Source: Ludwig von Mises Institute
by Patrick J Lee
“A man stands at a farmers market stall. His wife is talking to the farmer. He picks up a chicken. Paper-wrapped, no barcode, a handwritten tag on the twine. He holds it close to read the label and sets it back down fast. The price is an insult. What are these people thinking? A minute later, another man reaches for the same bird, reads the same label, and smiles. What a deal. Same chicken, same label, same words. … Mises was clear that prices don’t emerge from some objective measure of worth. They emerge from subjective valuations, each party to an exchange believing—at the moment of transaction—that what he receives is worth more than what he gives up. The price is not a fact about the chicken. It is the meeting point of two different minds reading the world differently.” (04/27/26)