Principles of Economics.pdf


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Principles of Economics.pdf written by Carl Menger.

Taken from Foreword by Peter G. Klein: “There never lived at the same time,” wrote Ludwig von Mises, “more than a score of men whose work contributed anything essential to economics.” One of those men was Carl Menger (1840–1921), professor of political economy at the University of Vienna and founder of the Austrian School of economics. Menger’s pathbreaking Grundsätze der Volkswirtschaftslehre (Principles of economics), published in 1871, not only introduced the concept of marginal analysis, it presented a radically new approach to economic analysis, an approach that still forms the core of the Austrian theory of value and price.

Unlike his contemporaries William Stanley Jevons and Léon Walras, who independently developed their own concepts of marginal utility during the 1870s, Menger favored an approach that was deductive, teleological, and, in a primary sense, humanistic. While Menger shared his contemporaries’ preference for abstract reasoning, he was primarily interested in explaining the realworld actions of real people, not in creating artificial, stylized representations of reality. Economics, for Menger, is the study of purposeful human choice, the relationship between means and ends. “All things are subject to the law of cause and effect,” he begins his treatise. “This great principle knows no exception.” 2 Jevons and Walras rejected cause and effect in favor of simultaneous determination, the technique of modeling complex relations as systems of simultaneous equations in which no variable “causes” another. Theirs has become the standard approach in contemporary economics, accepted by nearly all economists but the followers of Carl Menger.

Contents:

  • FOREWORD BY PETER G. KLEIN
  • INTRODUCTION BY F.A. HAYEK
  • TRANSLATOR’S PREFACE
  • AUTHOR’S PREFACE.
  • I. THE GENERAL THEORY OF THE GOOD [ The Nature of Goods ~ The Causal Connections between Goods ~ The Laws Governing Goods-Character ~ Time and Error ~ The Causes of Progress in Human Welfare ~ Property ]
  • II. ECONOMY AND ECONOMIC GOODS [ Human Requirements ~ The Available Quantities ~ The Origin of Human Economy and Economic Goods ~ Wealth ]
  • III. THE THEORY OF VALUE [ The Nature and Origin of Value ~ The Original Measure of Value ~ The Laws Governing the Value of Goods of Higher Order ]
  • IV. THE THEORY OF EXCHANGE [ The Foundations of Economic Exchange ~ The Limits of Economic Exchange ]
  • V. THE THEORY OF PRICE [ Price Formation in an Isolated Exchange ~ Price Formation under Monopoly ~ Price Formation and the Distribution of Goods under Bilateral Competition ]
  • VI. USE VALUE AND EXCHANGE VALUE [ The Nature of Use Value and Exchange Value ~ The Relationship Between the Use Value and the Exchange Value of Goods ~ Changes in the Economic Center of Gravity of the Value of Goods ]
  • VII. THE THEORY OF THE COMMODITY [ The Concept of the Commodity in its Popular and Scientific Meanings ~ The Marketability of Commodities ]
  • VIII. THE THEORY OF MONEY [ The Nature and Origin of Money ~ The Kinds of Money Appropriate to Particular Peoples and to Particular Historical Periods ~ Money as a “Measure of Price” and as the Most Economic Form for Storing Exchangeable Wealth ~ Coinage ]
  • APPENDICES [ Goods and “Relationships” ~ Wealth ~ The Nature of Value ~ The Measure of Value ~ The Concept of Capital ~ Equivalence in Exchange ~ Use Value and Exchange Value ~ The Commodity Concept ~ Designations for Money ~ History of Theories of the Origin of Money ]


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