Principles of Economics

Karl Menger, Carl Menger0910884277, 9780910884273

Principles of Economics ushered in modern economics. Principles not only revolutionized value, price, and marginal utility theories, but it was also used as the primary textbook by several generations of Austrian students and scholars, including Ludwig von Mises and F. A. von Hayek. No economist’s library is complete without a copy of this classic work. New printing in 1994!

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Table of contents :
Title Page……Page 1
Instide Title Page……Page 3
Copyright……Page 4
Contents……Page 5
Editor’s Note……Page 9
Introduction by F.A. Hayek……Page 11
Translator’s Preface……Page 37
Dedication……Page 43
Preface……Page 45
1. The General Theory of the Good……Page 51
2. The Causal Connections Between Goods……Page 55
3. The Laws Governing Goods-Character……Page 58
4. Time and Error……Page 67
CHAPTER 2: ECONOMY AND ECONOMIC GOODS……Page 77
1. Human Requirements……Page 80
2. The Available Quantities……Page 89
3. The Origin of Human Economy and Economic Goods……Page 94
Wealth……Page 109
1. The Nature and Origin of Value……Page 114
2. The Original Measure of Value……Page 121
3. The Laws Governing the Value of Goods of Higher Order……Page 149
1. The Foundations of Economic Exchange……Page 175
2. The Limits of Economic Exchange……Page 181
CHAPTER 5: THE THEORY OF PRICE……Page 191
1. Price Formation in an Isolated Exchange……Page 194
2. Price Formation Under Monopoly……Page 197
3. Price Formation and the Distribution of Goods Under Bilateral Competition……Page 216
1. The Nature of Use Value and Exchange Value……Page 226
2. The Relationship Between the Use Value and the Exchange Value of Goods……Page 228
3. Changes in the Economic Center of Gravity of the Value of Goods……Page 231
1. The Concept of the Commodity in Its Popular and Scientific Meanings……Page 236
2. The Marketability of Commodities……Page 241
1. The Nature and Origin of Money……Page 257
2. The Kinds of Money Appropriate to Particular Peoples and to Particular Historical Periods……Page 262
3. Money as a “Measure of Price” and as the Most Economic Form for Storing Exchangeable Wealth……Page 272
4. Coinage……Page 280
A. Goods and “Relationships”……Page 286
B. Wealth……Page 288
C. The Nature of Value……Page 292
D. The Measure of Value……Page 295
E. The Concept of Capital……Page 303
F. Equivalence in Exchange……Page 305
G. Use Value and Exchange Value……Page 306
H. The Commodity Concept……Page 308
I. Designations for Money……Page 312
J. History of Theories of the Origin of Money……Page 315
Index……Page 321