{"product_id":"principles-economics-menger-9781610162029","title":"Principles of Economics by Carl Menger","description":"\u003cp\u003e\u003cstrong\u003e\u003cimg alt=\"Principles of Economics by Carl Menger\" src=\"https:\/\/cdn.shopify.com\/s\/files\/1\/0855\/2077\/7531\/files\/principles-economics-menger.jpg?v=1764692903\"\u003e\u003c\/strong\u003e\u003c\/p\u003e\n\u003ch1\u003e\u003cstrong\u003ePrinciples of Economics\u003c\/strong\u003e\u003c\/h1\u003e\n\u003ch2\u003e\u003cspan\u003eby Carl Menger\u003c\/span\u003e\u003c\/h2\u003e\n\u003ch3\u003e\u003cstrong\u003eWith Friedrich August Hayek \u0026amp; Peter G. Klein\u003c\/strong\u003e\u003c\/h3\u003e\n\u003cblockquote\u003e\n\u003cp\u003eIt was this book that kicked-off the \u003cstrong\u003eMarginalist Revolution\u003c\/strong\u003e, which corrected theoretical errors of the old classical school.\u003c\/p\u003e\n\u003c\/blockquote\u003e\n\u003cp\u003e\u003cspan\u003eThese errors concerned value theory, and they had sown enough confusion to make the \u003cstrong\u003edangerous ideology of Marxism\u003c\/strong\u003e seem more plausible than it really was.\u003c\/span\u003e\u003c\/p\u003e\n\u003cp\u003e\u003cspan\u003eMenger set out to elucidate the precise nature of economic value, and root economics firmly in the real-world actions of individual human beings.\u003c\/span\u003e\u003c\/p\u003e\n\u003cp\u003e\u003cspan\u003eFor this reason, \u003cstrong\u003eCarl Menger\u003c\/strong\u003e (1840-1921) was the founder of the Austrian School of economics.\u003c\/span\u003e\u003c\/p\u003e\n\u003ch4\u003e\u003cstrong\u003eIt is the book that Mises said turned him into a real economist.\u003c\/strong\u003e\u003c\/h4\u003e\n\u003cp\u003e\u003cspan\u003eWhat's striking is how nearly a century and a half later, the book still retains its incredible power, both in its prose and its relentless logic. The Mises Institute's new edition features a new foreword by \u003cstrong\u003ePeter G. Klein\u003c\/strong\u003e, which summarizes Menger's contribution and places him in the history of ideas.\u003c\/span\u003e\u003c\/p\u003e\n\u003cblockquote\u003e\n\u003ch4\u003e\u003cstrong\u003eHe also explains his continued relevance.\u003c\/strong\u003e\u003c\/h4\u003e\n\u003c\/blockquote\u003e\n\u003cp\u003e\u003cspan\u003eEconomics students still say that it is the best introduction to economic logic ever written. The book also deserves the status of a seminal contribution to science in general. Truly, no one can claim to be well read in economics without having mastered Menger's argument.\u003c\/span\u003e\u003c\/p\u003e\n\u003cp\u003e\u003cspan\u003eMenger advances his theory that the marginal utility of goods is the source of their value, not the labor inputs that went into making them.\u003c\/span\u003e\u003c\/p\u003e\n\u003cp\u003e\u003cspan\u003eThe implication is that the individual mind is the source of economic value, a point which started a revolution away from the flawed classical view of economics.\u003c\/span\u003e\u003c\/p\u003e\n\u003cblockquote\u003e\n\u003cp\u003e\u003cspan\u003eMenger also covers property, price, time, production, and wealth.\u003c\/span\u003e\u003c\/p\u003e\n\u003c\/blockquote\u003e\n\u003ch4\u003e\n\u003cstrong\u003eOn money, for example, it was Menger who so beautifully explained how it originates not in social contract or legislation but within the framework of the market economy.\u003c\/strong\u003e\u003cspan\u003e\u003c\/span\u003e\n\u003c\/h4\u003e","brand":"Bust-Down Books","offers":[{"title":"Default Title","offer_id":49962845143355,"sku":"1610162021","price":8.99,"currency_code":"USD","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0855\/2077\/7531\/files\/9781610162029.jpg?v=1764693077","url":"https:\/\/bustdownbooks.com\/products\/principles-economics-menger-9781610162029","provider":"Bust-Down Books","version":"1.0","type":"link"}