Jonathan Newman challenges mainstream interpretations of equilibrium, showing how Austrian economics replaces static models with a dynamic, step-by-step view of market coordination. Drawing on Mises, Rothbard, and Salerno, he explains how real-world prices emerge from individual choices and imperfect knowledge, not from abstract supply-demand curves or idealized conditions.

Recorded at the Mises Institute in Auburn, Alabama, on July 25, 2025.

Mises University is the world's leading instructional program in the Austrian School of economics, and is the essential training ground for economists who are looking beyond the mainstream.