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Early Austrian Economics | [Israel Kirzner]

Early Austrian Economics

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.
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Publisher's Summary

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.

© and (P)1988 Carmichael & Carmichael, Inc. and Knowledge Products

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    george 10-04-12
    george 10-04-12 Member Since 2010
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    "An OK Summary"
    Is there anything you would change about this book?

    This book is a summary of early Austrian economic historical figures. I learned some new names and may pursue some of them. I was hoping for more detail on their ideas. As an introduction to those who fathered Austrian economic theory it's OK.


    How could the performance have been better?

    Using speakers with Austrian accents was a distraction that made the message hard to follow. Mr. Rukeyser is one of the best narrators around. He should have read the whole book.


    If this book were a movie would you go see it?

    No


    0 of 0 people found this review helpful
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