By Carl Menger, James Dingwall, Bert F. Hoselitz
Carl Menger performed a pivotal function within the historical past of monetary principles. With this treatise, he at the same time demonstrated himself because the founding father of the Austrian college in addition to a pacesetter within the Marginal Revolution - some of the most very important occasions in economics. even though Menger accomplished this booklet within the early 1870s, his contributions to subjective price conception, rate formation, method, and time economization stay suitable even this present day. somebody attracted to economics should still certainly decide up a replica.
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Extra resources for Principles of Economics (The Institute for Humane Studies series in economic theory)
Before closing, however, I wish to contest the opinion of those who question the existence of laws of economic behavior by referring to human free will, since their argument would deny economics altogether the status of an exact science. Whether and under what conditions a thing is useful to me, whether and under what conditions it is a good, whether and under what conditions it is an economic good, whether and under what conditions it possesses value for me and how large the measure of this value is for me, whether and under what conditions an economic exchange of goods will take place between two economizing individuals, and the limits within which a price can be established if an exchange does occur—these and many other matters are fully as independent of my will as any law of chemistry is of the will of the practicing chemist.
1 For newcomers it was, at first, difficult to get into closer contact with Menger. But once he had recognised a special talent and received the student into the select circle of the seminar he would spare no pains to help him on with his work. The contact between Menger and his seminar was not confined to academic discussions. He frequently invited the seminar to a Sunday excursion into the country or asked individual students to accompany him on his fishing expeditions. Fishing, in fact, was the only pastime in which he indulged.
Garr, V. Graetz, I. von Gruber-Menninger, A. Krasny, G. Kunwald, J. Landesberger, W. Rosenberg, H. Schwarzwald, E. Schwiedland, R. Sieghart, E. Seidler and R. Thurnwald may be added to those mentioned earlier in the text. R. Seager, “Economics at Berlin and Vienna,” Journal of Political Economy, vol. i, March, 1893, reprinted in Labor and other Essays, New York, 1931. ”1 For newcomers it was, at first, difficult to get into closer contact with Menger. But once he had recognised a special talent and received the student into the select circle of the seminar he would spare no pains to help him on with his work.