This monograph is an attempt to explain the essential ideas of the Austrian school, which began with Carl Menger, professor of political economy at the University of Vienna in 1871. The Subjective Theory of Value was to resolve the question that had so long perplexed the great classical economists. This theory was based on the principle that a person's wealth is a function of his or her ability to earn a living.
Original Description:
Original Title
An Introduction to Austrian Economics - Thomas C. Taylor
This monograph is an attempt to explain the essential ideas of the Austrian school, which began with Carl Menger, professor of political economy at the University of Vienna in 1871. The Subjective Theory of Value was to resolve the question that had so long perplexed the great classical economists. This theory was based on the principle that a person's wealth is a function of his or her ability to earn a living.
This monograph is an attempt to explain the essential ideas of the Austrian school, which began with Carl Menger, professor of political economy at the University of Vienna in 1871. The Subjective Theory of Value was to resolve the question that had so long perplexed the great classical economists. This theory was based on the principle that a person's wealth is a function of his or her ability to earn a living.