In this issue: Follert, Herbener, Olbrich, and Rapp look at the role of negotiations in valuing businesses, and Karl-Friedrich Israel discusses how Austrians see the income effect. Block, Engelhardt, and Herbener discuss the possibility that credit expansion in one part of the world could create adverse effects in a laissez-faire economy. Wysocki and Block defend Austrian subjectivism against a critique centered on homogeneity of goods. Book reviews cover Ulrich Hintze’s Theoria Generalis, Per Bylund’s The Problem of Production, and John Cogan’s The High Cost of Good Intentions: A History of U.S. Federal Entitlement Programs.