Water Is Worthless in a Lake but Priceless in a Desert (Austrian Econ 101)

Austrian Economics teaches that value is subjective. There’s no such thing as a “fair” price, only individual decisions made freely in the marketplace. I explore Carl Menger’s revolutionary insight that value exists in the mind, not in the labor or cost.

Watch the full episode: https://youtu.be/QmnQ2w2bBQA

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