Archived from the live Mises.tv broadcast, this lecture by Philipp Bagus was presented at the 2012 Mises University in Auburn, Alabama. Includes an introduction by Mark Thornton. Music by Kevin MacLeod. Related Posts:The Economics of the Drug War | Mark ThorntonSubjective Value and Market Prices | Jeffrey M. HerbenerRobert Higgs: Warfare, Welfare, and the StateThe Fed, the FDIC, and Other Problems | Joseph T. Salerno