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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.

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

What listeners say about Early Austrian Economics

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    5 out of 5 stars
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Excellent Early History of Australian Economics

Israel Kirzner did a great job at giving the listener of this audiobook, a solid basic view of how, and by whom the Australian school of economics came to be. Also note worthy, is the great job Louis Rukeyser did in the reading of text.

4 people found this helpful

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Kirzner

Kirzner is an excellent scholar.

The fake accents in the reading are a weak point of an otherwise good book.

1 person found this helpful

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Basic overview and history of Austrian Economics

Easy and quick listen. overviews the origins and basic understanding of the Austrian School. with particular emphasis on it's comparison with marixism and the product of labor.

1 person found this helpful

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    3 out of 5 stars
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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

1 person found this helpful

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spare me the chimes

The content is good and I don't mind the accents, but the chimes are distracting. It's a history book, so don't expect the content to provide any kind of enlightenment regarding modern exchange theory or application. I feel that this does reinforce the confusion around the 19th century regarding economic theory in the development of democracy. It seems the economists of the time were a bit confused by the previous central management, probably due to obfuscation or a kind of opacity regarding monetary management prior to the transition.
where did money come from? it was always there
where did credit come from? the observation of time by accountants
where did interest come from? exchange between producers or managers of a common product