Friday, February 15, 2019

Carl Menger’s Slim Volume Grundsätze der Volkswirtshaftslehre (Principles of Economics) Completely Revolutionized Economic Science; Everything That Has Been Achieved Since Then Is Built upon Menger’s Works

Most exciting, however, is the grounding of the general theory of value on the basic idea of the subjective value of goods, as worked out by Menger. Menger’s slim volume Grundsätze der Volkswirtshaftslehre [Principles of Economics] completely revolutionized economic science. Everything that has been achieved since then is built upon Menger’s works. In Austria, marginal utility theory found its most important representatives, besides Menger, in the contributions of Friedrich von Wieser and Eugen von Böhm-Bawerk (who departed from us at much too early an age). It is customary to unite these three under the designation “the Austrian School.” Under this name they gained a worldwide reputation. In Germany they were able to find some minimal recognition; their success was incomparably greater in England, Italy, the Netherlands, and the Scandinavian countries. Modern American economics is based on the works of the “Austrian School.”

--Ludwig von Mises, Monetary and Economic Policy Problems Before, During, and After the Great Warvol. 1 of Selected Writings of Ludwig von Mises, ed. Richard M. Ebeling (Indianapolis: Liberty Fund, 2012), 245-246.


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