updated September 2026, 2 weeks ago
Jeffrey Herbener builds Austrian price theory from the ground up—starting with the single acting person weighing ends against means, and arriving at Mises's calculation argument. Value is purely subjective, he shows, so no producer can gauge whether he's serving consumers well by feeling alone. What makes economizing across a division of labor possible is money prices—and the profit-and-loss accounting they enable.
Recorded at the Mises Institute in Auburn, Alabama, on July 20, 2026.
Mises University is the world's leading instructional program in the Austrian School of economics, and is the essential training ground for economists who are looking beyond the mainstream.
0:00 Introduction and Overview
2:06 Human Action: Ends, Means, and Scarcity
4:49 Economizing Through Subjective Valuation
7:14 The Subjectivity of Value and the Division of Labor
17:28 The Personal Economy: Wood Stove Example
22:44 Production and Diminishing Returns
29:50 How Consumer Good Prices Emerge from Preferences
31:35 The Entrepreneur's Economic Calculation
35:50 Exchange and Price Formation
41:07 Sticky Prices
Find free books, daily articles, podcasts, lecture series, and everything about the Austrian School of Economics at https://Mises.org.
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Jeffrey Herbener builds Austrian price theory from the ground up—starting with the single acting person weighing ends against means, and arriving at Mises's calculation argument. Value is purely subjective, he shows, so no producer can gauge whether he's serving consumers well by feeling alone. What makes economizing across a division of labor possible is money prices—and the profit-and-loss accounting they enable.
Recorded at the Mises Institute in Auburn, Alabama, on July 20, 2026.
Mises University is the world's leading instructional program in the Austrian School of economics, and is the essential training ground for economists who are looking beyond the mainstream.
0:00 Introduction and Overview
2:06 Human Action: Ends, Means, and Scarcity
4:49 Economizing Through Subjective Valuation
7:14 The Subjectivity of Value and the Division of Labor
17:28 The Personal Economy: Wood Stove Example
22:44 Production and Diminishing Returns
29:50 How Consumer Good Prices Emerge from Preferences
31:35 The Entrepreneur's Economic Calculation
35:50 Exchange and Price Formation
41:07 Sticky Prices
Find free books, daily articles, podcasts, lecture series, and everything about the Austrian School of Economics at https://Mises.org.
X ► https://x.com/mises/
Facebook ► facebook.com/mises.institute
Instagram ► instagram.com/misesinstitute
SoundCloud ► soundcloud.com/misesmedia
Apple Podcasts ► podcasts.apple.com/us/artist/mises-institute/1280664810
Rumble ► rumble.com/c/c-2212754
Odysee ► odysee.com/@mises
Podcasts ► mises.org/podcasts
