Austrian economics provides new insights into value: what it is, how it is created, and who creates it. The insights are summed up by Professors Per Bylund and Mark Packard in our E4B podcast episode #108 (see Mises.org/E4B_108). One of the most vivid images they paint is the picture of entrepreneurship as “the two-sided navigation of radical value uncertainty, both by producers and consumers, in that never-ending quest towards higher value states”. The market for healthcare provides us with a pertinent example of co-navigation of radical value uncertainty. For consumers, there is no certainty available — they can’t know which doctors or providers will give them the best experience, they don’t know the right means to choose to attain their end (health), and they can’t use the usual market price signals in the search for value since the price of healthcare is not visible to them. The don’t purchase the product, they purchase insurance, a different financial product than the healthcare experience they really need. Thus, the healthcare market is a natural medium for the co-navigation of value uncertainty that Professors Bylund and Packard described. In E4B podcast episode #111, Shawn Needham, a healthcare entrepreneur dedicated to helping the consumer in their navigation task, lays out 6 principles for entrepreneurs. Show notes: https://mises.org/library/shawn-needham-how-consumers-and-entrepreneurs-co-navigate-value-uncertainty-healthcare “Navigating Healthcare Uncertainty” (PDF): https://Mises.org/E4B_111_PDF Sickened: How The Government Ruined Healthcare And How To Fix It by Shawn Needham: https://Mises.org/E4B_111_Book Check out one example of medical cost sharing: https://Mises.org/E4B_111_Example Read about Direct Primary Care: https://Mises.org/E4B_111_DPCare ... https://www.youtube.com/watch?v=WSB6_T4a5NM

Factors of Production are economic goods: scarce means used to achieve an individual’s ends. They are land, labor and capital. Each is examined. Incomes are earned by factor owners as production takes place. There is no separated production and distribution. Consumer goods and producer goods are subjectively determined by how they are used. Factor pricing is by the Austrian theory of imputation. To Austrians, all costs are opportunity costs. The fifth 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". Recorded at the Mises Institute in Auburn, Alabama, on June 12, 2007.

For almost a month, South Carolina was the only state to have formally seceded from the Union. Off the coast of Charleston, the Union still had a garrison stationed in Sullivan Island’s Fort Moultrie, which became a matter of foreign policy between the United States and what was essentially the “nation” of South Carolina. Chris Calton recounts the controversial history of the Civil War. This is the second episode in the third season of Historical Controversies. Historical Controversies is available online at: https://Mises.org/HCPod RSS: https://mises.org/itunes/622 iTunes: https://itunes.apple.com/us/podcast/historical-controversies/id1304510096?mt=2 Google Play: https://play.google.com/music/m/I3vmki7pz7jxond4x7qx5dfjv7y?t=Historical_Controversies Soundcloud: https://soundcloud.com/misesmedia/sets/historical-controversies Stitcher: https://www.stitcher.com/s?fid=147145 Music: "On the Ground" by Kevin MacLeod (incompetech.com), licensed under Creative Commons: By Attribution 3.0 ... https://www.youtube.com/watch?v=N-Ve8-C_004

Download the slides from this lecture at https://Mises.org/MU22_PPT_06. Recorded at the Mises Institute in Auburn, Alabama, on 25 July 2022. ... https://www.youtube.com/watch?v=urB9TVdJHBM