The article explores how Austrian Economics explains luxury marketing, using the iconic Hermès Birkin bag as a case study to illustrate Carl Menger's Theory of the Good and Ludwig von Mises' explanation of Human Action.

Nicolaus Copernicus is best known for his observation that the sun was at the center of our solar system, but he also made a number of astute observations about economics. His views on money included a precursor to what we know as Gresham's Law.

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While men like Murray Rothbard and Ludwig von Mises believed in “just” war, nonetheless, they did not believe that wars lead to “just” outcomes, as war leads to destruction of civilization. The outcome of the American war of secession proved that point eloquently.

In August, the money supply grew at the fastest rate in 23 months.

One of the important points made by Carl Menger in his 1871 Principles is that people ordinally rank their preferences, valuing some things more than others. While this seems to be a common-sense principle, it actually has important implications for economic theory.

Long before there was Alan Greenspan to turn the Federal Reserve into Casino Central, there was John Law, France's minister of finance more than three centuries ago. Like Greenspan's infamous bubbles, Law's money-printing scheme made people rich—for a very short time.