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Early Austrian Economics
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Early Austrian Economics

New Importance for the Consumer

The Great Economic Thinkers Series

Description

Carl Menger (1840–1921), and Eugen von Bohm-Bawerk (1851–1914), working in Vienna in the late nineteenth century, rejected the classical and Marxian ideas that value can be measured objectively. They insisted that the subjective preferences of consumers determine value; this shifted the attention of economic analysis from productive power to consumer demand.

This shift led to keen new insights, including the idea that the marginal utility of goods determines its price. Other insights of the early Austrians include an explanation of why interest is necessary, how the price system allocates economic resources, how to determine cause vs. effect in economic affairs, and how to distinguish between the means (activities) and ends (goals) of economic activity.

The Great Economic Thinkers series is a collection of presentations that explain, in understandable language, the major ideas of history’s most important economists. Special emphasis is placed on each thinker’s attitude toward capitalism, revealing their influence in today’s debate on economic progress and prosperity.

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The Great Economic Thinkers Series Series


Karl Marx: Das Kapital
Karl Marx: Das Kapital
David Ramsay Steele, Dr. Israel Kirzner, Mike Hassell & Israel Kirzner
The German Historical School of Economics
The German Historical School of Economics
Dr. Nicholas Balabkins, Israel Kirzner, Mike Hassell & Nicholas Balabkins
Frank Knight and the Chicago School
Frank Knight and the Chicago School
Dr. Arthur M. Diamond, Jr., Israel Kirzner, Mike Hassell & Arthur M. Diamond
The Classical Economists
The Classical Economists
Dr. E. G. West, Israel Kirzner, Mike Hassell & E. G. West
The Austrian Case for the Free Market Process
The Austrian Case for the Free Market Process
Dr. William Peterson, Israel Kirzner, Mike Hassell & William Peterson
Monetarism and Supply Side Economics
Monetarism and Supply Side Economics
Dr. Arjo Klamer, Alan Reynolds, Israel Kirzner, Mike Hassell & Arjo Klamer
Alfred Marshall and Neoclassicism
Alfred Marshall and Neoclassicism
Dr. Robert Hu00e9bert, Israel Kirzner, Mike Hassell & Robert Hébert
Early Austrian Economics
Early Austrian Economics
Dr. Israel Kirzner, Mike Hassell & Israel Kirzner
Joseph Schumpeter and Dynamic Economic Change
Joseph Schumpeter and Dynamic Economic Change
Dr. Laurence S. Moss, Israel Kirzner, Mike Hassell & Laurence S. Moss
Struggle over the Keynesian Heritage
Struggle over the Keynesian Heritage
Dr. Paul Davidson, Israel Kirzner, Mike Hassell & Paul Davidson
Thorstein Veblen and Institutionalism
Thorstein Veblen and Institutionalism
Dr. William Peterson, Israel Kirzner, Mike Hassell & William Peterson
The Vision of Léon Walras
The Vision of Léon Walras
Dr. Donald Walker, Israel Kirzner, Mike Hassell & Donald Walker
The Keynesian Revolution
The Keynesian Revolution
Israel Kirzner, Dr. Frank Vorhies, Frank Vorhies, Mike Hassell & Fred Glahe

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