- Paperback: 328 pages
- Publisher: Ludwig von Mises Institute (2007)
- Language: English
- ISBN-10: 1610162021
- ISBN-13: 978-1610162029
- ASIN: B001E4S756
- Product Dimensions: 7 x 4.5 x 0.5 inches
- Shipping Weight: 1.1 pounds
- Average Customer Review: 4.6 out of 5 stars See all reviews (24 customer reviews)
- Amazon Best Sellers Rank: #1,544,171 in Books (See Top 100 in Books)
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Principles of Economics Paperback – 2007
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Top Customer Reviews
Menger looks at everything in terms of cause and effect. He identifies the four conditions that make any commodity an economic good. He then extrapolates out to show how the interdependence of complementary inputs in production means that their value depends both upon the existence of final goods as well as other inputs. Trade depends upon `reverse valuation' up to the point of indifference. Menger also understood how transaction costs (the economic sacrifices that exchange operations demand, p 189) limit trade.
The early chapters stress two points. First, the importance of goods being compliments to each other. Second, men must possess correct foresight and knowledge concerning the means available to them for the attainment of the desired ends (p89).Read more ›
Note that Menger's principles are fundamental and therefore basic. He creates an excellent foundation and starting point for further study of economics. Unfortunately few economists have adopted his fundamental method and approach to economics (even the Austrians veered away). Yet this is the most promising path an economist could take.
One example of the way Menger can spur a re-checking of premises: Menger disputed Adam Smith's assertion that division of labor was the fundamental cause of human economic progress- Menger announced that the most fundamental cause of human economic progress was a growing knowledge of the causal connections required to make goods, combined with the ability to act on that knowledge. A fantastic observation.
Most Recent Customer Reviews
The language can be very dense, but it's well worth the read. I happened to purchase the large print edition, completely by accident, and I'm glad I did. Read morePublished 5 months ago by Katy
The only option for this book on Kindle and it won't let me download it for supposed copyright reasons in my country.Published 5 months ago by MaryMG
Carl Menger is the founder of the Austrian School.More telling is how the reaction of the German Historical School resulted in hostility from the Austrians. Read morePublished on March 25, 2014 by shazam
Carl Menger (1840-1921) was the founder of the Austrian School of economics; he also wrote books such as Investigations into the Method of the Social Sciences. Read morePublished on October 26, 2012 by Steven H Propp
I am very interested in learning more about the Austrian school of economics and what better way to learn than to read the Father of Austrian school. Read morePublished on June 20, 2012 by Robert Kirk
This book is a great start for those who want to dive into an understanding of the "marginal revolution" and the subjective theory of value that determines how everything around us... Read morePublished on December 5, 2011 by Microondas