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Principles of Economics Paperback – February 5, 2019

by Carl Menger (Author), F.A. Hayek (Introduction), Peter G. Klein (Foreword)
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In the beginning, there was Menger. It was his Principles of Economics that reformulated — and really rescued — economic science from the theoretical errors of the old classical school.Menger set out to elucidate the precise nature of economic value, and to root economics firmly in the real-world actions of individual human beings. In Principles of Economics, he advances the theory that the marginal utility of goods is the source of their value, rather than the labor inputs that went into making them. The implication of this theory is that the individual mind is the source of economic value — a point that touched off the marginalist revolution and started a departure from the flawed classical view of economics.For this reason, Carl Menger (1840–1921) is considered to be the founder of the Austrian School of economics. Principles of Economics is the book that Ludwig von Mises said turned him into a real economist. What's striking is how, nearly a century and a half later, the book still retains the incredible power of both its prose and its relentless logic.The Mises Institute's new edition features a new foreword by Peter G. Klein, which summarizes Menger's contribution and places him in the history of ideas. Klein also explains Menger's continued relevance in present times. F.A. Hayek contributes the introduction.Economics 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.To search for Mises Institute titles, enter a keyword and LvMI (short for Ludwig von Mises Institute); e.g., Depression LvMI
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  1. Print length
    328 pages
  2. Language
    English
  3. Publication date
    February 5, 2019
  4. Dimensions
    6 x 0.83 x 9 inches
  5. ISBN-10
    1610162021
  6. ISBN-13
    978-1610162029
  7. See all details
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Product details

  • Publisher ‏ : ‎ Ludwig von Mises Institute (February 5, 2019)
  • Language ‏ : ‎ English
  • Paperback ‏ : ‎ 328 pages
  • ISBN-10 ‏ : ‎ 1610162021
  • ISBN-13 ‏ : ‎ 978-1610162029
  • Item Weight ‏ : ‎ 8.8 ounces
  • Dimensions ‏ : ‎ 6 x 0.83 x 9 inches
  • Customer Reviews:

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Carl Menger

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Customer reviews

4.8 out of 5 stars
4.8 out of 5
228 global ratings

Top reviews from the United States

kevin brown
5.0 out of 5 stars Economics
Reviewed in the United States on May 14, 2024
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Excellent book.
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Charles Wire
5.0 out of 5 stars Better Than Expected
Reviewed in the United States on July 30, 2023
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The book was used and described as in Good Condition. However, I found the book to be closer to Excellent Condition. It came in a simple plastic bag type mailer. But it survived the trip to the State of Hawaii (often called the most remote place on earth) with no damage.
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Blae
5.0 out of 5 stars Economics in the most literal sense, taught me theory.
Reviewed in the United States on March 16, 2022
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Great read, well done.
Never read economics, now i'm able to have a conversation on concepts regarding trade, exchange, value.
One person found this helpful
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John Winthrop
5.0 out of 5 stars Read this book if you are a student of economics, if not, it may not be helpful
Reviewed in the United States on February 12, 2018
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This reads much like a textbook and is difficult to read and sometimes not easy to understand. It is technical. It is highly recommended from major players in the field of Austrian economics. That being said, I doubt I will ever read it again. It may be better suited for professional economists. Menger lived from 1840 to 1921 and founded the Austrian school of economics. All economists have rejected his view that all things are subject to cause and effect, except the Austrian school. His students include Ludwig von Mises and F.A. Hayek. His discussion is in depth and he uses minute details. Bohm-Bawerk and Wieser were his first and most enthusiastic disciples. He had written disputes with other economists. I recommend this book for students of economics. In my case it wasn't helpful and wasn't what I thought it would be. On the other hand, Hayek's "The Road To Serfdom" was very beneficial.
7 people found this helpful
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shazam
5.0 out of 5 stars And then somebody tops your theory!
Reviewed in the United States on March 25, 2014
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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.Gustav Schmoller refused to even read and review one of his works.He claimed he sent it back to him before he could read it.Schmoller went further than that.People that agreed with Menger were refused the credentials to teach it in school.Probably a sore loser.
That being said,it is worth noting that Carl Menger,for many years taught Economics.This is what he taught.This book is divided into eight sections:
1)The General Theory of the Good
2)Economy and Economic Goods
3)The Theory of Value
4)The Theory of Exchange
Catalactics to von Mises.
5)The Theory of Price
6)Use Value and Exchange Value
The average concrete need unit is the general expression for objective use
value.
7)The Theory of the Commodity
8)The Theory of Money
Starting with Menger and carried on with people like von Mises,the Austrians were searching for knowledge beyond economics.They knew economics would pertain to selfish interests.Thus Schmoller's reaction to the Austrians was really no surprise.By the time of Menger's death in 1921,the powers that be in those days were gone.Sadly,this is pretty much all we get from Menger.Sure,he testified in front of the Currency Commission;but he wanted to put more of his academic work in print.This would not be.Nowadays,we would get his lectures on computer or video.He was really that student friendly.
13 people found this helpful
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chebubs
4.0 out of 5 stars As described
Reviewed in the United States on June 6, 2020
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As described
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Bean Head
5.0 out of 5 stars Superb Introduction to economic value and price
Reviewed in the United States on January 2, 2023
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One hundred and fifty years after it was written, this book still excels at explaining economic value and price formation. The author takes extraordinary care in explaining why some things have economic value and others do not, and how prices emerge.
2 people found this helpful
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Jack Taggart
5.0 out of 5 stars Good book
Reviewed in the United States on February 14, 2020
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I enjoyed the book. Although it was a little hard to understand at first but very insightful into Austrian Economics. PS you can find a free pdf version online
3 people found this helpful
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Top reviews from other countries

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Miguel Pedro Nsue
5.0 out of 5 stars Excellent book of Economics
Reviewed in Canada on February 8, 2024
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It's common when buying an academic book to wonder if it will be too basic or if it can provide you with valuable insights. If you are interested in Economics, don't have any doubt about this one. It's neither too complex for a beginner nor lacks enlightenment for those already with considerable knowledge. From subjective value, marginal utility, and the role of time in the production structure to exchange, price formation, capital, and unique glimpses into the understanding of money. Menger’s work contains thought-provoking ideas that make hours of reading worthwhile.
Moreover, the book is of good-quality material, and the delivery was within the time expected.
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Armando
3.0 out of 5 stars Buen libro para todo economista.
Reviewed in Mexico on January 13, 2023
Verified Purchase
Es un buen libro pero el padre de la Escuela Austriaca de Economía (los terraplanistas de la economía) hace un análisis muy general de lo que es la economía política y de su época. Pero no deja de ser un autor obligado a leer.
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Yassir N
4.0 out of 5 stars Fondamentale
Reviewed in France on October 24, 2022
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Basé sur d’anciennes théorie mais reste tres intéressant pour comprendre les fondamentaux
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Julian B.
5.0 out of 5 stars Sehr interessant!
Reviewed in Germany on May 28, 2020
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Ein sehr interessantes Buch kann ich nur empfehlen!
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Li Kin Wa
5.0 out of 5 stars The Ultimate Book about Economics
Reviewed in the United Kingdom on October 18, 2019
Verified Purchase
Everything is economics.

Every action you take, every decision you make, is part of economics. You might not think that is the case, but Menger is here to remind you that.

All decisions made in the world - small ones by individuals, to large ones by corporations and governments, are all bind by economics. As humans are not rational animals, all decisions made by us, i.e. human action, are to some degree subjective.

This books will introduce you to concepts like the marginal utility of value and the subjective nature of value. It is not mathematically-based, so it is more accessible to non-economists.

After reading this, you will have a whole new perspective on daily life, and every thing you do. You will also start to realize the flawed "economic" talk by politicians left and right.

Highly recommend this book. This book changes lives, even after 149 years.
One person found this helpful
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