1. Scarcity, Choice, and Value

In this introduction to the basics of Austrian-school economic analysis, Joseph Salerno introduces a number of basic concepts including utility, exchange, psychic cost,  choice, value, and marginal utility. He also introduces a number of important topics such as Crusoe economics and the water-diamond paradox. Salerno lays the foundation for this series of lectures which will cover all the basics of Austrian analysis in more detail.  

The first in a series of ten lectures designed to introduce the layman to the basics of applied Austrian economics: Fundamentals of Economic Analysis: A Causal-Realist Approach.

Download the MP4 video.