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Welcome to Keith's night. 
Don't try it on anyone. 

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And the libertarian Institute. 
This is an excerpt from an 

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agarose primer by Samuel, Edward
conch in the third and a section

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titled value. 
Human beings act, why Ludwig von

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mises said, it best to remove 
felt on. 

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He's in reality, man. 
Always has reason to feel unease

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to feed himself, clothe himself 
shelter, himself reproduce and 

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feed shelter, and clothe, others
amuse. 

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Self and so on unease, cannot be
eliminated. 

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It can however, be reduced. 
It can also, unfortunately be 

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augmented. 
If you seek to starve yourself 

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or bore yourself, you would 
increase your unease. 

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Some actions you perform achieve
- goals, some achieve positive 

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ones, those which were move 
felt. 

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Unease, our values. 
If someone else has something 

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that will remove your unease but
taking it will increase. 

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There's, we have a conflict. 
In values. 

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This conflict in values. 
Need not arise from direct 

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confrontation. 
Suppose un another are offered a

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scrumptious dessert and the 
other is dieting. 

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Desperately you value it. 
The other dis values. 

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It. 
Value is subjective. 

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This simple Insight made by Carl
Menger teacher of Von mises, 

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revolutionized primitive 
economics and cured. 

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Many of the problems plaguing 
the science since Adam Smith had

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marked heated Menger socialism 
would have been abandoned 

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subjective value leads to 
individualism. 

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It also explains so powerfully 
why people trade and it 

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demolishes theories of 
exploitation before subjective. 

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Value marks could look at the 
work of Adam Smith, who thought 

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value of rows from the amount of
Labor one, put into producing 

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something and see, no productive
role for anyone but laborers 

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concluding that all the others 
must be parasites. 

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So, briefly Marx saw no value 
for the people who came up with 

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the idea of what product or 
service to sell. 

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He didn't see any value in where
to set up shop, whether it was 

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Manhattan, Nebraska, Florida. 
So different Tree. 

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And that was a really important 
everywhere is more or less 

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interchangeable. 
There's no value in finding 

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where to set up. 
He didn't value the managerial 

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decision of what to produce in. 
What quantity should we make one

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printer? 
Five thousand five hundred 

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thousand. 
He didn't see the value in 

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coming up with startup Capital. 
It didn't see the value in 

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investing time that you were not
compensated for as the 

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entrepreneur trying to Market 
your ideas to people or two. 

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Other investors know you didn't 
see value in where to reinvest 

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money. 
He didn't see value and taking 

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the time and who to find out to 
hire. 

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He didn't see value and managers
trying to find which people are 

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going to make the business 
flourish and which are going to 

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screw it up. 
He didn't see any value in the 

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middle of an operation deciding.
How much of the profits should 

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be reinvested? 
How they should be reinvested 

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in? 
What products at what? 

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I'm for what demographic is just
absolutely ridiculous. 

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Conch and continues. 
There are parasites in our 

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system. 
Economics tells us and we shall 

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use our new understanding to 
ferret them out in the next 

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chapter. 
What? 

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He's referring to is people who 
do not engage in original 

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appropriation or homesteading 
people who don't engage in 

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voluntary contractual agreements
at people who basically use the 

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ideas of violence instead of 
volunteerism to achieve their 

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ends if we're engaged in 
voluntary interaction. 

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We only do so because trading 
would, you know, presumably 

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remove felt unease for both 
parties if we're not engaged in 

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volunteerism and weren't engaged
in violence and coercion. 

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One party is benefiting not in 
accordance with another but at 

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the expense of another. 
So the parasites are people who 

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use violence instead of 
voluntourism, of course, 

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government by definition is the 
attempt to use 

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institutionalized, violence to 
achieve your ends. 

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Instead of The voluntary means, 
which all the rest of us have to

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abide by. 
Finally, when people trade, they

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are acting to remove felt unease
in both directions. 

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You may give up a smaller value 
for a larger but never the other

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way around voluntarily if you're
willing to let your brother work

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for you and you pay him more 
than he's worth. 

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You know, that this means to 
you, he's worth extra because 

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he's my brother. 
You've still gained a greater 

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value. 
If values were not, Subjective. 

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Why would anyone trade? 
We would all value things 

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equally and be content with what
we had. 

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Well, not entirely. 
We could also want more of a 

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value.