| Jeff Deist discusses the major contributions of Carl Menger (1840-1921), founder of the Austrian school of economics. Sharing credit with Jevons and Walras, Menger initiated the Marginalist Revolution in economic thought with the 1871 publication of his book, Principles of Economics. Classical economists had been stumped by the “paradox of value,” but Menger solved it by focusing on the utility of the marginal unit, or what we call marginal utility.
Menger also developed the notion of imputation of value from the consumer good all the way back through the factors of production to the highest “order” of goods, the concept of voluntary exchange coming about because of unequal valuations of the goods being traded, and an explanation of the origin of money arising spontaneously as individuals accept a more saleable good in exchange even if it’s not the good they ultimately desire. These and several other major contributions are highlighted in the episode. Playlist link for complete “Who Is?” series: http://tinyurl.com/y86u5f7p Links to selected online writings on Austrian Economics: Human Action: A Treatise on Economics Man, Economy, and State: A Treatise on Economics Economic Thought Before Adam Smith: An Austrian Perspective on the History of Economic Thought, Vol. I Classical Economics: An Austrian Perspective on the History of Economic Thought, Vol. II The Austrian School of Economics: A History of Its Ideas, Ambassadors, and Institutions Theory and History: An Interpretation of Social and Economic Evolution The Austrian Theory of the Trade Cycle and Other Essays The Failure of the “New Economics” Mises: The Last Knight of Liberalism Ludwig von Mises: Scholar, Creator, Hero Friedrich A. Hayek: A Centenary Appreciation Henry Hazlitt: A Man for Many Seasons Murray Rothbard: Mises’s True Heir Frédéric Bastiat: Champion of Laissez-faire The Genius of Carl Menger The Life and Works of Böhm-Bawerk Why Austrian Economics Matters Mises and Austrian Economics: A Personal View Ludwig von Mises and the Austrian School of Economics Mises, Hayek, and the Market Process: An Introduction Praxeology: The Methodology of Austrian Economics The Ultimate Foundation of Economic Science Interventionism: An Economic Analysis Nation, State, and Economy The Anti-Capitalistic Mentality Socialism: An Economic and Sociological Analysis Economic Freedom and Interventionism Historical Setting of the Austrian School of Economics The Philosophical Origins of Austrian Economics Capitalism: A Treatise on Economics The Gold Standard: Perspectives in the Austrian School Economic Science and the Austrian Method Austrian Macroeconomics Philosophical and Ethical Implications of Austrian Economics The Austrian Theory of Money The Austrian School’s Critique of Marxism Methodology of the Austrian School Economists Classical Liberalism and the Austrian School The Positive Theory of Capital Principles of Economics The Free Market and Its Enemies Government Against the Economy Individualism and Economic Order * * * * * Audio presentation produced by the Ludwig von Mises Institute and licensed under Creative Commons Attribution-NonCommercial-NoDerivs 4.0 International License. http://creativecommons.org/licenses/by-nc-nd/4.0/ This YouTube channel is in no way endorsed by or affiliated with the Mises Institute, any of its scholars or staff members. |
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