Price

The ultimate source of the determination of prices is the value judgments of the consumers.

Human Action, p. 328; p. 331

Each individual, in buying or not buying and in selling or not selling, contributes his share to the formation of the market prices. But the larger the market is, the smaller is the weight of each individual’s contribution. Thus the structure of market prices appears to the individual as a datum to which he must adjust his own conduct.

Human Action, p. 328; p. 331

It is ultimately always the subjective value judgments of individuals that determine the formation of prices.

Human Action, p. 329; p. 332

There is no such thing as prices outside the market. Prices cannot be constructed synthetically, as it were.

Human Action, p. 392; p. 395

The dangerous fact is that while government is hampered in endeavors to make a commodity cheaper by intervention, it certainly has the power to make it more expensive.

Omnipotent Government, p. 248

When people talk of a “price level,” they have in mind the image of a level of a liquid which goes up or down according to the increase or decrease in its quantity, but which, like a liquid in a tank, always rises evenly. But with prices, there is no such thing as a “level.” Prices do not change to the same extent at the same time. There are always prices that are changing more rapidly, rising or falling more rapidly than other prices.

Economic Policy, p. 59