Unregistered 244: Per Bylund
Unregistered with Thaddeus Russell
00:00
The Austrian Approach to Human Wants and Human Needs
During World War I, the U.S. government put out working-class budgets that they strongly recommended everyone follow. They had an objective theory of value and hired scientists to come up with these budgets. The problem for the economy is to figure out and make investments so that we can produce stuff that people actually want. And even if you tell them that you really need only this, they're still going to want other things. So the economy has to renew itself. It has to be built on entrepreneurship and innovationso that it can renew and create new value all the time.
Play episode from 44:53
Transcript
