Principles of Economics (The Institute for Humane Studies by Carl Menger, James Dingwall, Bert F. Hoselitz

By Carl Menger, James Dingwall, Bert F. Hoselitz

Carl Menger performed a pivotal function within the historical past of monetary principles. With this treatise, he at the same time tested himself because the founding father of the Austrian college in addition to a pacesetter within the Marginal Revolution - essentially the most vital occasions in economics. even though Menger accomplished this e-book within the early 1870s, his contributions to subjective price thought, fee formation, method, and time economization stay appropriate even this present day. an individual attracted to economics may still certainly choose up a duplicate.

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The fact that the Grundsätze has remained untranslated into English for almost 80 years must therefore be considered a mystery. ) that we have earned the right to offer at least a partial solution. For Menger’s book is more than normally difficult to translate, and it seems possible, to us at any rate, that this fact may well have discouraged earlier attempts to translate it. The difficulties we have encountered may be attributed in part to the fact that Menger was a pioneer attempting to express ideas and concepts for which he could find no exact words in the German economic literature of his day.

Graetz, “Carl Menger,” Neues Wiener Tagblatt, February 27th, 1921. 2Katalog der Carl Menger-Bibliothek in der Handelsuniverstät Tokio. Erster Teil. Sozialwissenschaften. Tokio, 1926 (731 pp). TRANSLATOR’S PREFACE T o anyone barely acquainted with the development of present-day economic theory we need hardly explain why we undertook the task of translating Carl Menger’s Grundsätze der Volkwirthschaftslehre. In this work Menger first stated the central propositions that were to form the theoretical core around which the economics of the Austrian School developed.

But he did not care sufficiently to take a very active part in its deliberations. To him the world was a subject for study much more than for action, and it was for this reason only that he had intensely enjoyed watching it at close range. In his written work one can search in vain for any expressions of his political views. Actually, he tended to conservatism or liberalism of the old type. He was not without sympathy for the movement for social reform, but social enthusiasm would never interfere with his cold reasoning.

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