Sociology

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  • Topic: Austrian School, Economics, Ludwig von Mises
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PRINCIPLES OF
ECONOMICS
Carl Menger
FOREWORD BY PETER G. KLEIN
INTRODUCTION BY F.A. HAYEK
TRANSLATED BY
JAMES DINGWALL AND BERT F. HOSELITZ

Cover: Carl Menger portrait is courtesy of The Warren J. Samuels Portrait Collection at Duke University.
Copyright © 1976 by the Institute for Humane Studies
Foreword Copyright © 2007 by the Ludwig von Mises Institute Reprinted in 2007 by the Ludwig von Mises Institute
Ludwig von Mises Institute
518 West Magnolia Avenue
Auburn, Ala. 36832 U.S.A
www.mises.org
ISBN: 978-1-933550-12-1
CONTENTS
FOREWORD BY PETER G. KLEIN7
INTRODUCTION BY F.A. HAYEK11
TRANSLATOR’S PREFACE37
AUTHOR’S PREFACE45
I. THE GENERAL THEORY OF THE GOOD51
1. The Nature of Goods51
2. The Casual Connections between Goods55
3. The Laws Governing Goods-Character58
A. The Goods-Character of Goods of Higher Order is Dependent on Command of Corresponding Complementary Goods58 B. The Goods-Character of Goods of Higher Order is Derived from that of the Corresponding Goods of Lower Order63 4. Time and Error67

5. The Causes of Progress in Human Welfare71
6. Property74
II. ECONOMY AND ECONOMIC GOODS77
1. Human Requirements80
A. Requirements for Goods of First Order (Consumption Goods)80 B. Requirements for Goods of Higher Order (Means of Production)84 C. The Time Limits within Which Human Needs are Felt87 2. The Available Quantities89

3. The Origin of Human Economy and Economic Goods94
A. Economic Goods94
B. Non-Economic Goods98
C. The Relationship between Economic and Non-Economic Goods101 D. The Laws Governing the Economic Character of Goods106 4. Wealth109
III. THE THEORY OF VALUE114
1. The Nature and Origin of Value114
2. The Original Measure of Value121
A. Differences in the Magnitude of Importance of Different Satisfactions (Subjective Factor)122 B. The Dependence of Separate Satisfactions on Particular Goods (Objective Factor)128 C. The Influence of Differences in the Quality of Goods on Their Value141 D. The Subjective Character of the Measure of Value. Labor and Value. Error145 3. The Laws Governing the Value of Goods of Higher Order149 A. The Principle Determining the Value of Goods of Higher Order149 B. The Productivity of Capital152

C. The Value of Complementary Quantities of Goods of Higher Order157 D. The Value of Individual Goods of Higher Order162 E. The Value of the Services of Land, Capital, and Labor in Particular165 IV. THE THEORY OF EXCHANGE175

1. The Foundations of Economic Exchange175
2. The Limits of Economic Exchange181
V. THE THEORY OF PRICE191
1. Price Formation in an Isolated Exchange194
2. Price Formation under Monopoly197
A. Price Formation and the Distribution of Goods When There is Competition Between Several Persons for a Single Indivisible Monopolized Good199 B. Price Formation and the Distribution of Goods When There is Competition for Several Units of a Monopolized Good203 C. The Influence of the Price Fixed by a Monopolist on the Quantity of a Monopolized Good that can be Sold and on the Distribution of the Good Among the Competitors For It207 D. The Principles of Monopoly Trading (The Policy of a Monopolist)211 3. Price Formation and the Distribution of Goods under Bilateral Competition216 A. The Origin of Competition216

B. The Effect of the Quantities of a Commodity Supplied by Competitors on Price Formation; the Effect of Given Prices Set by Them on Sales; and in Both Cases the Effect on the Distribution of the Commodity Among the Competing Buyers218 C. The Effect of Competition in the Supply of a Good on the Quantity Sold and on the Price at which...
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