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Praxeology Through Price Theory, Lecture 5 with Robert Murphy - Mises Academy
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Mises Academy Austrian Econ I: Praxeology Through Price Theory Robert P. Murphy Spring 2011 Lecture 5 May 26
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Transcript of Praxeology Through Price Theory, Lecture 5 with Robert Murphy - Mises Academy
![Page 1: Praxeology Through Price Theory, Lecture 5 with Robert Murphy - Mises Academy](https://reader033.fdocuments.us/reader033/viewer/2022060200/5598a61a1a28ab83638b4634/html5/thumbnails/1.jpg)
Mises AcademyAustrian Econ I:
Praxeology Through Price TheoryRobert P. Murphy
Spring 2011Lecture 5May 26
![Page 2: Praxeology Through Price Theory, Lecture 5 with Robert Murphy - Mises Academy](https://reader033.fdocuments.us/reader033/viewer/2022060200/5598a61a1a28ab83638b4634/html5/thumbnails/2.jpg)
1st half Chapter 3
1. Direct vs. Indirect Exchange
II. Drawbacks of Direct ExchangeIII. Indirect Exchange the Solution
IV. Money and Its Origin A. Definition B. Marketability vs. Value V. The Unit of Money
![Page 3: Praxeology Through Price Theory, Lecture 5 with Robert Murphy - Mises Academy](https://reader033.fdocuments.us/reader033/viewer/2022060200/5598a61a1a28ab83638b4634/html5/thumbnails/3.jpg)
I. Direct vs. Indirect Exchange
![Page 4: Praxeology Through Price Theory, Lecture 5 with Robert Murphy - Mises Academy](https://reader033.fdocuments.us/reader033/viewer/2022060200/5598a61a1a28ab83638b4634/html5/thumbnails/4.jpg)
II. Drawbacks of Direct Exchange
![Page 5: Praxeology Through Price Theory, Lecture 5 with Robert Murphy - Mises Academy](https://reader033.fdocuments.us/reader033/viewer/2022060200/5598a61a1a28ab83638b4634/html5/thumbnails/5.jpg)
II. Drawbacks (cont’d)
![Page 6: Praxeology Through Price Theory, Lecture 5 with Robert Murphy - Mises Academy](https://reader033.fdocuments.us/reader033/viewer/2022060200/5598a61a1a28ab83638b4634/html5/thumbnails/6.jpg)
III. Indirect Exchange the Solution
![Page 7: Praxeology Through Price Theory, Lecture 5 with Robert Murphy - Mises Academy](https://reader033.fdocuments.us/reader033/viewer/2022060200/5598a61a1a28ab83638b4634/html5/thumbnails/7.jpg)
IV. Money and Its Origin
![Page 8: Praxeology Through Price Theory, Lecture 5 with Robert Murphy - Mises Academy](https://reader033.fdocuments.us/reader033/viewer/2022060200/5598a61a1a28ab83638b4634/html5/thumbnails/8.jpg)
A. Definition
Money is a
●medium of exchange
that is
●commonly accepted.
![Page 9: Praxeology Through Price Theory, Lecture 5 with Robert Murphy - Mises Academy](https://reader033.fdocuments.us/reader033/viewer/2022060200/5598a61a1a28ab83638b4634/html5/thumbnails/9.jpg)
B. Marketability vs. Value
![Page 10: Praxeology Through Price Theory, Lecture 5 with Robert Murphy - Mises Academy](https://reader033.fdocuments.us/reader033/viewer/2022060200/5598a61a1a28ab83638b4634/html5/thumbnails/10.jpg)
V. The Unit of Money