Carl Menger (1840-1921)
On this episode, we take ideas from several different thinkers of the Austrian School of Economics and try to understand the counterpoints to Marx’s critiques of capitalism. See the full transcript of this episode here.
The Austrian school of economics was founded in 1871 with the publication of Carl Menger’s Principles of Economics. Menger, along with William Stanley Jevons and Leon Walras, developed the marginalist revolution in economic analysis. Menger dedicated Principles of Economics to his German colleague William Roscher, the leading figure in the German historical school, which dominated economic thinking in German-language countries.
In his book, Menger argued that economic analysis is universally applicable and that the appropriate unit of analysis is man and his choices. These choices, he wrote, are determined by individual subjective preferences and the margin on which decisions are made. The logic of choice, he believed, is the essential building block to the development of a universally valid economic theory. (source)
Further Reading on Marx and Austrian Economics:
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