- Paperback: 156 pages
- Publisher: Ludwig von Mises Institute (2007)
- ASIN: B000XG8SV4
- Product Dimensions: 8.9 x 5.9 x 0.5 inches
- Shipping Weight: 8.8 ounces
- Average Customer Review: 4.0 out of 5 stars See all reviews (3 customer reviews)
- Amazon Best Sellers Rank: #1,903,259 in Books (See Top 100 in Books)
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An Essay on the Nature and Significance of Economic Science Paperback – 2007
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The Nature and Significance of Economic Science was also central in the discussion and propagation of the opportunity cost concept. Ricardo hinted at this concept. Menger more or less stated it. Weiser developed it thoroughly. Mises understood its full significance. But Robbins made opportunity cost the mainstream concept of economic costs (well, Davenport and Knight helped too...). Once again, the contents of Robbins' essay found their way into modern textbooks.
Robbins also stressed that value free economics must be free of interpersonal comparisons of welfare. That is, we cannot measure consumer satisfaction across individuals.Read more ›
In defining economics (of his particular brand-see below), Robbins makes an excellent start, taking his cue from a phrase of Cannan, "the fundamental conditions of wealth for isolated man and for society." ("Wealth," to Cannan, meant "economic well-being," not marketable goods.) This starting-point leads to a characterization, first, of economic behavior from the standpoint of the individual. It is defined as behavior involving the employment of limited means having competing alternatives of use (p. 13). Secondly, what the economist actually talks about is "chiefly...the complications of exchange economy.Read more ›